Hyundai signs memorandum of understanding for hydrogen fuel cell propulsion systemsJuly 13, 2021
The automaker has signed the MoU to commercialize the H2 systems for marine vessels.
The Hyundai Motor Company (KRX stock symbol 005380) has signed a memorandum of understanding (MoU) for commercializing hydrogen fuel cell propulsion systems intended for use in marine vessels.
The Hyundai Motor Company has signed the MoU with Hyundai Global Services and Korean Register.
Hyundai Global Services is a marine electric propulsion system specialist. Korean Register (KR) is the only internationally recognized classification society in South Korea. They signed the MoU for the purpose of commercializing marine hydrogen fuel cell propulsion systems.
This three-way MoU represents the first of its nature for Hyundai Motor Company. It is a strategic partnership meant to apply the company’s H2 tech in the manufacturing of marine vessels.
The companies hope that their hydrogen fuel cell propulsion systems will change the face of marine transport.
They are aiming to take the lead in the development of a new generation of marine vessels.
“This MOU signals Hyundai Motor’s entry into the fuel cell-powered marine vessel market, made possible through our cooperation with Hyundai Global Service and Korean Register,” said Hyundai Motor Group Executive Vice President and Head of Fuel Cell Center Saehoon Kim. “We hope our decades-long experience and capabilities in hydrogen fuel cell technologies, combined with the expertise of Hyundai Global Service and Korean Register in the maritime industry, will usher in a new era of greener and cleaner shipping.”
The collaboration is also meant to build a foundation for the identification and evaluation of business opportunities for H2-powered ships. The hope is also to place Hyundai motors in a position of leadership in low-carbon vessels and in H2-powered marine vessels worldwide.
In this agreement, the Hyundai Motor Company will supply the hydrogen fuel cell propulsion systems. Hyundai Global Services will provide the manufacturing and will commercialize the H2 systems. Korea Register will establish the standards for type approval that all H2-powered vessels will require to receive commercial usage approval. If all three companies keep up with the timeline, the project is expected to open into the emission-free marine vessel market during the second half of next year.