Â© 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 :).
âIn 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,â 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.
âThis is why Hyundai is so important. They have the lead when it comes to scale effects, especially in the area of ââcommercial vehicles,â 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.
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