Hyundai Motor Company has announced its latest Memorandum of Understanding (MOU) signing with Hyundai Global Services - a specialist in ship electric propulsion systems - and Korean Register (KR) - South Korea’s only internationally recognised classification society.
What Makes this MoU a Significant Milestone for Hyundai?
The MoU signed between the three parties is a company first for Hyundai Motor Company, the strategic partnership will involve the application of its fuel cell system technology in the manufacturing of ships.
The parties hope to spearhead a new generation of seafaring vessels.
“This MOU signals Hyundai Motor’s entry into the fuel cell-powered marine vessel market, made possible through our cooperation with Hyundai Global Service and Korean Register,” said Saehoon Kim, Executive Vice President and Head of Fuel Cell Center at Hyundai Motor Group.
“We hope our decades-long experience and capabilities in hydrogen fuel cell technologies, combined with the expertise of Hyundai Global Service and Korean Register in the maritime industry, will usher in a new era of greener and cleaner shipping.”
In addition, the collaboration is expected to serve as a platform to identify and evaluate business opportunities for fuel cell-powered ships, and position Hyundai Motor Company as a leader in eco-friendly vessels and hydrogen fuel-cell propulsion systems, globally.
Each Company’s Role in the Collaboration
Hyundai Motor Company will be supplying the fuel cell systems, as well as providing technical support. Hyundai Global Services will manufacture and commercialise the fuel cell-based propulsion systems. Korea Register (KR) will establish standards for type approval which all fuel cell-propelled vessels will need to meet to receive approval for commercial use.
When Should We Expect to See These Hit the Green Vessel Market?
The project aims to hit the green vessel market during the second half of 2022, starting with a small-sized model. In the mid to long term, the three will expand their focus to develop and introduce the systems into mid and large-sized vessels.
Hyundai Motory Company, already has a proven track record of fuel cell system technologies in the automotive industry, with this collaboration the company is actively looking to expand its application of such technology into other industries including sea vessels, railways and power generation.
The parent organisation of Hyundai Motor Company - Hyundai Motor Group - has recently introduced ‘HTWO’ a new brand that represents its world-leading hydrogen fuel cell system.