Hyundai is making key investments into three hydrogen companies – Impact Coatings, H2Pro and GRZ Technologies in a move to strengthen its leadership position in the global hydrogen fuel cell ecosystem.
The investments come at a time of heightened demand for fuel cell technology, said Hyundai and will enable the company to expand its hydrogen infrastructure and enhance the efficiency of its fuel cell electric vehicle (FCEV) manufacturing.
“Our investment in these innovative companies will reduce the production cost of FCEVs and enhance the safety and affordability of hydrogen infrastructure,” said Youngcho Chi, president and chief innovation officer at Hyundai Motor Group. “We hope to accelerate the widespread adoption of hydrogen technology by making FCEVs more accessible for our customers.”
Impact Coatings AB is a leading supplier of PVD-based coating solutions for fuel cells, offering coating materials, machines, and services. Under the new joint development agreement, Hyundai and Impact Coatings will jointly research and develop a new generation of materials, processes and equipment for a variety of applications, including fuel cells and hydrogen production.
H2Pro is an Israeli startup that has developed E-TAC (electrochemical, thermally active chemical) water splitting technology. H2Pro’s technology will allow Hyundai to lower the cost of hydrogen production, which will in turn reduce the price of hydrogen for customers.
This marks Hyundai’s second investment into the startup, the first was made in November 2018.
The third company, GRZ Technologies, is based in Switzerland and specializes in hyrdogen energy storage technology. Hyundai’s agreement with GRZ will accelerate the company’s efforts to commercialize hydrogen infrastructure for greater accessibility to customers.