Hyundai Mobis announces $1.1 billion investment into two fuel cell system plantsOctober 12, 2021
The company will be constructing the facilities in Ulsan as well as just west of Seoul.
Hyundai Mobis will be building two new fuel cell system plants in Korea in order to boost the country’s hydrogen economy as well as to solidify wider dominance on the global market.
The company held its groundbreaking ceremony for the Cheongna International City facility last week.
The new fuel cell system plants are moving ahead on schedule, as the groundbreaking just west of Seoul in Cheongna International City in Incheon took place last Thursday at the facility’s future location at the Industrial Complex. That facility will produce hydrogen fuel cell stacks. South Korean President Moon Jae-in and Deputy Prime Minister Hong Nam-ki both attended the groundbreaking ceremony.
According to Hyundai Mobis figures, the construction of the facilities involves a total investment of $1.1 billion. The company expects that the facilities will be ready to begin their mass production in the second half of 2023. At that point, they will be used for the production of 100,000 hydrogen fuel cells annually.
The fuel cell system plants are expected to position Hyundai Mobis among global leaders in H2 mobility.
“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,” said Hyundai Mobis CEO and President Sung Hwan Cho in a statement about the new hydrogen fuel cell system plants.