Hyundai Motor Group to Establish Hydrogen Value Chain in Hong Kong with Multilateral Business Agreement

Hyundai Motor Company, Hyundai Engineering & Construction, and Eight Local and Project Partners Join Forces

Resource-Circulating Hydrogen Production Model... Aiming to Revitalize the Local Green Energy Ecosystem

Hyundai Motor Group's hydrogen value chain, which encompasses everything from hydrogen production to charging and utilization, will be established in Hong Kong.

Hyundai Motor Group Yangjae Headquarters Building. Hyundai Motor Group

On the 18th, Hyundai Motor Group announced that it had signed a 'Multilateral Business Agreement for the Creation of a Hydrogen Ecosystem in Hong Kong' at the Hong Kong Convention Center, where the 'International Hydrogen Development Symposium 2026' is being held, with participation from Hyundai Motor and Hyundai Engineering & Construction.

A total of 10 companies took part in this business agreement, including three Korean companies—Hyundai Motor, Hyundai Engineering & Construction, and JENG—as well as Hong Kong and China Gas Company, Veolia, China Certification & Inspection Group, Guofu Hydrogen Energy, Templewater, Chun Wo Construction, and Chun Wo Bus.

Key stakeholders attending the signing ceremony included Seungkyu Shin, Executive Vice President of Energy and Hydrogen Policy at Hyundai Motor Group; Yutaek Seo, Executive Director and Head of Energy and Environment Research Office at Hyundai Engineering & Construction; Inkyu Park, CEO of JENG; Cheung Don H.K., COO of Hong Kong and China Gas Company; Norman Cheung, COO of Veolia Hong Kong; Jian Zhang, Chairman of China Certification & Inspection Group; Pinfang Wu, Chairman of Guofu Hydrogen Energy; Alfred Wong, Partner at Templewater; William Luk, Deputy CEO of Chun Wo Construction; and Kelvin Wing, CEO of Chun Wo Bus, among others.

The multilateral business agreement aims to foster and activate a local hydrogen ecosystem in Hong Kong by establishing a W2H facility that produces hydrogen using landfill gas, building liquefied hydrogen fueling stations, and introducing hydrogen mobility solutions.

Introduction of Resource Circulation-Based Hydrogen Production Model... Boosting Hong Kong's Green Hydrogen Ecosystem

This agreement is part of a business partnership between the Ministry of Land, Infrastructure and Transport of Korea and the Hong Kong government to create a hydrogen ecosystem in Hong Kong.

Prior to the inter-company agreement, the Ministry of Land, Infrastructure and Transport and the Electrical and Mechanical Services Department (EMSD)—Hong Kong's institution for energy transition—signed a 'Business Agreement to Strengthen Hydrogen Policy and Business Partnership.' Both sides agreed to cooperate across all fronts, including technology sharing, certification systems, and project development, to build Hong Kong's hydrogen infrastructure.

The 10 participating companies plan to support Hong Kong's energy independence by building a hydrogen infrastructure that produces eco-friendly hydrogen energy locally and links it to hydrogen charging and the spread of hydrogen mobility solutions.

Specifically, they plan to introduce a 'resource circulation-based hydrogen production model (W2H)' in Hong Kong that produces low-carbon hydrogen energy using landfill gas.

In addition, they will seek to establish liquefied hydrogen fueling stations at major hubs with high transportation demand. Liquefied hydrogen fueling stations can store more hydrogen per unit volume than gaseous hydrogen stations, making them well-suited to Hong Kong's limited available land and geographic conditions.

They will also promote the supply of hydrogen mobility options tailored to local operating conditions. As Hong Kong is a global tourist destination with high demand for group buses such as airport shuttles and tours, and as logistics movements are active around Hong Kong Port, a major international trade hub, there is significant potential for the introduction of hydrogen mobility solutions suitable for long-distance transportation.

Throughout the project, Hyundai Motor will oversee the overall hydrogen ecosystem business in Hong Kong, including hydrogen production and utilization, the construction of hydrogen fueling stations, and the distribution of hydrogen mobility.

Hyundai Engineering & Construction will be responsible for designing and constructing W2H facilities optimized for Hong Kong's local environment, which produces a large volume of landfill gas due to its hot and humid climate.

JENG, a domestic hydrogen design, procurement, and construction (EPC) specialist, will be in charge of designing and building the hydrogen fueling stations. Guofu Hydrogen Energy, a hydrogen infrastructure company, will supply liquefied hydrogen storage, transportation, and fueling station equipment, while Chun Wo Construction will support local construction and maintenance of the hydrogen fueling stations.

Hong Kong and China Gas Company will collaborate across all areas of hydrogen production, distribution, and utilization. Veolia, a global eco-friendly service solutions provider, will be responsible for supplying landfill gas.

China Certification & Inspection Group will support local certification for hydrogen and hydrogen buses, while Chun Wo Bus, a local transportation operator, will cooperate in the introduction of hydrogen buses for tourism and shuttle services. Templewater, a Hong Kong-based private equity fund, will provide consulting for Asia-Pacific market expansion and new technology analysis for the project.

'99% Overseas Energy Dependence'... Hyundai Motor Group Contributes to Hong Kong's Energy Independence

Based on its accumulated hydrogen technology capabilities and business experience at home and abroad, Hyundai Motor Group expects to activate the local hydrogen ecosystem and contribute to Hong Kong's energy independence.

Hong Kong faces challenges in producing its own eco-friendly energy due to its mountainous terrain and limited available land, and has relied on overseas imports for the vast majority of its energy sources.

According to the 'Hong Kong Energy Statistics Annual Report' published last year by the Census and Statistics Department (C&SD), Hong Kong's primary energy overseas dependence rate reached approximately 98.7%.

To overcome this, the Hong Kong government redefined its hydrogen roadmap in 2024 and has been actively fostering the hydrogen industry for green energy transition, including establishing the 'New Energy Transport Fund' to support the infrastructure for commercial hydrogen vehicles and hydrogen fueling stations.

Hyundai Motor Group has successfully promoted W2H ecosystem activation projects, such as establishing biogas-based clean hydrogen production facilities and building an energy utilization system in Cheongju, North Chungcheong Province, and Paju, Gyeonggi Province. Since April last year, it has also been pursuing the 'Indonesia W2H Hydrogen Ecosystem Development Project' in Indonesia.

In addition, in 2023, Hyundai Motor Group established its first overseas hydrogen fuel cell system production base, 'HTWO Guangzhou,' in Guangzhou, China, and has worked to strengthen cooperation with local companies and advance hydrogen technology in Greater China.

Building on these efforts, Hyundai Motor Group not only plans to contribute to Hong Kong's carbon neutrality but also to actively expand the hydrogen market throughout the Asia-Pacific region in the future.

Seungkyu Shin, Executive Vice President of Energy and Hydrogen Policy at Hyundai Motor Group, stated, "With recent geopolitical volatility increasing, countries are strengthening policy support to build resilient energy systems centered on hydrogen to mitigate energy supply chain risks. This business agreement was signed to promote the creation of a local hydrogen ecosystem in line with Hong Kong's proactive hydrogen policy, leveraging Hyundai Motor Group's hydrogen business capabilities and experience." He added, "Going forward, we will continue to expand our cooperation and business throughout the Asia-Pacific hydrogen market, starting with Hong Kong, in collaboration with global hydrogen companies."

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