Hyundai and Chinese partners to lead hydrogen ecosystem development

Under the MOUs, Hyundai and its regional partners aim to supply a total of 4,000 fuel cell electric commercial vehicles in China by 2025.

Hyundai Motor Company is spearheading development of a hydrogen society and fuel cell commercial vehicle ecosystem in China with regional partners.

The car manufacturing company has signed an MOU with Shanghai Electric Power Co., Ltd., Shanghai Sunwise New Energy System Co., Ltd., and Shanghai Ronghe Electric Technology Financial Leasing Co., Ltd., with an aim of establishing a hydrogen mobility ecosystem around Shanghai and Yangtze River Delta area.

The company also signed a separate MOU with China Iron and Steel Research Institute Group (CISRI) and Hebei Iron and Steel Group (HBIS Group) for an equivalent aim in Jing-Jin-Ji area as it introduced Hyundai XCIENT Fuel Cell heavy-duty truck for the first time in China at the 2020 China International Import Expo (CIIE).

“Hyundai believes China has a massive potential for hydrogen powered commercial vehicles. The company is committed to becoming a FCEV solution provider by creating a business cluster across the entire hydrogen ecosystem in China,” said Cheol Lee, Head of Commercial Vehicle Division at Hyundai Motor.

The MOU’s will form a cooperative system that connects production of hydrogen, construction of refueling stations and financing of fleet operations.

Shanghai Electric Power will lead investments in constructing hydrogen refueling stations and an electrolytic hydrogen production process using renewable energy as well as propelling a hydrogen production project through Integrated Gasification Combined Cycle (IGCC).

Through the MOU, the four parties aim to construct a cost-competitive and highly efficient business model drawing on each company’s respective expertise, supplying more than 3,000 fuel cell electric trucks in the Yangtze River Delta area by 2025.

Hyundai is cooperating closely with its Chinese partners in line with the Chinese government’s fuel cell roadmap, which aims to have 1 million fuel cell electric vehicles by 2030. Hyundai’s goal is to supply over 27,000 FCEV units in China by 2030 as the company plans to further strengthen its position as a leading global FCEV technology brand through this multilateral cooperation in China.