Hyundai Motor signs hydrogen fuel cell generator development MoU with Hyundai ElectricAugust 2, 2021
The companies have agreed to work together to develop and commercialize an H2 package.
Hyundai Motor Company (KRX stock symbol 005380) has announced that it has signed a memorandum of understanding (MoU) with Hyundai Electric & Energy Systems Co (KRX stock symbol 267260) for the development of a hydrogen fuel cell generator package.
The companies held an online signing ceremony to make the agreement official.
The signing was attended by Hyundai Motor Group Fuel Cell Center head Saehoon Kim, and Hyundai Electric president and CEO Seok Cho. This hydrogen fuel cell generator package agreement will bring the companies together to develop an H2 fuel cell package for mobile power generation and to be used as alternative maritime power (AMP) supply solutions. The technology they develop will be built on a foundation of Hyundai Motor’s polymer electrolyte membrane fuel cell (PEMFC) system, which is used for the fuel cell vehicles (FCVs) made by Hyundai Motor.
If the agreement brings about the expected results, the package system the companies create could be game changing in the mobile generator market, where diesel generators currently rule. The type of system the companies will be developing will be considerably more environmentally friendly, eliminating reliance on fossil fuels for operation, and providing zero-emission power. It could be applied for addressing electric needs for carbon neutrality in a spectrum of industrial sectors such as construction sites, port facilities and industrial complexes.
The two companies will be looking to their strengths for the hydrogen fuel cell generator development.
Under the terms of the MoU, Hyundai Motor will provide the necessary PEMFC systems. It will also supply the required technical support throughout the development.
On the other hand, Hyundai Electric will be responsible for the development and commercialization of a hydrogen fuel cell generator package that will include AMP supply systems and mobile generators. Beyond that, Hyundai Electric will also look into different types of business model that would make it possible to market the new package it has developed within Korea as well as abroad.
Hydrogen fuel cell generator technology appears to have a very promising market in areas where access to the grid is challenging or unavailable, and where fossil fuel reliance is widespread.