SEOUL, Apr. 28 (Korea Bizwire) – Korea Gas Corp. (KOGAS), a major gas supplier in the country, said Sunday that it plans to spend 4.7 trillion won (US$4.01 billion) on building hydrogen-producing facilities by 2030.
Under the plan, KOGAS will construct 25 hydrogen-producing facilities and pipelines totaling 700 kilometers to transport the gas. By 2030, KOGAS expects 1.73 million tons of hydrogen to be supplied annually.
The state-run gas supplier said demand for hydrogen in the county will reach 1.94 million tons a year by 2030 and 5.26 million tons by 2040.
KOGAS said with increased output, prices of hydrogen will likely fall to 4,500 won per kilogram from the current range of 6,500 won to 7,500 won.
Also, the corporation said it will import 300,000 tons of hydrogen by 2030 and 1.2 million tons by 2040.
South Korea has been seeking to boost the so-called hydrogen economy as a new growth engine.
In January, the country said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to boost the hydrogen economy.
A hydrogen fuel cell electric car only releases water vapor as it converts stored hydrogen into electricity to turn the drive motor.