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    A126560   KR7126560002

HYUNDAI FUTURENET CO., LTD

(A126560)
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Hyundai Futurenet : Announces Agreement with Shell for Hydrogen Infrastructure Development

10/11/2021 | 11:11am EST

FOUNTAIN VALLEY, Calif. - In celebration of National Hydrogen and Fuel Cell Day for 2021, Hyundai Motor North America (HMNA) has joined Equilon Enterprises LLC (d/b/a Shell Oil Products US), also referred to as Shell Hydrogen, to encourage growth of the hydrogen refueling infrastructure in California.

* Celebrating National Hydrogen and Fuel Cell Day, Hyundai Commitment Supports Hydrogen-powered Fuel Cell Vehicle Sales Growth

* 'Project Neptune' Agreement Expands Support of 48 New and Two Upgraded Shell Hydrogen Stations Previously Announced in California

* Station Funding Partially Sourced by the California Energy Commission (CEC)

The agreement, known as Project Neptune, supports Shell Hydrogen's construction of 48 additional and two upgraded hydrogen refueling stations across the eco-leading Golden State beginning in 2021. In its portion of the agreement, Hyundai has committed to fuel cell vehicle sales growth supporting the expanding hydrogen infrastructure.

'We're proud to join Shell Hydrogen's 'Project Neptune', expanding California's hydrogen infrastructure to meet increasing consumer demand for clean, zero-emission transportation solutions. Hyundai offers a superb fuel cell vehicle in its NEXO SUV, and this effort will help ensure that every eco-focused fuel cell driver has convenient refueling options wherever they choose to go,' said Olabisi Boyle, vice president of Product Planning and Mobility Strategy, Hyundai Motor North America.

Hydrogen refueling infrastructure growth is critical to rapidly increase consumer adoption of zero-emission fuel cell vehicles. By joining Project Neptune, Hyundai reinforces its commitment to fuel cell technologies and their positive impact on the environment, a key pillar of its long-range strategic vision. The new hydrogen stations will be partially funded by public funds from the California Energy Commission (CEC). Two other fuel cell vehicle manufacturers have also joined the consortium with respective agreements for fuel cell vehicle sales to support infrastructure growth.

This agreement with Shell Hydrogen furthers Hyundai's global relationship with the energy company. In March 2021, Hyundai Motor Company signed a new five-year Global Business Cooperation Agreement with Royal Dutch Shell plc to expand collaboration on clean energy solutions.

Hyundai Motor America

Hyundai Motor America focuses on 'Progress for Humanity' and smart mobility solutions. Hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 820 dealers sold more than 620,000 vehicles in the U.S. in 2020, and nearly half were built at Hyundai Motor Manufacturing Alabama. For more information, visit www.HyundaiNews.com.

Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn

Derek Joyce

djoyce@hmausa.com

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI FUTURENET CO., LTD -4.93% 4150 End-of-day quote.7.65%
HYUNDAI MOTOR COMPANY -2.49% 195500 End-of-day quote.1.82%
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Financials
Sales 2020 308 B 261 M 261 M
Net income 2020 -29 446 M -24,9 M -24,9 M
Net cash 2020 264 B 223 M 223 M
P/E ratio 2020 -14,4x
Yield 2020 2,08%
Capitalization 457 B 385 M 387 M
EV / Sales 2019 0,07x
EV / Sales 2020 0,52x
Nbr of Employees 32
Free-Float 31,4%
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Sung-Taek Ryu Chief Executive Officer & Director
Seung-Kwon Park Independent Director
Hyeong-Oh Lee Independent Director
Min-Woong Jeong Independent Director
Young-Sik Yoon Director
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