Hyundai Mobis to invest $1B in two hydrogen fuel cell plants in Korea
The Incheon and Ulsan factory will produce fuel cell stacks and final fuel cell systems, respectively.
Hyundai Mobis Co. (a leading Korean auto parts maker and a part of Hyundai Motor Group) today (20th August) announced to invest 1.321 trillion won (US$ 1.12 billion) in two local hydrogen fuel-cell plants by 2025.
Hyundai Mobis board approved the investment to build two fuel cell plants, one to build a hydrogen fuel-cell stack plant in Incheon and another one is the hydrogen fuel-cell systems assembly plant in Ulsan.
The construction works on the plants will start at the end of this year and completed by the end of 2023. The fuel cell stacks produced in the Inchon plant will be used in the fuel cell system at the Ulsan plant.
The fuel cells system will eventually be used to power Hyundai Motor’s fuel cell vehicles. The new investment is expected to strengthen the competitiveness of hydrogen fuel cells and help scale production.
Last year, Hyundai Mobis jointly developed a hydrogen fuel cell forklift prototype with Hyundai Motor Company and Hyundai Construction Equipment. The mid-to-large sized hydrogen fuel cell forklift could lift around five tonnes of cargo and can be operated continuously for five hours when its hydrogen fuel cell is fully charged. The company also aims to develop the hydrogen fuel cell excavator, which would be ready by 2023.