Innovate UK is offering 15 ambitious UK companies developing hydrogen technologies support to expand into South Korea.
Through its three-stage Global Business Innovation Programme, running between 9-12 months, it will help successful applicants to build knowledge and understanding of the market and opportunities, including cultural differences and how to do business in South Korea; visit the market, with exclusive access to the South Korean hydrogen market and opportunity to meet with key contacts, research organisations and companies; and exploit the opportunity, with a follow-up workshop and bespoke support from an Innovate UK EDGE Innovation and Growth Specialist.
The programme’s focus themes and technologies are production, including from renewable sources; mobility, such as fuel cells and propulsion; infrastructure, meaning storage, networks, refuelling and shipping; power generation, including fuel cells; and industrial processes.
South Korea’s Ministry of Trade, Industry and Energy is looking to replace oil with hydrogen as the largest single energy source from 2050. The country’s 2019 Hydrogen Economy roadmap details goals such as producing 6.2mn fuel cell electric vehicles, 41,000 hydrogen buses, rolling out over 1,000 refuelling stations, and suppling 15GW of fuel cells for power generation by 2040. The 2020 Green New Deal added further support, while the City of Ulsan is projected to attract $4.8bn in hydrogen investments by 2030 and is aiming to become the largest hydrogen hub in Northeast Asia.
Overall, its hydrogen economy is set to double in size from £9.1bn to £17.3bn in the next 10 years, with Innovate UK stressing the “significant opportunities” the market holds for UK companies developing hydrogen technologies.
The deadline for applications to the programme is 16:00 on 25 February, with the successful applicants then informed by 9 March.