South Korea and Australia agreed to join forces on hydrogen projects for their common goal to promote the renewable eco-friendly fuel.

Korea’s Ministry of Trade, Industry and Energy said Monday that Vice Minister Cheong Seung-il and Australia`s Minister for Resources and Northern Australia Matthew Canavan signed a letter of intent on collaborating on hydrogen projects. Australia is the country’s fourth partner after Norway, Saudi Arabia and Israel.

Under the terms of agreement, Korea and Australia will cooperate on exploring opportunities in hydrogen industry and backing commercialization. The action plans would include verifying hydrogen technology, creating authentication standards, and setting up priorities in supply network.

Resource-rich Australia has been developing hydrogen industry with the renewable energy source as export commodity. The Australian Renewable Energy Agency in its report has picked Korea as potential customer for the country’s hydrogen exports.

Korea is also betting high on hydrogen fuel. It plans to have 6.2 million hydrogen cars and 1,200 charging stations by 2040. The Korean trade ministry said its cooperation with Australia would lead to greater hydrogen vehicle exports to the South Pacific country as well as help advancing hydrogen related technology such as storing and transporting hydrogen.

Extracted from compounds such as water and natural gas, hydrogen can be used as a storage energy source. It is also considered “clean” energy because no harmful emissions such as pollutants and greenhouse gases are released when it is used.

“Korea and Australia make great partners in hydrogen industry as Korea has world-class technology in utilizing hydrogen fuel while Australia is world’s leading supplier of clean energy sources,” said Cheong, as he vowed to deliver “tangible outcomes” from the cooperation soon.

By Lim Sung-hyun and Cho Jeehyun

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