Hyundai-backed Sylvan Group partners SK Innovation to invest $300M to scale hydrogen mobility business in South Korea

The Sylvan Group, a Singapore-based private equity firm backed by members of South Korea’s Hyundai family, is partnering SK Innovation, the energy arm of the SK Group, to invest about $300 million to scale a hydrogen mobility business in South Korea, including rolling out refueling hubs for buses. Further expansion elsewhere in the region is also being planned, Sylvan said in a statement on Tuesday. The investment will be executed through SK Hyverse, a hydrogen mobility platform that will develop 29 liquified hydrogen refueling hubs nationwide and support the operation of more than 6,000 hydrogen-powered buses by 2029. The hydrogen refueling hubs will be strategically located near major bus operator depots, creating sustained demand and an efficient operating model. Capital will be deployed in phases as the business scales up progressively. Sylvan’s Co-Founder and Chief Executive Officer Scott Jeun said this investment marks a buy-out-style partnership with SK Innovation, which will see them working together to manage and grow the hydrogen mobility business. “For Sylvan Group, it reflects our broader strategy of backing sustainability-driven businesses where operational execution and scale are as critical as capital “South Korea is one of the most advanced markets for hydrogen-powered commercial vehicles, and our objective is to scale the platform in a disciplined manner, with the potential to extend the model to other Asian markets over time,” he added. According to the statement, SK Innovation brings extensive experience across the hydrogen value chain, from production and liquefaction to downstream applications, supporting the scaling of hydrogen mobility initiatives in South Korea. The hydrogen supply will be secured through long-term sourcing from SK’s existing liquified hydrogen production facilities in Incheon, providing stability and predictability for ongoing operations. It is noted that South Korea will serve as the launch market for the hydrogen mobility platform. Once operational performance and scalability have been proven, the partners intend to selectively explore expansion into other Asian markets, adapting the model to local transportation needs and regulatory frameworks. Hydrogen mobility is gaining recognition as a practical solution for decarbonizing heavy-duty and high-utilization transportation. Compared with battery-electric alternatives, hydrogen-powered buses offer shorter refueling times and longer driving ranges, making them suitable for city and intercity bus fleets. The Sylvan Group was co-founded in 2019 by Kyungsun Chung, a third-generation member of Hyundai’s founding family and Scott Jeun, a seasoned investment professional. The firm focuses on buy-out-oriented investments across Asia, with a particular emphasis on sustainability-driven businesses. Grab partners with GAC to enhance electric vehicle ride-hailing experience in Southeast Asia