The Sylvan Group, a Singapore-based non-public fairness agency backed by members of South Korea’s Hyundai household, is partnering with SK Innovation, the power arm of SK Group, to speculate about $300 million (400 billion gained) to scale a hydrogen mobility enterprise in South Korea, together with rolling out refueling hubs for buses. Additional growth elsewhere within the area can also be being deliberate.
The funding can be executed by SK Hyverse, a hydrogen mobility platform that may develop 29 liquefied hydrogen refueling hubs nationwide and help the operation of greater than 6,000 hydrogen-powered buses by 2029.
The hydrogen refueling hubs can be strategically positioned close to main bus operator depots, creating sustained demand and an environment friendly working mannequin. Capital can be deployed in phases because the enterprise scales up progressively.
Sylvan’s co-founder and CEO Scott Jeun stated, “This funding marks a buyout-style partnership with SK Innovation, which can see us working collectively to handle and develop the hydrogen mobility enterprise. For the Sylvan Group, it displays our broader technique of backing sustainability-driven companies the place operational execution and scale are as vital as capital.
“South Korea is likely one of the most superior markets for hydrogen-powered industrial autos, and our goal is to scale the platform in a disciplined method, with the potential to increase the mannequin to different Asian markets over time.”
SK Innovation brings in depth expertise throughout the hydrogen worth chain, from manufacturing and liquefaction to downstream functions, supporting the scaling of hydrogen mobility initiatives in South Korea.
The hydrogen provide can be secured by long-term sourcing from SK’s current liquified hydrogen manufacturing services in Incheon, offering stability and predictability for ongoing operations.
South Korea will function the launch marketplace for the hydrogen mobility platform. As soon as operational efficiency and scalability have been confirmed, the companions intend to selectively discover growth into different Asian markets, adapting the mannequin to native transportation wants and regulatory frameworks. Hydrogen mobility is gaining recognition as a sensible answer for decarbonizing heavy-duty and high-utilization transportation. In contrast with battery-electric alternate options, hydrogen-powered buses supply shorter refueling occasions and longer driving ranges, making them appropriate for metropolis and intercity bus fleets.
The Sylvan Group was co-founded in 2019 by Kyungsun Chung, a third-generation member of Hyundai’s founding household, and Scott Jeun, a seasoned funding skilled. The agency focuses on buyout-oriented investments throughout Asia, with a selected emphasis on sustainability-driven companies.
