Jung Eui-sun and Choi Jung-woo Join Hands to Create Hydrogen Ecosystem (Comprehensive)

Hyundai Motor to Supply 1,500 Hydrogen Electric Vehicles Including Hydrogen Trucks to POSCO, Collaborate on Hydrogen Production and Utilization Technology Development
Chairman Chung Euisun: "Contributing to the Creation of a Robust Hydrogen Ecosystem"
Chairman Choi Jeongwoo: "Seeking Various Cooperation Opportunities"

Hyundai Motor Group Chairman Chung Eui-sun (second from the left), POSCO Group Chairman Choi Jeong-woo (second from the right), Hyundai Motor Vice President Kim Se-hoon (first from the left), and POSCO Industrial Gas Hydrogen Business Division Head Yoo Byung-ok (first from the right) are posing for a commemorative photo.

[Asia Economy Reporter Changhwan Lee] Hyundai Motor Group and POSCO Group are advancing cooperation in the hydrogen business.

On the 16th, the two companies announced that they signed a "Memorandum of Understanding on Cooperation in the Hydrogen Business" at POSCO Cheongsong University in Pohang.

The event was attended by Hyundai Motor Group Chairman Chung Euisun, Hyundai Motor Strategic Planning President Gong Young-woon, Hyundai Steel Vice President Park Jong-sung, POSCO Group Chairman Choi Jeong-woo, POSCO Steel Division Head Kim Hak-dong, and POSCO Industrial Gas Hydrogen Business Division Head Yoo Byung-ok, among other officials from both companies.

Hyundai Motor Group and POSCO Group share the view that achieving carbon neutrality through the establishment of a hydrogen ecosystem is essential to creating a sustainable world. After actively exploring areas of cooperation where synergies between the two companies can be realized, they concluded the agreement on this day.

First, the two companies will gradually convert 1,500 vehicles, including trucks operating at POSCO’s Pohang and Gwangyang steelworks, into hydrogen electric vehicles. They will also cooperate to build hydrogen charging stations for commercial vehicles within the steelworks.

In addition, POSCO Group will supply hydrogen and Hyundai Motor Group will supply hydrogen fuel cells to jointly promote fuel cell power generation projects.

Furthermore, the two companies will focus on joint research and development to expand the use of hydrogen energy, including developing technologies related to green hydrogen production and utilization, and next-generation materials applicable to hydrogen electric vehicles.

They will also actively seek hydrogen-related business opportunities overseas, including participating in technology development projects for green hydrogen production projects conducted jointly in foreign regions. Hyundai Motor will also promote demand discovery for hydrogen electric vehicles and other products in the respective countries and neighboring areas.

Continued Cooperation Including Use of POSCO Materials in Hyundai Motor’s Nexo

Hyundai Motor Group and POSCO Group have continued their cooperation, such as applying POSCO Group’s developed uncoated metal separator materials to the hydrogen electric vehicle Nexo, and are actively working toward realizing a hydrogen society.

Hyundai Motor Group has successfully launched hydrogen electric vehicles such as the Nexo, hydrogen trucks like the Xcient, and hydrogen buses called Elec City, and has announced a goal to produce 500,000 hydrogen electric vehicles and 700,000 hydrogen fuel cell systems by 2030. Hyundai Steel has also contributed to the expansion of the hydrogen economy through hydrogen production and supply.

POSCO Group, under the vision of "Leading Green Hydrogen Companies Driving the Hydrogen Economy" announced last December, has declared its intention to establish a hydrogen production system of 5 million tons by 2050 and achieve sales of 30 trillion won in the hydrogen business to lead the decarbonization era.

Hyundai Motor Group Chairman Chung Euisun said, "The paradigm shift to a hydrogen economy for achieving carbon neutrality is a challenge faced by all industries and companies and an essential element for realizing a sustainable future. Through cooperation with POSCO Group, we will contribute to creating a robust hydrogen industrial ecosystem by producing tangible results."

Chairman Choi Jeong-woo also stated, "From the perspective of POSCO Group producing and supplying hydrogen and Hyundai Motor Group utilizing it, we will seek various cooperation opportunities to secure a hydrogen economy initiative."

Meanwhile, prior to the signing ceremony, Hyundai Motor Group executives toured Pohang No. 2 blast furnace, one of POSCO’s smart blast furnaces. The smart blast furnace is characterized by automatically controlling the furnace condition using deep learning-based AI technology to improve productivity and molten iron quality. Currently, POSCO operates a total of four such furnaces: two in Pohang and two in Gwangyang.

This content was produced with the assistance of AI translation services.