Hyundai's Plans for First Hydrogen Fuel Cell Plant in South Korea by 2028
Key Ideas
- Hyundai Motor is set to establish its inaugural hydrogen fuel cell systems plant in South Korea by 2028, pending union discussions, expanding from its current facility in China.
- The hydrogen fuel cell vehicle market is projected to grow at a CAGR of 19.78% between 2025 and 2030, estimated to reach $20,495 billion by 2030.
- The European Commission has approved substantial State aid schemes in Austria and Lithuania, totaling €436 million, to bolster the production of renewable hydrogen through the European Hydrogen Bank.
- Fortescue Green Pioneer, a pioneering ammonia-powered vessel, commenced its global voyage in London to advocate for green fuels in international shipping and support the adoption of zero-emission fuels like green ammonia.
Hyundai Motor announced plans to construct its first hydrogen fuel cell systems plant in South Korea, with operations slated to commence in 2028 pending consultations with the labor union. This expansion marks a strategic move beyond the company's existing facility in China, signaling a significant step towards strengthening their presence in the hydrogen industry. Concurrently, the hydrogen fuel cell vehicle market is predicted to witness a robust growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 19.78% from 2025 to 2030, aiming to achieve a substantial market value of $20,495 billion by 2030. In parallel, the European Commission's approval of State aid schemes in Austria and Lithuania, totaling €436 million, aims to bolster the production of renewable hydrogen through innovative mechanisms like the European Hydrogen Bank's "Auctions-as-a-Service" tool. This initiative is set to foster the production of sizeable quantities of renewable hydrogen, contributing to the region's sustainable energy goals. Additionally, the launch of Fortescue Green Pioneer, the world's first dual-fueled ammonia-powered vessel, in London marks a pivotal moment for international shipping. The vessel's global tour aims to accelerate the transition to green fuels, advocating for the adoption of zero-emission alternatives like green ammonia. This endeavor aligns with the imminent regulatory changes in global shipping, particularly concerning the potential adoption of a global carbon levy, emphasizing the urgency to embrace environmentally friendly solutions in the maritime sector.
Topics
South America
Renewable Energy
Manufacturing
Global Economy
Market Growth
EU Regulations
Green Fuels
International Shipping
State Aid Schemes
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