Teaming up to foster the hydrogen industry, Hyundai Motor Group, SK Group, POSCO, Hanwha, and Hyosung will invest a total of around 38.2 billion U.S. dollars in the eco-friendly sector by 2030.
The announcement comes during the 3rd Hydrogen Economy Committee meeting presided over by Prime Minister Chung Sye-kyun on Tuesday.
The five companies will work to build a wide range of hydrogen infrastructure, for the production, storage and application of hydrogen.
Prime Minister Chung Sye-kyun vowed to support the companies, in line with South Korea's initiative to go carbon neutral by the year 2050.
"The South Korean government will do its best to support the companies' investment plans. Investment in liquefied hydrogen is crucial for the supply of affordable hydrogen. The government will establish a system through which it can support all phases from production and transportation, to application of liquefied hydrogen."
Meanwhile, Hyundai Motor Group Chairman Chung Eui-sun and SK Group Chairman Chey Tae-won on Tuesday formed an alliance, to foster the hydrogen industry.
SK Group vowed to spend more than 16 billion dollars on building fuel cell facilities over the next five years.
And Hyundai Motor Group vowed to inject almost 10 billion dollars on hydrogen facility investment as well as research and development of hydrogen-powered cars.
The latest alliance comes after the two executives met in July last year, to discuss electric car battery cooperation.
Kim Jae-hee, Arirang News.