ULSAN, Feb. 11 (Korea Bizwire) — The city of Ulsan plans to develop a hydrogen industry promotion agency to conduct research and development (R&D) projects and create various strategies to take the lead in the global hydrogen market.

The city announced on Saturday that it is considering the investment of 40 billion won (US$35.5 million) to establish the agency by 2024.

The agency is a requirement stipulated in the hydrogen economy stimulation act proposed in May 2018. It will be established as a government agency located in Ulsan.

The agency’s responsibilities will include developing policies related to the hydrogen economy, R&D, hydrogen production and filling, and fostering industry experts.

The agency, once it is established, will work as a control tower for Ulsan’s various projects related to the hydrogen industry.

Countries around the world are competing in a race to lead the global hydrogen market. The South Korean government chose the hydrogen economy as one of its three major focal points for innovative growth.

Ulsan houses the highest number of hydrogen-related firms in the country, accounting for almost 50 percent of all hydrogen produced in South Korea.

The city produced the world’s very first hydrogen electric car in February 2013 and created the world’s largest hydrogen-powered complex in the same year.

As of 2018, Ulsan had the highest number of hydrogen cars in operation (361 cars) in all of South Korea.

The city conducted pilot tests on 10 hydrogen taxis in 2017 and 2018, and recently introduced a hydrogen-powered public bus, which is also South Korea’s first.

“We will continue to strive as we work towards establishing an agency here in Ulsan which will be in charge of leading the hydrogen economy and expanding the hydrogen industry with efficiency,” said a source from the city.

Kevin Lee (kevinlee@koreabizwire.com)