Hyundai Motor Company and Kolon Group have teamed up to form a strategic alliance aimed at advancing hydrogen vehicles.
This initiative, called the Hydrogen Vehicle Alliance, focuses on integrating Hyundai’s smart mobility expertise with Kolon’s advanced material technologies to stimulate the development and commercialization of hydrogen-powered vehicles. Hyundai has invested 20 billion won in Kolon Spaceworks, a subsidiary of Kolon Group, as part of this partnership.
Kolon Spaceworks, established by merging Kolon’s hydrogen mobility and composite materials operations, recently obtained international certification for self-developed high-pressure hydrogen fuel tanks. This certification enables Kolon Spaceworks to compete in the global market, reflecting its capability in producing high-quality container products essential for hydrogen vehicles.
Hyundai Motor and Kia are acquiring jointly issued new shares from Kolon Spaceworks, further cementing the collaboration. Hyundai’s purchase accounts for 656,750 shares worth 12 billion won, while Kia buys 437,821 shares for 8 billion won. These investments signify Hyundai Motor Group’s commitment to leading in sustainable mobility solutions.
Hyundai’s chairman, Chung Eui-sun, envisions a hydrogen-centered society, aligning with South Korea’s national strategy to embrace a hydrogen economy. This strategy aims to reduce carbon emissions and enhance energy security. The alliance emphasizes creating advanced technologies, such as improved hydrogen storage containers and enhanced battery covers necessary for electric and hydrogen vehicles. The partnership leverages Kolon Spaceworks’ expertise in ultra-high heat-resistant and durable materials previously used in aerospace and defense.
Hyundai plans to invest aggressively this year, dedicating 24.3 trillion won towards advancements in electrification, next-generation hybrid systems, and hydrogen technology development. This significant investment underscores Hyundai’s dedication to sustainable mobility and preparation for a hydrogen-focused future.
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