Trade, Industry and Energy Vice Minister Lee Inho (fourth from right in the front row) signed a memorandum of understanding with leaders from hydrogen-related industries to establish special purpose companies (SPCs) that will embark on an infrastructure development project for hydrogen fueling stations in Korea at a meeting in Seoul on April 25.

Until now, hydrogen fueling stations have been built by local municipalities or research centers rather than private enterprises because of high installation and operating costs.

Having lower initial risks due to joint investment by various organizations, SPCs will develop a business model that allows the private sector to construct and maintain hydrogen fueling stations on its own.

In his opening remarks during the signing ceremony, Vice Minister Lee said Koreans are increasingly gaining interest in hydrogen-powered vehicles as these next-generation cars can provide the country with a new growth engine for the future automobile industry and help reduce particular matter pollution. He added that SPCs should take the lead in addressing the difficulty of building a hydrogen fueling infrastructure, which is the biggest obstacle to the spread of hydrogen fuel cell cars.

The ceremony was attended by about 30 representatives from three government ministries -- Energy, Environment, and Transport -- as well as several public and private organizations. They include Korea Gas Corporation President Cheong Seung-Il, Hyundai Motor Company President Chung Jin-haeng, and Hydrogen Fusion Alliance President Shin Jae-haeng.