Hyundai Motor Signs MOU with KATECH, APQ and SAPTCO to Foster Hydrogen Mobility Ecosystem in Saudi Arabia

Rhea-AI Summary

Hyundai Motor has signed an MOU with Korea Automotive Technology Institute, Air Products Qudra, and the Saudi Public Transport Company to establish a hydrogen-based mobility ecosystem in Saudi Arabia. The partnership aims to expand support for technological services and human resources in the hydrogen-based mobility sector. Hyundai Motor will provide hydrogen fuel cell commercial vehicles to SAPTCO as part of the collaboration.

Positive

• Hyundai Motor's partnership to establish a hydrogen-based mobility ecosystem in Saudi Arabia could lead to increased demand for hydrogen fuel cell commercial vehicles
• The collaboration may open doors for Hyundai Motor's hydrogen bus technology to enter the Middle East market

Negative

• None.

• Hyundai Motor to participate in a multi-stakeholder partnership to establish an ecosystem for hydrogen-based mobility in the Kingdom of Saudi Arabia
• The parties will forge joint efforts towards expanding support on technological services and human resources for the promotion of hydrogen-based mobility
• Strategic collaboration in various areas, such as developing a hydrogen value chain and demonstrating hydrogen-based mobility business

RIYADH, Saudi Arabia and SEOUL, South Korea, Oct. 22, 2023 /PRNewswire/ -- Hyundai Motor Company signed a memorandum of understanding (MOU) with Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ) and the Saudi Public Transport Company (SAPTCO) to establish and develop an ecosystem for hydrogen-based mobility in the Kingdom of Saudi Arabia.

The parties have agreed to cooperate in establishing a hydrogen-based mobility ecosystem in Saudi Arabia and to provide support on technological services and human resources. Specific areas of collaboration include promoting demonstration projects for hydrogen fuel cell commercial vehicles and exploring opportunities for joint research in the field of hydrogen-based mobility.  

Hyundai Motor is expected to provide hydrogen fuel cell commercial vehicles to SAPTCO as part of the partnership, with the pioneering technologies in the hydrogen fuel cell industry with field-proven products and services deployed worldwide.

"This partnership with the country's major stakeholders represents a significant milestone in our efforts to establish a sustainable hydrogen value chain in Saudi Arabia," said Jaehoon Chang, President and CEO of Hyundai Motor Company. "We also plan to continuously expand the hydrogen-based mobility industry in line with Saudi Arabia's ambition to reach net zero emissions."

Meanwhile, KATECH is expected to explore further opportunities for collaboration in R&D and APQ will secure a hydrogen supply in Saudi Arabia for the partnership. SAPTCO is expected to closely cooperate with the stakeholders to formulate a long-term plan aimed at further expanding the ecosystem for hydrogen-based mobility in the country.

"This cooperation opens doors for our hydrogen bus technology to enter the Middle East market," said Seung-sik Na, President of KATECH. "We will work towards developing hydrogen buses suitable for high-temperature climates with the automotive industry so that the domestic automotive industry to expand its presence globally."

In 2016, Saudi Arabia established the "Saudi Vision 2030" strategy to transition from relying on oil exports and promoting economic diversification through strategic investments in key sectors. As part of this strategy, the country announced the "Saudi Green Initiative" in 2021, demonstrating its commitment to exploring cutting-edge technologies and innovations to achieve the net zero carbon emission goal by 2060.

Hyundai Motor Group (the Group) has consistently been at the forefront of driving the energy transition in Saudi Arabia. Their initiatives began with successfully exporting two ELEC CITY Fuel Cell buses to Saudi Arabia in 2020. The Group expanded its reach in the country by exporting the XCIENT Fuel Cell heavy duty truck in 2021.

More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai 

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SOURCE Hyundai Motor Company

FAQ

What is Hyundai Motor's partnership in Saudi Arabia?

Hyundai Motor has signed an MOU with Korea Automotive Technology Institute, Air Products Qudra, and the Saudi Public Transport Company to establish a hydrogen-based mobility ecosystem in Saudi Arabia.

What are the specific areas of collaboration in the partnership?

The partnership aims to promote demonstration projects for hydrogen fuel cell commercial vehicles and explore opportunities for joint research in the field of hydrogen-based mobility.

What will Hyundai Motor provide as part of the partnership?

Hyundai Motor will provide hydrogen fuel cell commercial vehicles to SAPTCO.