Hyundai Motor has agreed to set up a new joint venture with Swiss hydrogen company H2 Energy to develop its fledgling presence in the European hydrogen fuel cell vehicle market.
The two companies had been in talks for some time to develop a partnership to sell hydrogen powered commercial vehicles in Switzerland and details of their proposed partnership were revealed last September.
The two companies signed an agreement at Hyundai Motor's global headquarters in Seoul, South Korea, on Monday (15 April) to establish a joint venture in Switzerland called Hyundai Hydrogen Mobility.
The new joint venture aims to sell around 1,600 hydrogen-powered trucks in Switzerland and other European markets by 2025. They will compete with other zero emission models such as battery powered trucks from Daimler and Tesla.
Hyundai suggested hydrogen powered trucks have the advantage of not having to carry heavy batteries that reduce cargo capacity, do not require long charging times and have a range of up to 400km (about 250 miles).