Hyundai to take stake in German hydrogen distribution group H2 Mobility By Reuters

© Reuters. A Hyundai booth displays the company logo at the North American International Auto Show in Detroit, Michigan, United States, Jan. 16, 2018. REUTERS / Jonathan Ernst / Files

By Vera Eckert

FRANKFURT (Reuters) – Hyundai Motor Co will invest in Germany’s H2 Mobility network of hydrogen refueling station operators, it said Thursday, as it seeks to support infrastructure for fuel cell vehicles.

Partner of the project since 2017, the German subsidiary of Hyundai Motor will soon become a seventh shareholder, he said, after receiving approval from the German cartel office.

The South Korean company did not disclose financial details.

He joins investors such as French Total, Shell (LON :), OMV, industrial gas manufacturers Linde (NYSE 🙂 and Air Liquide (OTC :), and car manufacturer Daimler (OTC :).

“In Germany, a lot of money is being invested in the hydrogen theme through the European Union’s Green Deal and national funding, and we believe that we are at the forefront,” said Ronald Grasman, Vice President of Fuel Cell Business Development at Hyundai Motor. Company (OTC :).

Fuel cell cars are far from being mass produced.

But Hyundai, which is introducing fuel cell trucks in Switzerland, believes hydrogen technology could play a bigger role in small vehicles in the future as well.

H2 Mobility operates 91 hydrogen service stations and is expanding.

H2 Mobility chief executive Nikolas Iwan said the group is looking for key customers to bring high volumes to stations, hoping this will allow them to break even within two to three years.

“This is why Hyundai is so important. They have the lead when it comes to scale effects, especially in the area of ​​commercial vehicles,” he said.

Hyundai, the best-selling Asian automaker in Germany, had a 3.7% market share in January-July 2021, supplying a mix of conventional, electric and fuel cell vehicles.

Warning: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. Therefore, the prices may not be exact and may differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.

About William G.

Check Also

The Evolution of Cryptocurrencies and Digital Assets

Countries and governments are scrambling to accommodate these assets and institutions, while more and more …