Hanwha Energy Corp. and three other affiliates are considering entering the US hydrogen ecosystem, Hanwha said Monday, after a successful investment in a US hydrogen truck maker.
In 2018, Hanwha Energy and Hanwha General Chemical Co. each invested $50 million for a combined 6.13 percent stake in Nikola Motor.
Nikola Motor's market value stood at $12.2 billion on the day of its debut on the US Nasdaq market Thursday.
Nikola's market debut raised the value of the stake held by Hanwha Energy and Hanwha General Chemical to $750 million.
Hanwha Energy has the right to provide electricity generated by solar power to Nikola's hydrogen charging stations, while Hanwha General Chemical has secured the right to manage hydrogen charging stations.
For its part, Hanwha Q Cells, another Hanwha group unit, can provide solar modules to hydrogen charging stations and Hanwha Solutions can have the opportunity to supply tanks for hydrogen charging stations or trucks, according to Hanwha.
The move comes as South Korea has been seeking to boost the hydrogen economy as a new growth engine.
A hydrogen fuel cell electric car only releases water vapor as it converts stored hydrogen into electricity to turn the motor.
Global carmakers have been racing to go eco-friendly amid tightened regulations on emissions of greenhouse gases, which scientists say are to blame for global warming. (Yonhap)