Hyundai Motor and Škoda Group to Collaborate on Hydrogen Advancement and Energy Efficient Solutions for Mobility

Rhea-AI Summary

Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to collaborate on establishing a hydrogen mobility ecosystem. The agreement, signed during the Korea-Czech Business Summit in Prague, covers:

• Study on adoption of hydrogen fuel cell systems and technologies
• Study on adoption of energy-efficient solutions for mobility projects and products
• Exploring hydrogen ecosystem and value chain opportunities beyond mobility

The partnership aims to accelerate hydrogen adoption, contribute to carbon neutrality, and explore fuel cell system applications beyond mobility. Hyundai may share its fuel cell system and technology to support eco-friendly mobility in markets where Škoda Group operates. Both companies view hydrogen as a key pillar for a sustainable society, starting with mobility.

Positive

• Potential expansion of Hyundai's hydrogen fuel cell technology into new markets
• Collaboration may accelerate hydrogen adoption and contribute to carbon neutrality
• Exploration of hydrogen ecosystem opportunities beyond mobility

Negative

• None.

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• Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague
• Both parties to cooperate in establishing a hydrogen economy and realizing a sustainable future mobility ecosystem
• Škoda Group to explore hydrogen mobility expansion by adopting Hyundai's hydrogen fuel cell systems and technologies

SEOUL, South Korea and PRAGUE , Sept. 20, 2024 /PRNewswire/ -- Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to commence collaboration on establishing a hydrogen mobility ecosystem.

The signing ceremony, which took place at the Korea-Czech Republic Business Summit in Prague, was attended by Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotný, CEO of Škoda Group.

The MOU covers study on adoption of hydrogen fuel cell systems and technologies, study on adoption of energy efficient solutions for mobility projects and products, and exploring hydrogen ecosystem and value chain opportunities beyond mobility.

"Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic," said Executive Vice President Ramírez. "Together with Škoda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and Škoda Group's mobility products and projects."

"We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it's needed most," said Petr Novotný, CEO of Škoda Group.

Both parties share the view that hydrogen will be a key pillar for a sustainable society, starting with mobility. As part of the MOU, the parties will explore the possibility that Hyundai would share its fuel cell system and technology, contributing to the acceleration of eco-friendly mobility across global markets where Škoda Group operates, including the Czech Republic.

Hyundai Motor Company and Škoda Group will also conduct feasibility studies for fuel cell system applications for diverse utilization beyond mobility. Leveraging its global expertise and insights in operating various hydrogen applications in both mobility and energy sectors, Hyundai is poised to play a pivotal role in aiding the energy transition.

Hyundai Motor Group is committed to building a hydrogen society under its hydrogen value chain business brand HTWO, which encompasses the Group's businesses and affiliates, enabling each stage of the entire hydrogen value chain.

Hyundai Motor Manufacturing Czech (HMMC) in Nošovice, established in 2008, has an annual manufacturing capacity of 350,000 vehicles. Considered one of the most modern car manufacturers in Europe, the manufacturing plant was also the largest foreign investment in the Czech Republic.

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FAQ

What is the purpose of the MOU between Hyundai Motor and Škoda Group?

The MOU aims to establish a hydrogen mobility ecosystem, study the adoption of hydrogen fuel cell systems and energy-efficient solutions, and explore hydrogen ecosystem opportunities beyond mobility.

How might this collaboration affect Hyundai Motor's (HYMTF) hydrogen business?

This collaboration could potentially expand Hyundai's hydrogen fuel cell technology into new markets where Škoda Group operates, potentially increasing Hyundai's market share in the hydrogen mobility sector.

What specific areas will Hyundai Motor and Škoda Group focus on in their collaboration?

The companies will focus on studying the adoption of hydrogen fuel cell systems and technologies, energy-efficient solutions for mobility projects, and exploring hydrogen ecosystem opportunities beyond mobility.

When and where was the MOU between Hyundai Motor and Škoda Group signed?

The MOU was signed on September 20, 2024, during the Korea-Czech Business Summit in Prague.