A rendering shows the new hydrogen fuel cell stacks to be built at the industrial complex in Cheongna International City, Incheon. (Hyundai Mobis)
Hyundai Mobis will invest 1.3 trillion won ($1.09 billion) to build two new hydrogen fuel cell system plants in South Korea, it said Thursday.
The affiliate of Hyundai Motor held a groundbreaking ceremony for one of the two to be built at the industrial complex in Cheongna International City, Incheon, with President Moon Jae-in and Deputy Prime Minister Hong Nam-ki in attendance.
This new fuel cell plant along with the other to be established in the southeastern city of Ulsan are expected to produce 100,000 hydrogen fuel cells every year once it goes into operation in the second half of 2023.
Hyundai Mobis CEO Cho Sung-hwan vowed to “secure the market-leading competitiveness in the global fuel cell industry” with the expansion in production capacity.
“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,” he said.
With the planned new facilities, Hyundai Mobis will be operating three fuel cell plants.
In 2018, the company set up the world’s first complete production system in Chungju, North Chungcheong Province, which produces fuel cell stacks and the remaining electronic components.
From electric vehicles to construction machinery and logistics equipment, Hyundai Mobis plans to expand its lineup for products that apply to fuel cell systems and to diversify its hydrogen business, it said.
By Hong Yoo (email@example.com