Business West has entered into a Memorandum of Understanding (MoU) with the Korean Advanced Manufacturing Research Centre (AMRC) to encourage collaboration between South West businesses and Korean innovators in the field of hydrogen mobility.
Under the terms of the agreement, Business West and AMRC will identify, support and connect manufacturers and innovators to share expertise, initiate collaborative R&D projects, and accelerate the joint development of this important technology.
By fostering these connections, Business West says it aims to create a greener future for Korea, the UK and the planet.
Already, South Korea is on course to becoming a world leader in hydrogen mobility, with a clear strategy to achieve 6.2m hydrogen powered vehicles on its roads by 2040.
The technology is expected to add 43 trillion won ($38bn) to the South Korean economy, with vehicle maker Hyundai already investing 7.6 trillion won ($6.7bn) in the development of hydrogen mobility solutions.
One innovator who hopes to be supported by the new agreement is PV3 Technologies who recently secured funding from Aerospace Cornwall to help support new R&D projects in green hydrogen.
Dr David Hodgson, CEO at PV3 Technologies, comments: “South Korea has real ambition to be a leader in hydrogen utilisation and has already built up great capability in fuel cells and fuel cell vehicles. As a South West materials provider to the hydrogen sector, I’m excited to see the MoU come into effect, and look forward to subsequent partnership opportunities in South Korea.”
Phil Smith, Managing Director at Business West, comments: “We take time to carefully select the most cutting-edge and ambitious innovators to be involved in the GBIP and then work intensively to prepare them for the cultural and business landscape in Korea.
“Under the MoU, we will expand on this approach, to help our brightest innovators in hydrogen technologies make the right connections and get the right preparations.
“We also see this as an important step in driving climate action As part of the International Chambers’ Climate Coalition, we not only want to champion lower carbon emissions, but also help South West businesses carve out an important role in the development of tomorrow’s green technologies. “