Hyundai sinks US$1.1billion into hydrogen fuel cell factories

Hyundai, one of the leading marques in the hydrogen development stakes, has announced a massive spend on two new hydrogen fuel cell factories in South Korea. 

The marque has confirmed that it will be investing US$1.1billion into two hydrogen plants, both to be built in Incheon. 

“Despite uncertainties including COVID-19, we have decided to make this large-scale investment to secure the market-leading competitiveness in the global fuel cell industry,” says Hyundai Mobis CEO and president, Sung Hwan Cho.

“We will continue to invest more in facilities and strengthen our R&D capability for the development of the hydrogen industry and expand the ecosystem.”

Production of hydrogen fuel cells at the dual plants kicks off in 2023. Hyundai says that, all going well, the new factories will be able to produce around 100,000 hydrogen fuel cells each year. 

The announcement is a big step up in output for the Korean marque. Currently, its fuel cells are built by its Chungju factory. It’s only capable of building 23,000 a year. 

The move is likely to see Hyundai expand its hydrogen vehicle line-up. Currently it produces the Xcient truck and the Nexo, with the former recently benefiting from an update. In August the firm also teased a new hydrogen-fuelled sports sedan. 

Along with the Xcient, Hyundai also produces other hydrogen commercial vehicles. These include forklifts and excavators. It has also previously previewed an autonomous trailer concept, and is exploring the notion of hydrogen air travel.