Hyundai Motor Co. is investing in H2 Mobility Deutschland GmbH & Co., a German operator of hydrogen fueling stations, as the top South Korean automaker looks to gain ground in the growing European hydrogen-fueled vehicle market.
Hyundai will make the equity investment through its German affiliate, the automaker said on Thursday. Hyundai Motor did not disclose financial details, including the investment value and stake size.
Since 2017, Hyundai Motor’s German subsidiary has been a partner with H2 Mobility, which is responsible for establishing a nationwide hydrogen infrastructure in the European country.
Other investors in H2 Mobility, which operates 91 hydrogen fueling stations in Germany, include France's Total, Shell, OMV, industrial gas makers Linde and Air Liquide, and carmaker Daimler.
H2 Mobility Managing Director Nikolas Iwan said Hyundai’s investment will play an important role in expanding Germany’s hydrogen infrastructure as the automaker is leading the hydrogen-fueled commercial vehicle market.
The Korean company has shipped a total of 46 XCIENT heavy-duty trucks to Switzerland since July 2020, which are in service for 25 Swiss companies in logistics, distribution and supermarket fulfillment.
Hyundai Motor’s XCIENT hydrogen fuel cell truck Hyundai’s XCIENT is the world’s first mass-produced fuel cell electric heavy-duty truck launched in 2019.
Hyundai said it will bring the XCIENT to other European countries, including Germany and the Netherlands, to gain a 30% share of the European hydrogen fuel cell truck market by 2030.
Hydrogen has come into the spotlight in Europe, where its member governments want carbon dioxide emissions cut by a third by 2030 from 2019 levels, threatening potential diesel bans.
Fuel cell electric vehicles (FCEVs) are more expensive than battery electric cars (BEVs), but proponents say for long-haul transport, hydrogen-powered trucks have the advantage because they have a greater range.
Write to Hyung-Kyu Kim at khk@hankyung.com In-Soo Nam edited this article.
