March 15, 2019. South Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that 13 hydrogen-related companies, including Hyundai Motor, are partnering to launch a special purpose corporation (SPC), named HyNet, to drive the construction of hydrogen refueling infrastructure in the country.

HyNet, with an investment of USD119 million has the goal of building out 100 hydrogen stations by 2022—one-third of the Korean government’s target to build a total of 310 stations across the country by the same year.

HyNet will use the initial investment and subsidies from the Ministry of Environment—USD1.3 million for each station, to build the infrastructure.

Korea Gas is the largest shareholder in HyNet, followed by Hyundai.