Seoul (South Korea), February 16: Hyundai Motor Group and POSCO will explore overseas hydrogen-related business opportunities as they diversify portfolios to secure a new growth driver, the carmaker said Tuesday.
Hyundai Motor and POSCO have formed business ties to explore a partnership in overseas hydrogen production and related technology development projects and seek chances to promote the carmaker's hydrogen-powered vehicles, Hyundai said in a statement.
They also plan to jointly push forward the hydrogen fuel-cell development projects and develop next-generation materials for hydrogen-powered vehicles, the statement said.
"It is an urgent task for the whole industry and all companies to shift to the hydrogen economy to achieve carbon neutrality and sustainable future growth. Partnership with POSCO will help generate the hydrogen industrial ecosystem," Hyundai Motor Group Chairman Chung Euisun said.
Hyundai will gradually provide 1,500 hydrogen vehicles to POSCO's main integrated steel mill in Gwangyang, 420 kilometers southwest of Seoul, as part of their partnership.
Hyundai aims to produce 500,000 hydrogen vehicles and 700,000 hydrogen fuel-cell systems by 2030 to cement its leading status in the global hydrogen vehicle markets.
POSCO announced in December that it will establish the facility capable of producing 5 million tons of hydrogen by 2050 and achieve sales of 30 trillion won (USD 27.3 billion) in the hydrogen business by that year.
Source: Yonhap