Hyundai has reinforced its commitment to hydrogen technology by committing $9.3 billion toward fuel cell investments and is certain fuel cell vehicles. They are certain it will play a growing role in the transport mix over the next decade.
Fuel cell electric vehicles work by transforming hydrogen into electric energy, which then drives electric motors. The vehicles are filled with hydrogen in a similar manner to petrol vehicles, making them much faster to refuel than regular electric cars, though hydrogen fuelling infrastructure is nowhere near as common as electric vehicle charging points.
Hyundai and Toyota are leading the charge for hydrogen-powered vehicles. Both have imported fuel cell vehicles to Australia for local demonstrations, and Hyundai will soon offer Nexo hydrogen-powered SUVs to Australian businesses.
Its investment in the technology will allow for production of 500,000 hydrogen fuel cell vehicle powertrains per year by 2030, along with another 200,000 units to be used in drones, forklifts and other machinery.
Euisun Chung, executive vice chairman of Hyundai Motor Group, says the investment is “a bold step forward to expedite the realization of a hydrogen society”.
“We will expand our role beyond the automotive transportation sector and play a pivotal role in global society’s transition to clean energy by helping make hydrogen an economically viable energy source,” he says.
“We are confident that hydrogen power will transcend the transportation sector and become a leading global economic success.”
Hyundai estimates global hydrogen-powered vehicle production will reach 2 million vehicles per year by 2030.
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