Hyundai Announces Agreement with Shell for Hydrogen Infrastructure Development

Rhea-AI Summary

Hyundai Motor North America has partnered with Shell Hydrogen on 'Project Neptune', aimed at enhancing California's hydrogen refueling infrastructure with 48 new and two upgraded stations starting in 2021. This initiative supports the increasing demand for zero-emission vehicles like Hyundai's NEXO SUV. The project will be partially funded by the California Energy Commission, highlighting Hyundai's commitment to fuel cell technologies and environmental sustainability. This agreement builds on a previous five-year collaboration with Royal Dutch Shell for clean energy solutions.

Positive

• Partnership with Shell Hydrogen supports infrastructure for zero-emission vehicles.
• Project Neptune will add 48 new and 2 upgraded hydrogen refueling stations.
• Project partially funded by the California Energy Commission.
• Reinforces Hyundai's commitment to fuel cell technology and environmental sustainability.

Negative

• None.

FOUNTAIN VALLEY, Calif., Oct. 8, 2021 /PRNewswire/ -- In celebration of National Hydrogen and Fuel Cell Day for 2021, Hyundai Motor North America (HMNA) has joined Equilon Enterprises LLC (d/b/a Shell Oil Products US), also referred to as Shell Hydrogen, to encourage growth of the hydrogen refueling infrastructure in California. The agreement, known as Project Neptune, supports Shell Hydrogen's construction of 48 additional and two upgraded hydrogen refueling stations across the eco-leading Golden State beginning in 2021. In its portion of the agreement, Hyundai has committed to fuel cell vehicle sales growth supporting the expanding hydrogen infrastructure.

"We're proud to join Shell Hydrogen's 'Project Neptune', expanding California's hydrogen infrastructure to meet increasing consumer demand for clean, zero-emission transportation solutions. Hyundai offers a superb fuel cell vehicle in its NEXO SUV, and this effort will help ensure that every eco-focused fuel cell driver has convenient refueling options wherever they choose to go," said Olabisi Boyle, vice president of Product Planning and Mobility Strategy, Hyundai Motor North America.

Hydrogen refueling infrastructure growth is critical to rapidly increase consumer adoption of zero-emission fuel cell vehicles. By joining Project Neptune, Hyundai reinforces its commitment to fuel cell technologies and their positive impact on the environment, a key pillar of its long-range strategic vision. The new hydrogen stations will be partially funded by public funds from the California Energy Commission (CEC). Two other fuel cell vehicle manufacturers have also joined the consortium with respective agreements for fuel cell vehicle sales to support infrastructure growth.

This agreement with Shell Hydrogen furthers Hyundai's global relationship with the energy company. In March 2021, Hyundai Motor Company signed a new five-year Global Business Cooperation Agreement with Royal Dutch Shell plc to expand collaboration on clean energy solutions.

Hyundai Motor America

Hyundai Motor America focuses on 'Progress for Humanity' and smart mobility solutions. Hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 820 dealers sold more than 620,000 vehicles in the U.S. in 2020, and nearly half were built at Hyundai Motor Manufacturing Alabama. For more information, visit www.HyundaiNews.com.

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SOURCE Hyundai Motor America

FAQ

What is Project Neptune in relation to Hyundai (HYMTF)?

Project Neptune is Hyundai's partnership with Shell Hydrogen to enhance hydrogen refueling infrastructure in California, involving the addition of 48 new refueling stations.

When did Hyundai announce its hydrogen infrastructure agreement with Shell?

Hyundai announced the agreement on October 8, 2021, in celebration of National Hydrogen and Fuel Cell Day.

How does the agreement with Shell benefit Hyundai's fuel cell vehicle sales?

The agreement aims to enhance the hydrogen refueling infrastructure, thereby facilitating increased sales of Hyundai's fuel cell vehicles, particularly the NEXO SUV.

What financial support is involved in Hyundai's hydrogen project?

The project will receive partial funding from the California Energy Commission, highlighting public support for expanding clean energy infrastructure.

What previous agreement did Hyundai have with Royal Dutch Shell?

In March 2021, Hyundai signed a five-year Global Business Cooperation Agreement with Royal Dutch Shell to collaborate on clean energy solutions.