Automaker forms joint venture with H2 Energy
Hyundai Motor said on April 15 that it signed a contract with H2 Energy AG to set up Hyundai Hydrogen Mobility with the aim of tapping into Europe’s hydrogen mobility ecosystem.
Under the two-way deal, Hyundai Motor will deliver 1,600 fuel cell electric heavy-duty trucks to the new joint venture from 2019 to 2025. The vehicles will be leased so that they can promote hydrogen mobility in Switzerland.
On the back of the venture, Korea’s largest automaker strives to expand its market presence in the hydrogen businesses to other European countries beyond Switzerland.
Over the long haul, the Seoul-based company hopes to build an advanced, sustainable position in Europe’s fuel cell electric commercial vehicle market.
“With today’s agreement, Hyundai Motor will strengthen its business operations across the hydrogen ecosystems in Switzerland and beyond. The venture will enable us to take the first step toward successfully entering the larger European market with our fuel cell electric trucks,” Hyundai Executive Vice President Lee In-cheol said.
“Harnessing the prospective success of the world’s first commercialization scheme of fuel cell trucks, Hyundai Motor will continue to maintain its technological prowess in hydrogen technology as an innovative and environmentally committed global automaker.”
H2 Energy in Switzerland retains competitive capabilities in hydrogen production and supply as well as refueling stations and fuel cell vehicle procurement.
The outfit’s Chairman Rolf Huber expressed his hopes over the collaboration.
“Once again, Hyundai lives up to its role as a world leader in hydrogen technology. This time, Hyundai has ushered in an unstoppable momentum towards eco-friendly mobility for heavy-duty trucks in Europe and beyond,” Huber said.
“We are very proud to play an active part in this pioneering project in the framework of a joint venture. In addition to supporting the fuel cell truck business, H2 Energy will create a related ecosystem that can flexibly adapt to operate these vehicles.”
Hyundai has gone all-out to lead fuel cell and other related industries as part of its long-term vision of creating global hydrogen society based on hydrogen technologies.
Last week, Hyundai signed a memorandum of understanding with Korean firms to start a pilot project of generating electricity with hydrogen technology.