S. Korea to Invest $2.3 Billion on Fuel Cell Tech

South Korea’s government and key businesses have agreed to invest a combined 2.6 trillion won ($2.3 billion) over five years to accelerate fuel cell technology for cars, The Korea Herald reports.

The spending will go to developing hydrogen fuel storage tanks, installing hydrogen fueling facilities, manufacturing fuel cell stacks and mass-producing fuel cell-powered cars, trucks and buses, according to the country’s trade ministry.

The initiative aims by 2022 to set up 310 hydrogen fueling stations in Korea and supply 16,000 fuel cell vehicles. The fleet will include 1,000 fuel cell-powered buses, the first batch of which will be deployed next year in Seoul, Ulsan and other urban centers.

The government-business effort will be backed by updates in laws and regulations to aid the deployment, according to the Herald. The initiative also plans pilot projects that give consumers direct exposure to hydrogen-powered vehicles.

The trade ministry says one of the program’s goals is cut the cost of hydrogen fuel to about 70 won (6 cents) per kilometer, making it cheaper than diesel or liquefied petroleum gas.