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Renewable energy

Hyundai Motor Group Breaks Ground for Hydrogen Fuel Cell Factory in Ulsan

Strategic Insights

— 1 min read

Hyundai Motor Group has emphasized its commitment to the global hydrogen energy business, sharing its updated hydrogen business strategy and promoting stronger public-private partnerships to accelerate eco-friendly mobility. The company aims to build a complete hydrogen value chain, from production to storage and transportation, as part of its next major revenue stream. Hyundai Motor Group has invested heavily in hydrogen technologies and has already mass-produced heavy-duty hydrogen fuel cell trucks.

Key Takeaways:

  • Hyundai Motor Group has invested in hydrogen-dedicated research since 1998 and has developed technologies for hydrogen production and transportation.
  • The company has mass-produced heavy-duty hydrogen fuel cell trucks and holds the title of global leader in hydrogen vehicle sales.
  • Hyundai Motor Group operates 51 XCIENT fuel cell trucks in the United States and has deployed them for parts logistics at its Hyundai Motor Group Metaplant America.
  • By 2029, the company plans to develop a five-megawatt polymer electrolyte membrane electrolysis system on Jeju Island for green hydrogen production.
  • The new hydrogen fuel cell factory in Ulsan will produce 30,000 hydrogen fuel cells annually and supply them to global firms in areas such as shipbuilding and construction equipment.
  • Hyundai Motor Group has provided 34 all-new NEXO hydrogen fuel cell SUVs as patrol vehicles for participants of the 2025 APEC events.

Statistics:

  • 30,000 square meters: The area of land on which the new hydrogen fuel cell factory is built.
  • 2027: The year in which the new hydrogen fuel cell factory is set to open.
  • 30,000 hydrogen fuel cells: The annual production capacity of the new factory.
  • 51: The total number of XCIENT fuel cell trucks operated by Hyundai Motor Group in the United States.
  • 34: The number of all-new NEXO hydrogen fuel cell SUVs provided by Hyundai Motor Group for the 2025 APEC events.
  • 1998: The year in which Hyundai Motor Group established its hydrogen-dedicated research division.

Sources:

  • Hyundai Motor Group press release, APEC CEO Summit 2023
  • Hyundai Motor Group Vice Chair Chang Jae-hoon's statement at the APEC CEO Summit 2023
  • Hyundai Motor Group's hydrogen business strategy presentation at the APEC CEO Summit 2023

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