South Korea’s top steelmaker Posco and automotive giant Hyundai Motor Group will broaden cooperation in hydrogen energy and car projects and exploration of hydrogen business opportunities at home and abroad to achieve carbon neutrality and lead hydrogen economy.
Under a memorandum of understanding (MoU), the two companies have agreed to collaborate in the fuel-cell power generation business and the development of next-generation materials for hydrogen-powered vehicles, the companies explained after the signing ceremony attended by Hyundai Motor Group chairman Chung Eui-sun and Posco chef executive Choi Jeong-woo on Tuesday.
For the fuel-cell power generation business, Posco will produce green hydrogen using ammonia and related manufacturing technology, while Hyundai Motor Group will use Posco’s green hydrogen to charge its fuel-cell vehicles.
Posco plans to use by-product hydrogen produced from its steel mills as an energy source for the hydrogen trucks. The two also agreed to cooperate in establishing hydrogen fueling stations in the steel mills.
This is not the first time for the two companies collaborate on hydrogen projects. Hyundai Motor has already applied Posco’s Poss470FC, the world`s first non-coated metal separator material for hydrogen vehicles, to its Nexo hydrogen fuel cell electric vehicles. The latest partnership is expected to create greater synergy in their hydrogen projects.
In overseas markets, the two will also jointly participate in green hydrogen production projects.
In December last year, Posco said it will establish a facility that can produce 5 million tons of hydrogen by 2050 and achieve an annual sale of 30 trillion won ($27.2 billion) in the hydrogen business by that year.
Hyundai Motor Group has successfully launched hydrogen fuel cell electric vehicles and plans to produce 500,000 hydrogen EVs and 700,000 hydrogen fuel cell systems by 2030.
Hyundai Motor, Posco to expand collaboration in hydrogen projects, 2021.02.17
