SEOUL, Aug. 20 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Friday it will invest 1.32 trillion won (US$1.1 billion) in two local hydrogen fuel-cell plants by 2025.
Hyundai Mobis plans to build a hydrogen fuel-cell stack plant in Incheon, just west of Seoul, and a hydrogen fuel-cell systems assembly plant in Ulsan, 414 kilometers southeast of Seoul, the company said in a statement.
The fuel-cell stack consists of a stack containing up to several hundred fuel cells. It forms the heart of the fuel-cell power system.
“We aim to start the production of fuel-cell stacks and systems at the plants in 2023 and complete the investment by 2025,” a company spokeswoman said.
The company is expected to supply the assembled hydrogen fuel-cell systems for Hyundai Motor’s hydrogen-powered vehicles.
Hyundai Mobis, Hyundai Motor Co. and Kia Corp. are key affiliates of Hyundai Motor Group.