Hyundai Mobis today (7th October) has held a groundbreaking ceremony for the new plant to produce hydrogen fuel cell stacks at the Industrial Complex in Cheongna International City, Incheon.
The ceremony was attended by President Moon Jae-in and Deputy Prime Minister Hong Nam-ki. Hyundai Mobis announced building fuel cell plants project in August, as reported by H2Bulletin.
Hyundai Mobis will invest a total of US$ 1.1 billion into the two plants, which will start mass production in the second half of 2023. When fully operational, the facilities are expected to produce 100,000 hydrogen fuel cells annually.
With the completion of the new plants, Hyundai Mobis plans to expand its production lineups that apply fuel cell systems and diversify its hydrogen business. 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.
Once both plants are completed, Hyundai Mobis will operate a total of three fuel cells plants. Hyundai Mobis has the largest fuel cell production capacity globally and aims to gain more share in the global race for hydrogen mobility with the new plants. In 2018, the company became the world’s first to set up a complete production system from fuel cell stack to the rest of the electronic components in Chungju. The Chungju plant is capable of producing approximately 23,000 hydrogen fuel cell systems yearly.
Sung Hwan Cho, CEO of Hyundai Mobis, said, “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.”
Yesterday, Plug Power and SK E&S announced building a Giga Factory & R&D Center in South Korea by 2024, with mass capacity for hydrogen fuel cells and electrolyser systems.