Published by Todd Bush on October 23, 2023
RIYADH, Saudi Arabia and SEOUL, South Korea, Oct. 22, 2023 /PRNewswire/ -- Hyundai Motor Company signed a memorandum of understanding (MOU) with Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ) and the Saudi Public Transport Company (SAPTCO) to establish and develop an ecosystem for hydrogen-based mobility in the Kingdom of Saudi Arabia.
The parties have agreed to cooperate in establishing a hydrogen-based mobility ecosystem in Saudi Arabia and to provide support on technological services and human resources. Specific areas of collaboration include promoting demonstration projects for hydrogen fuel cell commercial vehicles and exploring opportunities for joint research in the field of hydrogen-based mobility.
Hyundai Motor is expected to provide hydrogen fuel cell commercial vehicles to SAPTCO as part of the partnership, with the pioneering technologies in the hydrogen fuel cell industry with field-proven products and services deployed worldwide.
>>Read about Hyundai and Poh Tiong Choon Logistics Inking MOU for Singapore Hydrogen Ecosystem
"This partnership with the country's major stakeholders represents a significant milestone in our efforts to establish a sustainable hydrogen value chain in Saudi Arabia," said Jaehoon Chang, President and CEO of Hyundai Motor Company. "We also plan to continuously expand the hydrogen-based mobility industry in line with Saudi Arabia's ambition to reach net zero emissions."
Meanwhile, KATECH is expected to explore further opportunities for collaboration in R&D and APQ will secure a hydrogen supply in Saudi Arabia for the partnership. SAPTCO is expected to closely cooperate with the stakeholders to formulate a long-term plan aimed at further expanding the ecosystem for hydrogen-based mobility in the country.
"This cooperation opens doors for our hydrogen bus technology to enter the Middle East market," said Seung-sik Na, President of KATECH. "We will work towards developing hydrogen buses suitable for high-temperature climates with the automotive industry so that the domestic automotive industry to expand its presence globally."
In 2016, Saudi Arabia established the "Saudi Vision 2030" strategy to transition from relying on oil exports and promoting economic diversification through strategic investments in key sectors. As part of this strategy, the country announced the "Saudi Green Initiative" in 2021, demonstrating its commitment to exploring cutting-edge technologies and innovations to achieve the net zero carbon emission goal by 2060.
Hyundai Motor Group (the Group) has consistently been at the forefront of driving the energy transition in Saudi Arabia. Their initiatives began with successfully exporting two ELEC CITY Fuel Cell buses to Saudi Arabia in 2020. The Group expanded its reach in the country by exporting the XCIENT Fuel Cell heavy duty truck in 2021.
More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
SOURCE Hyundai Motor Company
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue ๐ฌ๏ธ Return and Verified Announce First 100% Wind-Powered Direct Air Capture Hub, Designed To Scale to 500,000 Tons Annually ๐ The Importance of Responsible Carbon Removal: Insight...
Inside This Issue ๐ฐ OnStream Receives $26 Million in Federal Funding for Louisiana Offshore Carbon Storage Hub Development and Announces Joint Venture Partnership with Major Midstream Company ๐ Ex...
Inside This Issue ๐ EDF Group and Abraxas Power Corp. Announce Strategic Partnership for the Exploits Valley Renewable Energy Corporation Green Hydrogen and Ammonia Project in Newfoundland ๐ง Hydro...
FLAGSHIPS Wins Prestigious Award at EU Hydrogen Week
The FLAGSHIPS project takes home the Best Outreach Award at EU Hydrogen Week, celebrating its pioneering role in zero-emission waterborne transport and hydrogen innovation. At the EU Hydrogen Week...
Haffner Energy Launches Its Hydrogen Production, Testing and Training Center in Champagne, France
Vitry-le-Franรงois, France โ November 22, 2024, 08:00 am CEST Inaugurated today, Haffner Energy's hydrogen production, testing, and training center is about to start producing renewable hydrogen us...
Sara Nawaz and the Institute for Responsible Carbon Removal are paving the way in a crucial sector: addressing climate change through sustainable and equitable carbon removal practices. With growi...
'Project Concho' Combines Proven DAC Technology, New Local Wind Power And Texas' Carbon Storage Capacity SAN ANGELO, Texas, Nov. 21, 2024 /PRNewswire/-- Carbon capture and removal project develope...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.