Hyundai Mobis to Build Two New Hydrogen Fuel Cell System Plants
Hyundai Mobis – the South Korean auto parts company that is part of the Hyundai Motor Group – is to build two new hydrogen fuel cell stack plants.
The company has already held a groundbreaking ceremony for one new plant in Incheon in South Korea with the other planned for the city of Ulsan.
The company is to invest a total of $1.1 billion ($AU1.47 billion) into the two plants with both expected to start mass production in the second half of 2023. When fully operational, the facilities are expected to produce 100,000 hydrogen fuel cells each year.
Once they are completed, Hyundai Mobis will operate a total of three fuel cells plants. In 2018, the company established a plant in Chungju which is capable of producing approximately 23,000 hydrogen cell systems a year.
Most fuel cell systems produced by Hyundai Mobis are used in fuel cell EVs but the company is expected to scale its business to other sectors such as construction machinery and logistics equipment.
“Despite uncertainties, including COVID-19, we have decided to make this large-scale investment to secure the market-leading competitiveness in the global fuel cell industry,” said Sung Hwan Cho, President and CEO of Hyundai Mobis. “We will continue to invest more in facilities and strengthen our R&D capability for the development of the hydrogen industry and expand the ecosystem.”
12 November 2021