Hyundai Motor will take a stake in German hydrogen fuel group H2 Mobility Reuters

© Reuters. On January 16, 2018, at the North American International Auto Show in Detroit, Michigan, the Hyundai booth displayed the company logo. REUTERS/Jonathan Ernst/Files

Author: Vera Eckert

FRANKFURT (Reuters)-Hyundai Motor Company said on Thursday that it will invest in the H2 Mobility network of Germany’s hydrogen fuel station operator to support the infrastructure of fuel cell vehicles.

Hyundai’s German subsidiary has been a partner in the project since 2017, and the company stated that it will soon become the seventh shareholder after obtaining approval from the German Cartel Office.

The South Korean company did not disclose financial details.

Its investors include French Total, Shell (LON:), OMV, industrial gas manufacturers Linde (NYSE:) and Air Liquide (OTC:), and automobile manufacturer Daimler (OTC:).

Ronald Grasman, Vice President of Hyundai Fuel Cell Business Development, said: “In Germany, a large amount of money flows into the topic of hydrogen energy through the EU Green Agreement and national funds. We believe that we are at the forefront.” The company (field) Foreign transactions:).

Fuel cell vehicles are still far away from mass market production.

But Hyundai Motor, which launched fuel cell trucks in Switzerland, believes that hydrogen technology can also play a greater role in future small cars.

H2 Mobility operates 91 hydrogen refueling stations and is expanding.

Nikolas Iwan, managing director of H2 Mobility, said that the group is looking for major customers to bring a large amount of goods to the station, hoping that this will enable them to achieve breakeven within two to three years.

“This is why Hyundai is so important. They are in a leading position in terms of scale effects, especially in the commercial vehicle sector,” he said.

Hyundai Motor is the best-selling Asian car manufacturer in Germany, with a market share of 3.7% between January and July 2021, supplying traditional, electric and fuel cell vehicles.

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