Hyundai Motor Group, which includes Hyundai and Kia under its umbrella, has revealed its long-term plan dubbed ‘FCEV Vision 2030’ as it moves closer towards hydrogen fuel-cell technology.
The Korean heavyweight has committed to increasing their annual fuel-cell systems production capacity to 700,000 units by 2030. The company also plan to explore new business opportunities in the quest to supply world-class fuel-cell systems to other transportation manufacturers, including those of drones, vessels, rolling stocks and forklifts as well as automobiles.
There is also the expectation that sectors outside the transport industry will develop rapidly and increase the demand for fuel-cell systems, such as power generation and storage systems.
Executive Vice Chairman of Hyundai Motor Group, Euisun Chung, commented: “We are confident that hydrogen power will transcend the transportation sector and become a leading global economic success.”
The ‘FCEV Vision 2030’ roadmap sets a course for Hyundai Motor Group and its suppliers who are set to invest approximately $9.2 billion in R&D and facility expansion.
Approximately 51,000 jobs are expected to be created by 2030 thanks to the investment.
A 500,000-unit-a-year FCEV production capacity is planned by 2030 which will consist of both passenger vehicles and commercial vehicles with the number expected to grow to around two million units a year within that timeframe globally.
The first step of the process is for Hyundai Motor Group’s fuel-cell system manufacturing affiliate Hyundai Mobis Co to construct its second fuel-cell system plant in Chungju, South Korea, which will increase the annual fuel-cell system output to 40,000 units by 2022.
Following the launch of the Nexo, the second-generation commercialized FCEV, the plan is to further develop the fuel-cell system used, and upgrade and diversify the fuel-cell system line-up to meet the demands from various industry sectors.
The proprietary fuel-cell system combines hydrogen fuel with oxygen taken from the air to produce electricity. The only by-product created is water with the added advantage of purifying polluted air.
It has also been suggested that hydrogen would help reduce the comprehensive ownership costs by about 10 per cent for all possible transportation means including rolling stocks, vessels and forklifts due to the high energy density and ease of stack refuelling.
Hyundai is currently the only company with a dedicated plant for commercial production of fuel cell systems, and, with the addition of the next fuel cell plant, the company will be poised to target the market on a global scale quickly.
More: All News