Hyundai Motor to Lead Hydrogen Mobility Ecosystem Development in China
"Hyundai and its regional partners aim to supply a total of 4,000 fuel cell electric commercial vehicles in China by 2025."
Hyundai Motor Company is spearheading the development of a hydrogen society and fuel cell commercial vehicle ecosystem in China with regional partners.
Hyundai Motor announced today that it has signed an MOU with Shanghai Electric Power Co. Ltd., Shanghai Sunwise New Energy System Co. Ltd., and Shanghai Ronghe Electric Technology Financial Leasing Co. Ltd., with an aim of establishing a hydrogen mobility ecosystem around Shanghai and Yangtze River Delta area.
The company also signed a separate MOU with China Iron and Steel Research Institute Group (CISRI) and Hebei Iron and Steel Group (HBIS Group) for an equivalent aim in the Jing-Jin-Ji area as it introduced Hyundai XCIENT Fuel Cell heavy-duty truck for the first time in China at the 2020 China International Import Expo (CIIE).
The MOU among Hyundai, Shanghai Electric Power, Shanghai Sunwise New Energy System, and Shanghai Ronghe Electric Technology Financial Leasing will form a cooperative system that connects the production of hydrogen, construction of refueling stations, and financing of fleet operations based on the supply of Hyundai’s fuel cell electric commercial vehicles in the Yangtze River Delta area. In addition, it plans to promote a pilot operation business of fuel cell electric vehicles.
Shanghai Electric Power will lead investments in constructing hydrogen refueling stations and an electrolytic hydrogen production process using renewable energy as well as propelling a hydrogen production project through the Integrated Gasification Combined Cycle (IGCC).
Shanghai Sunwise will build and operate hydrogen refueling stations and provide comprehensive solutions for hydrogen refueling, while Shanghai Ronghe Electric Technology Financial Leasing will provide financial support services for the fuel cell electric commercial vehicle pilot operations.
Hyundai Motor will supply its fuel cell electric commercial vehicles to major logistics companies in the Yangtze River Delta area where the company is going to establish and manage a fuel cell electric commercial vehicle operating company.
Through the MOU, the four parties aim to construct a cost-competitive and highly efficient business model drawing on each company’s respective expertise, supplying more than 3,000 fuel cell electric trucks in the Yangtze River Delta area by 2025.
Hyundai is cooperating closely with its Chinese partners in line with the Chinese government’s fuel cell roadmap, which aims to have 1 million fuel cell electric vehicles by 2030. Hyundai’s goal is to supply over 27,000 FCEV units in China by 2030 as the company plans to further strengthen its position as a leading global FCEV technology brand through this multilateral cooperation in China.
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