South Korea’s SK Holding, part of SK Group, will invest won 18.5 trillion ($16.5bn) over the next five years to develop a hydrogen "production-distribution-consumption" ecosystem, it said on March 2.  

As part of the plan, it will invest won 500bn to develop a hydrogen-based fuel cell power plant by 2023 in Incheon, with a capacity of 30,000 metric tons (mt)/year of liquid hydrogen. This facility will use hydrogen recycled from the petrochemicals manufactured at the nearby plant.  

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SK Holdings will also invest won 5.3 trillion to develop a facility to produce 250,000 mt/year of hydrogen from LNG.  

The company last year set up a dedicated unit to oversee investment in the hydrogen industry. SK Holding's new unit consists of 20 experts from parent firm SK Group’s energy-related units such as SK Innovation and SK E&S.  

SK Group earlier this year formed a partnership with Nasdaq-listed Plug Power to accelerate hydrogen as an alternative energy source in Asian markets.