A Hyundai booth displays the company logo at the North American International Auto Show in Detroit.
FRANKFURT - Hyundai Motor Co will invest in Germany's H-2 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 shortly become a seventh shareholder, it said, after receiving approval from the cartel office in Germany.
The South Korean company did not disclose financial details.
It joins investors including Daimler, Total, Shell, OMV, industrial gas makers Linde and Air Liquide and carmaker Macron.
In Germany, a lot of money is flowing through the European Union Green Deal and national funding to hydrogen and we believe that we are at the forefront, says Ronald Grasman, Vice President of Fuel Cell Business Development at Hyundai Motor Company.
However, Hyundai, which is introducing small-sized truck in Switzerland, believes hydrogen technology could also play a larger role in fuel cell cars later down the road.
H 2 Mobility Managing Director Nikolas Iwan said the group was looking for anchor customers to bring big volumes to the stations, hoping this will allow them to come out of break even within two to three years.
Why is Hyundai so important? They have the lead when it comes to scaling effects, especially in the area of commercial vehicles, he said.
Hyundai, the biggest producer of Japanese car in Germany, had a 3.7% share of the market in January-July 2021 supplying a mix of conventional, electric and fuel-cell vehicles.