Hyundai Motor, Hyundai Electric Ink Deal To Develop Hydrogen Fuel Cell Package for Power Generation

Hyundai Motor Company (KRX: 005380) and Hyundai Electric & Energy Systems Co. (KRX: 267260) on Wednesday signed a memorandum of understanding. The MOU surrounds an initiative that aims to develop a hydrogen fuel cell package for power generation.

The partnership will combine Hyundai Motor’s fuel cell experience and Hyundai Electric’s power equipment expertise to create the new fuel cell-based package for mobile power generators and alternative maritime power supply solutions. This move by the two Korean manufacturers is expected to make an impact in the mobile generator space.

In the agreement, Hyundai Electric will develop and commercialize the planned mobile power generation package based on Hyundai Motor’s polymer electrolyte membrane fuel cell systems.

The endeavor represents another move from the Korean automaker in achieving its green energy goals as the new package system is being touted to be a potential environment-friendly power solution alternative to diesel generators. In May 2021, Hyundai Motor committed a US$7.4-billion investment to push its electric car agenda in the US.

Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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