Korea H2 Alliance signed an investment agreement with the global investment group, World Wide Capital Group (WWCG), and the Switzerland-based hydrogen power generation company, World Power Production Energy (WPP).

The company reported that it had an investment agreement ceremony online on Dec. 7. Under the agreement, WWCG will invest $1 billion over the next three years in Korea’s hydrogen industry, while WPP plans to install hydrogen charging stations and hydrogen power plants, by applying its own water electrolysis electricity generation technology.

Through the investment agreement, Korea H2 Alliance will continue to install charging stations and power plants ― which constitute the core infrastructure for the development of the hydrogen economy ― and will also produce fuel cell stacks for hydrogen-powered vehicles for commercial purposes.

Korea H2 Alliance said that the hydrogen charging stations and power plants are expected to contribute greatly to accelerating the advent of the green hydrogen era in Korea, thanks to WPP’s innovative technology that can lower hydrogen production costs.

To this end, more than 100 new charging stations that can both produce hydrogen and offer a charging service at the same spot will be installed in one location in the short term. In the long term, Korea H2 Alliance aims to advance into the overseas market after WPP’s production facilities are moved to Korea.

Korea H2 Alliance also plans to establish a hydrogen R&D center, featuring local startups, to conduct research activities for developing fuel cell stacks and urban air mobility technologies.

Kim Min, Korea H2 Alliance’s head, said, “…Overseas capital and global hydrogen generation companies’ decision to strategically invest in Korea recognizes the country’s technology and growth potential, which will play a leading role in the upcoming hydrogen economy.”