Korea is seeking to consolidate their hydrogen supply chain by securing an overseas production base. Australia is one of six candidate countries including the US and Saudi Arabia. The Korean Ministry of Trade, Industry and Energy will conduct feasibility studies and verification of hydrogen technologies in each location. Following the selection of a host country, private companies will be invited to propose projects and demonstrate their commercial viability.
To increase hydrogen’s affordability, Korea aims to supply 30% or 1.58 million tons of hydrogen from the base. Australia is in a competitive position to be selected due to the country’s plentiful hydrogen supply and well-established energy and resources relationship with Korea. If Australia is chosen, the collaboration will support the growth of both countries’ hydrogen industries and further incorporate renewable energy into the Australia-Korea relationship.
Photo credit: Clean Energy Finance Corporation