Korean carmaker Hyundai Motor announced it had completed the acquisition of the hydrogen fuel cell (HFC) business of Hyundai Mobis, the company's auto parts affiliate, in a move designed to unify the group's research and production capability.
The acquisition, announced last February, will enable Hyundai Motor Co to streamline the organizational structure of its hydrogen mobility division. The company said in a release the move would also enable it to speed-up its research into HFCs and accelerate production development of HFC systems.
Hyundai Motor is aiming to become the world's leading hydrogen value chain provider. In January this year, the company displayed a vision to establish a complete hydrogen value chain from production and storage to transportation.
Chang Jae-hoon, President and CEO, Hyundai Motor said: "We have a strong sense of duty for the hydrogen business. We will keep expanding our hydrogen business foundation by reinforcing partnerships with the group's affiliates."
He added: "We will also keep expanding our presence in hydrogen production, relevant tech development and commercial vehicles (powered by hydrogen energy)." Hyundai has said it plans to diversify its hydrogen business portfolio into other mobility areas such as trams, ships and even hydrogen-fueled aviation.
The company maintains that hydrogen offers strong upsides in storage and transportation, because it has a higher energy density than other fuels. Hyundai Motor has been an early adopter of hydrogen, becoming the world's first automaker to mass-produce hydrogen-fueled vehicles back in 2013 with the launch of the Tucson ix35 hydrogen SUV.
Next year, the company aims to launch a newer version of its Nexo hydrogen-electric hybrid.