Singapore-based The Sylvan Group, backed by members of South Korea’s Hyundai Family, is partnering with SK Innovation to invest about $300 million to scale a hydrogen mobility platform in South Korea.
The investment will be deployed through SK Hyverse, a hydrogen mobility business that plans a phased rollout of 29 liquefied hydrogen refuelling hubs nationwide, according to an announcement.
The hub aims to support the operation of more than 6,000 hydrogen-powered buses in South Korea by 2029.
The refuelling hubs will be located near major bus operator depots to anchor demand and improve fleet utilisation, with capital released in stages as the network expands, the companies said.
“This investment marks a buyout-style partnership with SK Innovation, which will see us working together to manage and grow the hydrogen mobility business,” Sylvan co-founder and CEO Scott Jeun said in a statement.
He added that the deal reflects Sylvan’s strategy of backing sustainability-driven businesses where “operational execution and scale are as critical as capital”.
South Korea will serve as the launch market for the platform, with the partners planning to explore expansion to other Asian markets once operating performance and scalability are demonstrated, per the announcement.
SK Innovation, the energy arm of SK Group, said it will contribute experience across the hydrogen value chain, from production and liquefaction to downstream applications.
Hydrogen supply for the bus network will be secured through long-term sourcing from SK’s existing liquefied hydrogen production facilities in Incheon, the partners said, aiming to provide more stable and predictable fuel availability for fleet operators.
Sylvan was co-founded in 2019 by Kyungsun Chung, a third-generation member of the Hyundai founding family; and Jeun. The firm focuses on buyout-oriented investments across Asia, with an emphasis on sustainability-linked businesses.
