South Korea’s auto giant Hyundai Motor Company and Swiss-based H2 Energy have established a joint venture to tap into Europe’s hydrogen mobility ecosystem with fuel cell trucks.
To begin joint venture Hyundai Hydrogen Mobility’s operations, Hyundai Motor will deliver 1,600 fuel cell electric heavy-duty trucks from 2019 through 2025.
The venture will then lease a large portion of these fuel cell-powered trucks to the H2 Mobility Switzerland Association, which comprises major refuelling station operators, transport and logistics companies, as well as to various other industry players that promote hydrogen mobility in Switzerland.
Hyundai Hydrogen Mobility will further expand its market presence to other European countries beyond Switzerland.
With the establishment of the joint venture, Hyundai said it expects to gain a foothold in Switzerland, where the demand for fuel cell trucks is expected to grow from a stiff nationwide road tax on diesel trucks.
Cheol Lee, Executive Vice-President and Head of Commercial Vehicle Division at Hyundai Motor, said, “With today’s agreement, Hyundai Motor will strengthen its business operations across the hydrogen ecosystems in Switzerland and beyond.”
“The venture will enable us to take the first step toward successfully entering the larger European market with our fuel cell electric trucks.”
“Harnessing the prospective success of the world’s first commercialisation scheme of fuel cell trucks, Hyundai Motor will continue to maintain its technological prowess in hydrogen technology as an innovative and environmentally committed global automaker.”
H2 Energy has industrywide capabilities throughout Switzerland’s hydrogen ecosystem, encompassing hydrogen production and supply, refuelling stations, fuel cell vehicle procurement and other fields.
The company also offers technical and consulting solutions, drawing on its engineering expertise, extensive infrastructure, solid market presence and close industrywide connections.
H2 Energy Chairman Rolf Huber said, “We are very proud to play an active part in this pioneering project in the framework of a joint venture. In addition to supporting the fuel cell truck business, H2 Energy will create a related ecosystem that can flexibly adapt to operate these vehicles.”
After scaling up to meet the demand in Europe, Hyundai will launch its fuel-cell commercial vehicle businesses in other regions around the world, including the US and domestic market in Korea.