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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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Hyundai Motor : and Hyundai Electric Sign MOU to Develop Hydrogen Fuel Cell Package for Power Generation

07/28/2021 | 10:01pm EDT
  • Hyundai Motor and Hyundai Electric agree to develop and commercialize mobile power generator package based on the leading fuel cell system for vehicles
  • Hyundai Motor to supply the fuel cell system (PMEFC) and provide technical support while Hyundai Electric will develop and commercialize mobile power generator package
  • Hyundai Motor continues to expand use of hydrogen fuel cell technology to help reduce carbon emissions and establish a sustainable hydrogen society

SEOUL, South Korea, July 28, 2021 /CNW/ -- Hyundai Motor Company today announced that it has signed a Memorandum of Understanding (MOU) with Hyundai Electric & Energy Systems Co. (Hyundai Electric), a leading electrical equipment manufacturer and energy solution provider, to develop a hydrogen fuel cell package for mobile power generation.

The MOU signing took place via online, attended by Saehoon Kim, Head of Hyundai Motor Group Fuel Cell Center, and Seok Cho, President and CEO of Hyundai Electric.

The endeavor combines Hyundai Motor's decades-long fuel cell experience and Hyundai Electric's power equipment expertise. Under the MOU, the two parties will develop a hydrogen fuel cell package dedicated for mobile power generators and alternative maritime power (AMP) supply solutions, based on Hyundai Motor's polymer electrolyte membrane fuel cell (PEMFC) system that is used in Hyundai Motor's fuel cell vehicles.

The new fuel cell-based package system is expected to be a game changer in the mobile generator market, which is currently dominated by diesel generators. Environmentally-friendly, distributed power solutions like the one planned can address carbon-neutral electric needs in a variety of industrial sectors such as port facilities, construction sites and industrial complexes.

Under the agreement, Hyundai Motor will supply PEMFC fuel cell systems and provide technical support while Hyundai Electric will develop and commercialize a fuel cell-based power generation package which includes mobile generators and AMP supply systems. Hyundai Electric will also explore a variety of business models for marketing the new package in Korea and abroad.

More information about Hyundai Electric & Energy Systems can be found at:
http://www.hyundai-electric.com/elec/en/index.jsp

More information about Hyundai Motor and its products can be found at:
http://worldwide.hyundai.com or http://globalpr.hyundai.com

Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/hyundai-motor-and-hyundai-electric-sign-mou-to-develop-hydrogen-fuel-cell-package-for-power-generation-301343832.html

SOURCE Hyundai Motor Company

© Canada Newswire, source Canada Newswire English

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Sales 2021 118 731 B 101 B 101 B
Net income 2021 6 192 B 5,25 B 5,25 B
Net Debt 2021 70 598 B 59,9 B 59,9 B
P/E ratio 2021 8,38x
Yield 2021 1,92%
Capitalization 43 725 B 37 015 M 37 079 M
EV / Sales 2021 0,96x
EV / Sales 2022 0,87x
Nbr of Employees 70 388
Free-Float 70,8%
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Number of Analysts 31
Last Close Price 207 000,00 KRW
Average target price 307 129,03 KRW
Spread / Average Target 48,4%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Co-President & Co-Chief Executive Officer
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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