Hyundai Mobis to Establish Fuel Cell Production Facility in Cheongna, Incheon... Operations to Begin in 2023

[Asia Economy Reporter Park Hyesook] With the confirmation of investment in advanced new industry production facilities by a large corporation in Cheongna, Incheon, expectations for revitalizing the local economy are growing.

The Incheon Free Economic Zone Authority announced on the 22nd that it has attracted Hyundai Mobis's hydrogen fuel cell core component (stack) production facility to the Cheongna International City IHP Urban High-Tech Industrial Complex.

Hyundai Mobis plans to invest 922.7 billion KRW to build a stack manufacturing facility, a core component of the hydrogen fuel cell system, on a 100,304㎡ site. Construction is scheduled to begin in the second half of this year, with operations targeted for 2023, employing approximately 1,600 people.

The stack is a key component of fuel cells that generates electrical energy through the electrochemical reaction of hydrogen and oxygen. Hyundai Mobis will produce stacks at Cheongna IHP and finalize the fuel cell system at its Ulsan plant to supply finished products to automobile manufacturers.

Earlier, in June, the Incheon Free Economic Zone Authority changed the development and implementation plans to allow domestic and foreign companies to move into the foreign-invested company exclusive site within the Cheongna IHP Urban High-Tech Industrial Complex to attract leading domestic and international new industry companies.

The Incheon Free Economic Zone Authority expects that Hyundai Mobis's investment will activate the attraction of advanced domestic and international companies related to hydrogen fuel cells and related industries, create large-scale employment, and increase local sales through the production of high value-added hydrogen fuel cell components.

An official from Incheon City stated, "We will strive to improve the business environment and attract advanced companies so that the Incheon Free Economic Zone can grow into a hub for advanced new industries in the future mobility sector related to hydrogen fuel cells."

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