The H2 Challenge, organized by Hyundai Cradle and Posco Capital in collaboration with InnMind, opened for applications on July 5th and is seeking submissions from worldwide businesses in the Pre-Seed to Scaleup stages, university teams, and strategic partners, with a deadline of mid-August.
The Challenge is an open innovation program aimed at identifying the greatest entrepreneurial, intellectual, and technological ventures in the field of hydrogen uses and technologies generated around the world. It was created as an open innovation platform enabling startups, universities, and SMEs to discuss their solutions and build collaboration prospects with Hyundai or POSCO in order to move forward with joint development, project funding, or proof-of-concepts.
Hyundai Cradle Berlin and Posco Capital have partnered to help build a civilization centered on – and powered by – hydrogen, the world’s most abundant substance.
Starting July 5th, 2021, the H2 Challenge is accepting applications from international startups in the Pre-Seed to Scaleup stages, university teams, and strategic partners who are developing both hardware and software solutions for a variety of use cases and projects within the hydrogen value chain: H2 Production, H2 Transportation & Storage, H2 Application, Carbon Capture Utilization & Storage, Ammon Production
After the application period closes in mid-August 2021, industry experts and evaluators from Hyundai and Posco business divisions will begin evaluating the best solutions to pursue. The chosen firms and teams will have the opportunity to create sponsored proofs of concept, get strategic investment, and have access to Posco or Hyundai R&D facilities for future cooperative development.
“Cradle Berlin is leading the regional market operation and has the exciting mission to identify startups, universities and strategic partners that focus, amongst others, on ‘Disruptive Innovation’ being developed in the European region” said Edvin Eriksen, Head of Hyundai Cradle Berlin. “Driven by the ongoing strong momentum in hydrogen development and deployment in Europe, we seek disruptive technologies by innovative companies with the same vision to develop a ‘Hydrogen Economy’ for a better and cleaner future”.
“Under the new paradigm of Green, we are now focusing much more on hydrogen in Europe” added Seung-Kyu Lim, CEO of Posco Capital. “Steel, which is the Posco Group’s main business, needs a lot of hydrogen for the new steel making process. In this sense, we try to cover the whole value chain of hydrogen as a new business, not just consumer’s point of view. We are looking forward to finding promising startups which can make our creative journey together, and hoping to make your and our dreams come true.”