Hyundai Motor Group withdraws Canadian hydrogen project
In Korea, Business Korea reported that Hyundai Motor Group withdrew its plan for the local ‘hydrogen ecosystem construction project’ in Canada that it had been reviewing.
Rather than discovering new hydrogen projects additionally, it is expected to concentrate its capabilities on accelerating the promotion of existing businesses such as Ulsan, Saemangeum, and Guangzhou, China, according to the report.
The core of ‘Project Beaver’ previously proposed by the South Korean government and Hyundai Motor Group is to build a hydrogen ecosystem in Canada. Specifically, it consisted of the ‘construction of a liquid hydrogen plant’ in British Columbia, the ‘establishment of hydrogen charging stations’ in Alberta, and the ‘construction of a hydrogen truck manufacturing plant’ in Ontario, according to the report.
First, Hyundai Motor Group will focus on completing the Ulsan hydrogen fuel cell plant, which aims to start operation in 2028. This plant, which involves a total investment of $620 million, will have an annual fuel cell production capacity of 30,000 units in the future. It will also speed up the Saemangeum project, the report added.
Overseas, it will strengthen investment in ‘HTWO Guangzhou,’ a hydrogen fuel cell system production corporation in China.
Category: Hydrogen
