Efficiency & Environment, Infrastructure

Hyundai Mobis to build two hydrogen fuel cell plants in Korea worth $1.1bn

The plants will produce 100,000 hydrogen fuel cells every year once operational and are expected to begin production in 2023

Kiran Bose

Wednesday 13 October 2021

Image: Robert Way / Shutterstock

Hyundai Mobis has invested $1.1 billion (£809m) to build two fuel cell plants in Korea to accelerate the hydrogen economy.

The plants will produce 100,000 hydrogen fuel cells every year once operational and are expected to begin production in 2023.

The hydrogen plants will add to Hyundai Mobis’ Chungju plant that it bought in 2018 and currently produces 23,000 hydrogen cell systems per year.

Sung Hwan Cho, President, said: “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.

“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.”

Make sure you check out the latest Net Hero Podcast episode:

Net zero is a way to cut your costs and help the planet, so what’s stopping you? Often, it’s just the right help and advice. That’s what we will provide at the Big Zero Show this July. Workshops, expert speakers, case studies and exhibitions. Plus, networking with 1500 peers and potential customers. Register for free now.