Hyundai Motor Co (005380.KS) will invest in Germany’s H2 Mobility network of hydrogen fuelling station operators, it said on Thursday, as it looks to support infrastructure for fuel cell-powered vehicles.
A partner in the project since 2017, Hyundai Motor’s German subsidiary will become a seventh shareholder shortly, it said, having received approval from Germany’s cartel office.
The South Korean company did not disclose financial details.
Fuel cell cars are far from mass market production.
But Hyundai, which is introducing fuel cell trucks in Switzerland, believes hydrogen technology could also play a bigger role in small vehicles further down the road. read more
H2 Mobility operates 91 hydrogen filling stations and is expanding.
“This is why Hyundai is so important. They have the lead when it comes to scaling effects, especially in the area of commercial vehicles,” he said.
Hyundai, the biggest-selling Asian carmaker in Germany, had a 3.7% share of the market in January-July 2021 supplying a mix of conventional, electric and fuel-cell vehicles.