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2nd Vice Minister attends Korea H2 Business Summit Investor Day 2022-07-07

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the H2 Investor Day held at the Dongdaemun Design Plaza (DDP) on July 6 hosted by Korea H2 Business Summit.

The Korea H2 Business Summit was launched voluntarily in September 2021 by 17 companies investing in the hydrogen value chain, some of which are Hyundai Motor, SK, POSCO and Samsung C&T.

The hydrogen fund (hereinafter “summit fund”) launching was publicly officialized by the H2 Investor Day event, and a public-private MOU was signed for successful fund management. The funding goal is KRW 500 billion and will be liquidated after 10 years.

Parent fund Mirae Asset plans to recruit investors and source funds by the end of 2022 and start official investment in 2023. The summit fund will be used to build hydrogen production, distribution and storage infrastructure, and also attract investment for development of core hydrogen technology.

The South Korean government plans to bolster support for financial assistance, win-win cooperation, and regulatory innovation.

First, in terms of financial assistance, policy financial institutions will be providing incentives like interest rate cuts and loan expansions to projects and companies that the summit fund will be investing in.

Second, for win-win cooperation, public energy institutions like KEPCO will support the R&D, technology industrialization and identifying new customers.

Third, for regulatory innovation, the Ministry of Trade, Industry and Energy (MOTIE) will actively seek out new projects and mitigate regulations for new technology development.

At the event, Korea H2 Business Summit member companies signed an MOU and agreed to work on fostering a corporate-friendly investment environment. The second day of the summit will have presentation sessions for sharing hydrogen business vision and investment plan of each private company, in which various persons from International Renewable Energy Agency (IRENA) and other well-known finance and energy institutions will also participate.

Vice Minister Park emphasized that “hydrogen is the core energy source that can tackle both carbon neutral and energy security” and noted that the hydrogen act amendment in May has laid the foundation for clean hydrogen certification and such systemic basis for further investment. He assured that “all efforts will go toward stimulating private investment through the summit fund.”