Businesses in the UK’s South West region are being encouraged to collaborate with Korean innovators in the field of hydrogen mobility in a bid to accelerate the joint development of this important technology.
Under a new Memorandum of Understanding (MoU) signed by Business West and the Korean Advanced Manufacturing Research Centre (AMRC), manufacturers and innovators will be identified, supported and connected to share expertise and initiate collaborative R&D projects.
By fostering these connections, Business West, a not-for-profit company which offers business support to start-up and growing businesses in the South West of England, is aiming to create a greener future for the UK, Korea and the planet.
South Korea is already on course to become a world leader in hydrogen mobility, with a clear strategy to achieve 6.2 million hydrogen-powered vehicles on its roads by 2040.
The technology is expected to add 43 trillion won ($38bn) to the South Korean economy, with vehicle maker Hyundai already investing 7.6 trillion won ($6.7bn) in the development of hydrogen mobility solutions.
One innovator who hopes to be supported by the new agreement is PV3 Technologies who recently secured funding from Aerospace Cornwall to help support new R&D projects in green hydrogen.
“South Korea has real ambition to be a leader in hydrogen utilisation and has already built up great capability in fuel cells and fuel cell vehicles,” said Dr. David Hodgson, CEO at PV3 Technologies.
“As a South West materials provider to the hydrogen sector, I’m excited to see the MoU come into effect, and look forward to subsequent partnership opportunities in South Korea.”
Business West and AMRC have already collaborated extensively to develop the relationship between the two countries in the delivery of Innovate UK’s Global Business Innovation Programme (GBIP).
The programme facilitates in-country visits for South West SMEs and opens doors to senior figures at globally renowned companies such as Hyundai, Korean Air and Korean Aerospace.
“We take time to carefully select the most cutting-edge and ambitious innovators to be involved in the GBIP and then work intensively to prepare them for the cultural and business landscape in Korea,” said Phil Smith, Managing Director of Business West.
“Under the MoU, we will expand on this approach, to help our brightest innovators in hydrogen technologies make the right connections and get the right preparations.”
“We also see this as an important step in driving climate action,” Smith added. “As part of the International Chambers’ Climate Coalition, we not only want to champion lower carbon emissions, but also help South West businesses carve out an important role in the development of tomorrow’s green technologies.”
“Last year we added the hydrogen-powered Hyundai Nexo to our fleet of vehicles and through this MoU, hope that South West innovators can help make hydrogen power far more readily available.”