Hyundai Motor acquires hydrogen fuel business from Hyundai Mobis.
Hyundai Motor has completed the acquisition of the hydrogen fuel cell business from Hyundai Mobis, in a move to unify its research and production capability for management efficiency, the automaker said Sunday.
This has enabled Hyundai Motor Group to streamline the organizational structure for its hydrogen business. The acquisition was announced in February, and Hyundai Mobis has since finished transferring its fuel cell-related facilities, assets and personnel to the carmaker.
Hyundai Motor will now be able to accelerate its research and production development on hydrogen fuel cells upon the completion of the acquisition, the carmaker said.
Chang Jae-hoon, Hyundai Motor President and CEO, said:
We have a strong sense of duty for the hydrogen business.
“We will keep expanding our hydrogen business foundation by reinforcing partnerships with the group’s affiliates. We will also keep expanding our presence in hydrogen production, relevant tech development and commercial vehicles (powered by hydrogen energy).”
Under the drive, Hyundai Motor Group aims to become the world’s leading hydrogen value chain provider. At this year’s CES tech trade show in January, the company displayed its vision to establish the complete hydrogen value chain encompassing its production to storage and transportation.
The group has spoken highly of major upsides of hydrogen energy, as it can reduce huge social and environmental costs thanks to its safety and nature as a circulated resource.
According to the company, hydrogen energy is clean and infinite and can be produced and utilized in multifaceted ways. It also has key upsides in terms of storage and transportation, given its higher energy density than other energy sources.
Hyundai Motor Group hopes to rewrite mobility history through hydrogen energy after it won a title as the world’s first automaker mass-producing hydrogen-fueled vehicles back in 2013 when it launched the Tucson ix35 hydrogen SUV.
Hyundai Motor also widened its hydrogen footing into commercial vehicles with the XCIENT Fuel Cell Truck — the world’s first commercial hydrogen-electric truck — in 2020.
The vehicle has since been recognized in major global markets such as the United States, Germany, France and Saudi Arabia for its eco-friendliness.
The carmaker also aims to launch a new version of its Nexo hydrogen-electric car by 2025 and plans to diversify its hydrogen business portfolio in areas such as trams, vessels and even advanced air mobility.
Hyundai Motor also shared its vision of expanding partnerships with major companies, research organizations and the government to boost its drive to build the complete hydrogen ecosystem.
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Hyundai Motor acquires hydrogen fuel business from Hyundai Mobis. source
