HYDROGEN COUNCIL WELCOMES HYUNDAI MOTOR COMPANY AS NEW CO-CHAIR

Rhea-AI Summary

On June 17, 2024, the Hydrogen Council announced Hyundai Motor President and CEO Jaehoon Chang as its new Co-Chair, succeeding Yoshinori Kanehana of Kawasaki Heavy Industries. Chang will join Sanjiv Lamba, CEO of Linde, in steering the Council towards unlocking hydrogen demand and fostering global trade and investment. Hyundai has been a pioneering force in hydrogen technology, achieving several firsts in mass-produced fuel cell electric vehicles (FCEVs). The company’s comprehensive involvement in the hydrogen value chain positions it as a significant leader in the global energy transition. The leadership change was unveiled at the annual CEO event in Berlin, attended by over 200 CEOs and senior executives from leading hydrogen businesses and investors.

Positive

• Hyundai's CEO Jaehoon Chang appointed as Co-Chair of Hydrogen Council, reflecting strong industry influence.
• Hyundai has a record of achieving several firsts in mass-produced FCEVs, showcasing its innovative capabilities.
• The company is deeply integrated into the entire hydrogen value chain, enhancing its strategic positioning.
• Hyundai's involvement in the Hydrogen Council may unlock new business opportunities and partnerships.
• The Council's focus on global trade and investment in hydrogen aligns with Hyundai's long-term growth strategies.

Negative

• No specific financial metrics or immediate business impact on Hyundai's stock (HYMTF) provided in the announcement.
• Potential risks associated with global hydrogen market volatility and regulatory changes.

BRUSSEL, June 17, 2024 /PRNewswire/ -- The Hydrogen Council is proud to announce Hyundai Motor Company President and CEO Jaehoon Chang as its new Co-Chair, joining Sanjiv Lamba, CEO of Linde. Together, the two Co-Chairs will work closely with member CEOs as the Council enters its next chapter focused on unlocking demand for hydrogen and creating a framework for global trade and accelerated investment.

A founding member of the Hydrogen Council, Hyundai has been at the forefront of hydrogen momentum for nearly half of the company's existence, achieving many firsts, including the world's first mass-produced fuel cell electric passenger and heavy-duty vehicles (FCEVs), holding the world's top-selling record. The company's commitment to the realization of a hydrogen society extends to the entire hydrogen value chain beyond mobility, providing business solutions from production to storage, transportation, and utilization. Hyundai's leadership across the value chain positions the company uniquely as a global energy transition leader beyond being the primary offtaker.

Jaehoon Chang, Hyundai Motor President and CEO and new Co-Chair of the Hydrogen Council said: "The Hydrogen Council is a crucial initiative in our global energy transition effort. I am delighted to be appointed as Co-Chair and I look forward to working with fellow hydrogen leaders to bring the Council's vision to life and expand the positive impact of hydrogen around the world."

Jaehoon Chang takes over from Yoshinori Kanehana, Chairman of Kawasaki Heavy Industries, Ltd., who served as Co-chair over the past two and a half years and who said: "It has been an honour to contribute to this key global initiative and help make significant strides in advancing hydrogen as a vital solution for a sustainable energy future. I look forward to continuing to support the Council's efforts as a dedicated member."

Sanjiv Lamba, CEO of Linde and Co-Chair of the Hydrogen Council, said: "On behalf of the Council, I'd like to thank Kanehana-san and his team at Kawasaki Heavy Industries for their exceptional contribution to our shared mission, and welcome Jay as the new Co-Chair. His vision and experience will be invaluable as we navigate the opportunities and challenges in advancing hydrogen as a cornerstone of our clean energy future."

Ivana Jemelkova, CEO of the Hydrogen Council, said: "We are at a pivotal moment for the hydrogen industry. Our collective efforts are vital in accelerating hydrogen as a viable climate solution, and I am excited to work alongside leaders such as Jaehoon Chang and Sanjiv Lamba and their strong teams to drive this mission forward."

The leadership change took place at the Hydrogen Council's annual CEO event last week. More than 200 CEOs and senior executives from the world's leading businesses and investors in hydrogen gathered in Berlin, Germany to take stock of progress, discuss practical solutions, and demonstrate a renewed commitment to collaboration.

About The Hydrogen Council

To find out more visit www.hydrogencouncil.com and follow us on X @HydrogenCouncil and LinkedIn. 

About Hyundai Motor Company

https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai 

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SOURCE Hyundai Motor Company

FAQ

Who is the new Co-Chair of the Hydrogen Council?

As of June 17, 2024, Hyundai Motor President and CEO Jaehoon Chang has been appointed as the new Co-Chair of the Hydrogen Council.

What is Hyundai Motor's contribution to hydrogen technology?

Hyundai Motor has been a pioneer in hydrogen technology, achieving several firsts in mass-produced fuel cell electric vehicles (FCEVs) and integrating across the entire hydrogen value chain.

What will the Hydrogen Council focus on with the new leadership?

Under the new leadership, the Hydrogen Council will focus on unlocking hydrogen demand, creating a framework for global trade, and accelerating investment in hydrogen.

When was the leadership change in the Hydrogen Council announced?

The leadership change was announced on June 17, 2024, during the Hydrogen Council's annual CEO event in Berlin.

How could Hyundai's new role in the Hydrogen Council impact its stock (HYMTF)?

Hyundai's enhanced role in the Hydrogen Council may open new business opportunities and partnerships, potentially benefiting its stock (HYMTF). However, the announcement did not provide specific financial metrics or immediate impacts on the stock.