Hyundai Motor Company and Kia Corporation have signed a memorandum of understanding with Next Hydrogen Corporation, a Canadian company specialising in water electrolysis technology.
Under the agreement, the companies will jointly develop an alkaline water electrolysis system and its related stack for the purpose of generating green hydrogen economically and exploring new business opportunities.
Due to high production costs, many hydrogen companies around the world are researching ways to advance their water electrolysis technologies to help make the production of green hydrogen more cost-effective.
“Next Hydrogen’s innovative water electrolysis stack design technology is an ideal solution for enabling the economical production of green hydrogen,” said Raveel Afzaal, President and CEO of Next Hydrogen.
“This partnership is expected to accelerate efforts to address the incredible emerging opportunities in sustainable transportation globally.”
Hyundai is banking on the new technology to help its drive into hydrogen, following the release of its NEXO Fuel Cell Electric Vehicle, which arrived in Australia earlier this year.
By the end of the decade, 500,000 fuel cells per year are to be produced – for cars and trucks. By 2025, Hyundai wants to reduce the cost of fuel cells to such an extent that FCEVs can be offered at the price level of a BEV.
“This partnership is another leap forward for our hydrogen business and will be our first step into the alkaline water electrolysis market,” said Jae-Hyuk Oh, Vice President and Head of Energy Business Development Group at Hyundai Motor Group.
“We are extremely appreciative of the opportunity to work with Hyundai Motor and Kia, given their industry leadership as champions of this technology. This partnership is expected to accelerate efforts to address the incredible emerging opportunities in sustainable transportation globally.”