Hyundai Mobis to Build 2 New Hydrogen Fuel Cell System Plants in Korea
October 07, 2021 at 03:00 am EDT
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Hyundai Mobis will build two new fuel cell plants in Korea to accelerate the hydrogen economy and to secure broader global market dominance. On October 7th, 2021, Hyundai Mobis held a ceremony for the new plant that will produce hydrogen fuel cell stacks at the Industrial Complex in Cheongna International City, Incheon. President Moon Jae-in and Deputy Prime Minister Hong Nam-ki attended the ceremony. Hyundai Mobis announced to invest a total of USD 1.1 billion (KRW 1.3 trillion) into the two plants. The new plants will start mass production in the second half of 2023. When fully operational, the facilities are expected to produce 100,000 hydrogen fuel cells every year. Hyundai Mobis, with the fuel cell production capacity in the world, is expected to gain even greater momentum in the global race for hydrogen mobility with the addition of new production locations. Once they are completed, Hyundai Mobis will operate a total of three fuel cells plants. In 2018, the company became the world's first to set up a complete production system from fuel cell stack to rest of electronic components in Chungju. The Chungju plant is capable of producing approximately 23,000 hydrogen cell systems a year. With the completion of the new plants, Hyundai Mobis plans to expand its production lineups that applies fuel cell systems and diversify hydrogen business. Most fuel cell systems produced by Hyundai Mobis are used in fuel cell EVs but the company is expected to scale its business to other sectors such as construction machinery and logistics equipment. Last year, Hyundai Mobis developed fuel cell power packs that go into hydrogen forklifts, opening up the possibility for entry into the construction machinery sector. The hydrogen power packs used forklifts are generators that produce electricity on their own by combining a fuel cell stack, a hydrogen tank, and a cooling device. Now the company is developing power packs for hydrogen-fueled excavator and plans to enlarge the fuel cell systems for small air mobility.
Hyundai Mobis Co Ltd is a Korea-based company principally engaged in the manufacture of automobile components. The Company operates its business through two segments. The Module and Part Manufacture Business segment is mainly engaged in the manufacture of automobile modules including chassis, cockpit and front end modules (FEMs). And the segment also involves in the production of automobile parts including electronic stability control (ESC) systems, air suspension systems, exterior lightings, braking and steering parts and others. The After Sales (A/S) Part Business segment is mainly engaged in manufacture of automobile parts which are used for automobileâs repair and maintenance. The Company distributes its products in domestic and overseas markets.