Hyundai Motor Co., South Korea’s leading automaker, is prepared to establish a special purpose company to build infrastructure for hydrogen fuel cell EVs, placing its bet on the hydrogen fuel cell electric vehicle as the next-generation eco-friendly car.
Additional firms to participate in the project are being invited by a special committee formed for the establishment of the SPC led by Hyundai Motor and other 15 firms including Korea Gas Corp., Korea Expressway Corp., Hyosung Heavy Industries Corp. and SK Gas Ltd.
Tentatively named HyNet, the companies aim to raise about 200 billion won ($178.5 million) through the SPC and construct 100 hydrogen fuel cell charging stations and operate them by 2022. Around early November, an inaugural meeting is being planned to be held by the committee and pay investment by end-November, complete the establishment of the SPC around mid-December, launching the SPC next year and operated over the next 10 years.
The Korean government and related private businesses have teamed up to come up with 2.6 trillion won to invest in the hydrogen fuel cell EV market by 2022, backed by Hyundai Motor’s industry-leading hydrogen fuel cell technology
It has been difficult to attract investors to the SPC, owing to the high upfront costs and a marginal share of hydrogen fuel cell EVs in the auto market. Spur in demand for hydrogen fuel cell EVs will be contributed by the launch of the SPC is anticipated by the Korean government and participants. Source: Pulse News PWKD14092018
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