Global Business Innovation Programme South Korea
Focus on Hydrogen
The UK invites South Korean Hydrogen companies and organisations to participate in targeted 1:1 meetings to share knowledge, initiate new business and find collaboration partners.
Innovate UK under the Global Business Innovation Programme has selected to fund 12 high growth, ambitious UK companies developing hydrogen technologies to visit South Korea from 4 - 8 July 2022.
The aim of the visit is to bring together UK and South Korean companies and organisations to explore opportunities for innovation collaboration and technology exchange.
Innovate UK EDGE in partnership with ED Research have arranged 1-2-1 business meetings on the 5th July and 6th July.
Focus Themes
- Fuel Cell technologies
- Hydrogen mobility application
- Hydrogen production
Why Participate
Extend your knowledge
Meet partners to discuss developments in key technologies and the latest innovations.
Create Opportunities
Share knowledge, ideas and find partners for research and development projects.
Connect and build your international network
Register your profile, raise awareness and pre select meetings to initiate new business and find partners for collaboration and cross border co-operation.
Only UK companies who have been selected to participate in the Global Business Innovation Programme are eligible to register. The sessions are open to South Korean companies and organisations with an interest in hydrogen technologies
Why the UK?
In May 2019, the UK became the first major economy to set in law the goal of reaching net zero greenhouse gas emissions by 2050. The Government published its first Net Zero Strategy in October 2021 which identified hydrogen as one of a suite of low carbon technologies that will be critical for achieving the UK’s net zero emissions and sixth Carbon Budget targets.
The global market value for hydrogen is projected to grow to $183.34 billion in 2023. The International Energy Agency and McKinsey identify that clean hydrogen is a global high growth opportunity with market growth to 2050 potentially worth trillions of dollars.
In the UK, it is predicted that the hydrogen economy could be worth $1.1 billion and create 8,000 jobs by 2030. By 2050, these figures are expected to increase to up to $17 billion and 100,000 jobs.
Why South Korea?
The UK and South Korea benefit from a free trade agreement and a have a memorandum of understanding to enhance industrial and energy cooperation. Innovate UK, in partnership with the Korea Institute for Advancement of Technology, is investing $2.6 million in 2022 on innovation projects in a range of areas including clean energy and hydrogen mobility technologies. The sector presents significant opportunity for UK and South Korean companies to develop innovation partnerships and exploit global market opportunities.
South Korea’s 2019 Hydrogen Economy Roadmap sets out the country’s plan to dominate the global hydrogen market with goals to produce 6.2 million fuel cell electric vehicles, 41 thousand hydrogen buses, roll out over one thousand refuelling stations and supply 15GW of fuel cells for power generation by 2040.
Further investment was announced by President Moon Jae-in with Korea’s “2020 Green New Deal” endorsing the country’s aim to achieve sustainable economic recovery by promoting a green transition in infrastructure and low carbon decentralised energy supply.
The City of Ulsan, home to automotive giant Hyundai, is projected to attract $4.8 billion in hydrogen investments by 2030 and aims to become the largest Hydrogen Hub in Northeast Asia.
Benefitting from a free trade agreement with the UK and with a hydrogen economy set to double in size from £9.1 to £17.3 billion in the next 10 years, South Korea offers significant opportunities for UK companies developing hydrogen technologies.
Who we are?
Innovate UK’s bespoke business growth support is delivered by Innovate UK EDGE. Innovate UK EDGE supports the UK’s most ambitious, innovative businesses to accelerate their growth and achieve scale.
The support provided by Innovate UK EDGE is bespoke to the needs of individual businesses across all technology sectors and is designed to respond to the evolving needs of innovative businesses as they compete globally.
