Kolon Group, a mobility composite material company, Kia and Hyundai Motor have reportedly formed a partnership for the development of advanced composite materials for future mobility.
The partnership was signed at Hyundai’s Namyang Research and Development Center in Hwaseong, Gyeonggi Province, reported The Korea Herald.
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The companies will team up for improving hydrogen fuel tanks and electric vehicle battery covers, which are essential for bolstering the competitiveness of mobility solutions.
They will collaborate to ensure that the products of the automakers adhere to global environmental standards.
Hyundai and Kia have taken steps to adhere to the European Union’s regulations on vehicle disposal, which emphasise recycling materials from retired cars and properly managing any environmental risks that may arise during disposal, reported the news outlet.
Kolon Spaceworks, a subsidiary of Kolon Group, has recently achieved international certification for its 54-liter hydrogen fuel tank, which is considered to be a critical development for the company’s high-pressure container products.
This certification allows Kolon Spaceworks to sell its products globally.
Hyundai Motor and Kia will acquire 1,094,571 new shares in Kolon Spaceworks. Hyundai will invest Won12bn while Kia will invest Won8bn to purchase 437,821 shares, reported Business Korea.
In this year, Hyundai Motor plans to invest Won24.3tn in domestic initiatives, with half directed towards electrification, hybrid systems, and hydrogen products and technologies.
Kolon Group vice-chairman Lee Kyu-ho was quoted by Business Korea as saying: “I hope that the combination of Kolon’s high material technology and Hyundai Motor Co. and Kia’s smart mobility capabilities, which lead the global automotive industry, will serve as an opportunity to enhance the global competitiveness of the national industry.”
