Hyundai Mobis invests $ 1.1 billion for 2 new hydrogen fuel cell system plants in Korea

Posted: October 7, 2021 at 4:11 am CDT|Update: 28 minutes ago

  • Incheon, just west of Seoul and the Ulsan plants will start production in the second half of 2023 with an annual capacity of 100,000 hydrogen fuel cell systems
  • World’s Largest Fuel Cell Production Capacity Will Help Hyundai Mobis Diversify Its Business and Operate Construction Machinery and Logistics Equipment

INCHEON, South Korea, October 7, 2021 / PRNewswire / – Hyundai Mobis (KRX: 012330) will build two new fuel cell plants in Korea to accelerate the hydrogen economy and ensure wider global market dominance.

Hyundai Mobis invests $ 1.1 billion for 2 new hydrogen fuel cell system plants in Korea

At October 7, 2021, Hyundai Mobis held a groundbreaking ceremony for the new plant that will produce hydrogen fuel cells at the Cheongna International City industrial complex in Incheon. President Moon Jae-en and Deputy Prime Minister Hong-Nam-ki attended the ceremony.

Hyundai Mobis has announced that it is investing a total of $ 1.1 billion (KRW 1.3 trillion) in both plants. The new plants will begin mass production in the second half of 2023. When fully operational, the facilities are expected to produce 100,000 hydrogen fuel cells each year.

Hyundai Mobis, with the world’s largest fuel cell production capacity, is expected to pick up even more speed in the global hydrogen mobility race with the addition of new production sites.

Upon completion of this work, Hyundai Mobis will operate a total of three fuel cell plants. In 2018, the company became the first in the world to set up a complete production system from the fuel cell to the rest of the electronic components in Chungju. The Chungju plant is capable of producing around 23,000 hydrogen fuel cell systems per year.

“Despite the uncertainties including COVID-19, we have decided to make this large-scale investment to ensure the market leadership competitiveness of the global fuel cell industry. We will continue to invest more in facilities and strengthen our R&D capacity for the development of the hydrogen industry and expand the ecosystem., “ noted Sung Hwan Cho, President and CEO of Hyundai Mobis.

With the completion of the new factories, Hyundai Mobis plans to expand its production lines that apply fuel cell systems and to diversify the activities related to hydrogen. Most of the fuel cell systems produced by Hyundai Mobis are used in fuel cell electric vehicles, but the company is expected to expand into other sectors such as construction machinery and logistics equipment.

Last year, Hyundai Mobis developed fuel cell power packs for hydrogen forklifts, opening up the possibility of entering the construction machinery business. The hydrogen power packs used on forklifts are generators that generate electricity on their own by combining a fuel cell, a hydrogen tank, and a cooling device.

Today, the company is developing power packs for hydrogen excavators and plans to expand fuel cell systems for small air mobility.

About Hyundai Mobis

Hyundai Mobis is the world’s No. 7 global automotive supplier, with annual sales of nearly US $ 30 billion. The company was founded in 1977 and is headquartered in Seoul, Korea. Hyundai Mobis aims to become a lifetime technology partner for vehicles and people. The company has exceptional expertise in sensors, fusion of sensors in ECUs and the development of software for safety monitoring. The company’s products also include various components for electrification, brakes, chassis and suspension, steering, airbags, lighting and automotive electronics. Hyundai Mobis currently employs more than 30,000 people worldwide. With the R&D headquarters in Korea, Mobis operates 4 technological centers in Germany, China, India and United States.

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SOURCE Hyundai Mobis

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