Hyundai Motor has signed an agreement to join forces with Saudi Aramco in hydrogen energy and to collaborate in the development of non-metallic materials and other emerging technologies.
The memorandum of understanding (MOU) provides a framework for the two companies to drive expansion of a "hydrogen ecosystem" in South Korea and Saudi Arabia, with Saudi Aramco having agreed to support the establishment of hydrogen charging infrastructure in South Korea while Hyundai will also supply hydrogen fuel cell electric cars to Saudi Arabia.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The two companies have also agreed to establish joint research programmes to develop new non metallic materials for various applications, including automotive, and have also agreed to explore new automotive business opportunities.
Hyundai Motor executive vice-chairman Euisun Chung confirmed "collaboration between Hyundai Motor and Saudi Aramco will accelerate progress toward a hydrogen society by expanding access to a robust hydrogen infrastructure and fuel-cell electric vehicles".
He added "both our businesses are leaders in the hydrogen value chain and our collaboration will support global action for a better, more sustainable future, while exploring future automotive businesses and technologies".
