An investment worth $1.1bn, it is hoped the two plants, located just west of Seoul and Ulsan, will secure Hyundai Mobis’ broader global market dominance and accelerate the global hydrogen economy.
Once operational, Hyundai Mobis will boast three fuel cell plants. Already, the company is believed to have the largest fuel cell production capacity in the world.
Commenting on the news, Sung Hwan Cho, President and CEO of Hyundai Mobis, said, “Despite uncertainties including Covid-19, we have decided to make this large-scale investment to secure the market-leading competitiveness in the global fuel cell industry.
“We will continue to invest more in facilities and strengthen our R&D capability for the development of the hydrogen industry and expand the ecosystem.”
Upon completion of the new plants, Hyundai Mobis also hopes to expand its production line-ups that applies fuel cell systems and diversify hydrogen business.
A ground-breaking ceremony was today held at the Industrial Complex in Cheongna International City, Incheon for the developments.
US DOE, General Motors, Microsoft and Plug Power
What does the US Department of Energy (DOE), General Motors, Microsoft and Plug Power have in common? They’re all speaking at H2 View’s North American Virtual Hydrogen Event in October. Will you be joining us on October 19?
North America is in a prime position to lead efforts in decarbonisation, but it still has great distances to travel. The region has been giving chase in a race to green hydrogen dominated by Europe and Asia-Pacific. If policymakers and industry can work together and take the right steps to realise a hydrogen vision, the region is perfectly placed to expand its global energy leadership at scale and speed.
What lessons can be learned from Europe’s policymakers? What are the challenges to be overcome? What are the strengths and opportunities? How can North America go from giving chase to taking a lead in hydrogen? These are all questions our virtual event will address across H2 View’s four pillars of Mobility, Power, Policy and Technology.
Further information on the event, agenda and confirmed speakers can be found here.
To book your virtual delegate pass, click here.