이 기사는 2021년 05월 21일 07:17 thebell 에 표출된 기사입니다.

Hyundai Motor Group is doubling down on its focus on expanding hydrogen energy ecosystem in the United States, as it appears well positioned to capitalize on US President Joe Biden’s green energy revolution.

The South Korean conglomerate revealed on Thursday that it planned to invest $7.4 billion in the US by 2025 to produce electric cars, enhance production facilities and ramp up its investment in smart mobility solutions.

A considerable portion of its investment is likely to be allocated to expanding hydrogen energy ecosystem in the US, in line with its long-time commitment to hydrogen fuel-cell technology.

At the ‘2020 CEO Investor Day’ forum held in December, Hyundai released an updated roadmap for its future business strategy, which included plans to work with the Biden administration on creating new business opportunities in hydrogen energy.

Hyundai’s hydrogen ambitions date back to 2004, when the US Department of Energy (DOE) launched a program to commercialize eco-friendly hydrogen electric cars. To support this program, Hyundai provided 33 fuel cell vehicles of its Tucson and Sportage models. It also collaborated with DOE for five years from 2012 on driving trials of 10 Tucson ix fuel cell vehicles.

Hyundai also accompanied former President Park Geun-hye for her trip to the US in October 2015 to meet high ranking officials at the DOE for further collaboration.

In February 2020, Hyundai signed a memorandum of understanding with the DOE to cooperate in hydrogen fuel cell technology innovation and global expansion. The signing was attended by Hyundai Motor Group chairman Chung Eui-sun, fuel cell head Kim Sae-hoon, Mark Menezes, the former deputy secretary of the DOE and Sunita Satyapal, the incumbent director of the DOE's Hydrogen and Fuel Cell Technologies Office.

Aligned with Biden’s Green New Deal

As part of its Green New Deal, the Biden administration is aiming to transition to 100% clean energy by 2025, with plans to pour $1.7 trillion into related sectors.

The US is the largest hydrogen producer in the world. Expectations are rising that the Biden administration’s green energy push could lead to a rapid growth in hydrogen economy.

Hyundai is seeking to expand its presence across hydrogen energy ecosystem beyond producing and selling hydrogen electric vehicles. It is stepping up efforts to collaborate with US companies. It has entered into a partnership with US-based Cummins, which specializes in advanced powertrain.

Hyundai also said in Thursday’s statement that it would proceed on demonstration project in preparation for commercialization of fuel cell electric trucks later this year. It also plans to provide logistics between port and inland warehouses by utilizing fuel cell electric trucks.

“Details on the projects will be announced closer to the scheduled dates,” said an official at Hyundai Motor Group. (Reporting by Gyoung-tae Kim)