Korea is seeking to consolidate its hydrogen supply chain by securing an overseas production base.
According to the Australia-Korea Business Council, 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 tonnes 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.