Hyundai Forges Strategic Partnership to Pave Way for Hydrogen Mobility Ecosystem in Saudi Arabia

Riyadh, Saudi Arabia, October 22, 2023 - Korean automotive giant, Hyundai Motor Company has signed a momentous memorandum of understanding (MOU) with a select group of key stakeholders in Saudi Arabia. The automotive behemoth has joined forces with the Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ), and the Saudi Public Transport Company (SAPTCO) to set the stage for a hydrogen-based mobility ecosystem within the Kingdom.

The MOU, which was signed in Riyadh, on the sidelines of Saudi - Korean Investment Forum represents a crucial step in Hyundai's commitment to fostering a sustainable hydrogen value chain within Saudi Arabia, aligning with the country's ambitious goal of achieving net-zero emissions. The partnership encompasses a range of collaborative initiatives aimed at providing technical support and leveraging human resources to advance the development and promotion of hydrogen-based mobility solutions.

A central component of this partnership revolves around the advancement of demonstration projects for hydrogen fuel cell commercial vehicles. Hyundai Motor will play a pivotal role by supplying these cutting-edge vehicles to SAPTCO, featuring state-of-the-art hydrogen fuel cell technologies that have already proven their mettle in international markets.

Hyundai Motor Company's President and CEO, Jaehoon Chang, expressed enthusiasm for the collaboration, stating, "This partnership with the country’s major stakeholders represents a significant milestone in our efforts to establish a sustainable hydrogen value chain in Saudi Arabia. We also plan to continuously expand the hydrogen-based mobility industry in line with Saudi Arabia’s ambition to reach net-zero emissions."

KATECH, the Korea Automotive Technology Institute, contributes its extensive expertise in research and development, with a particular focus on adapting hydrogen bus technology for the high-temperature climates of the Middle East. KATECH's President, Seung-sik Na, remarked, "This cooperation opens doors for our hydrogen bus technology to enter the Middle East market. We will work towards developing hydrogen buses suitable for high-temperature climates with the automotive industry so that the domestic automotive industry can expand its presence globally."

Ensuring a reliable supply of hydrogen in Saudi Arabia is a critical aspect of the burgeoning hydrogen ecosystem. Air Products Qudra (APQ) is dedicated to securing this essential resource. SAPTCO, in turn, is committed to closely collaborating with all stakeholders to devise a comprehensive, long-term strategy for the expansion of the hydrogen-based mobility ecosystem in the Kingdom.

This partnership between Hyundai Motor and its distinguished partners underscores Saudi Arabia's dedication to its "Saudi Vision 2030" strategy, aimed at diversifying its economy away from oil exports and actively pursuing innovative technologies. The "Saudi Green Initiative," launched in 2021, further highlights the nation's unwavering commitment to cutting-edge advancements, with the ultimate goal of achieving net-zero carbon emissions by 2060.

Hyundai Motor Group, has consistently demonstrated its commitment to driving the energy transition in Saudi Arabia. This commitment was evident through the export of fuel cell buses to Saudi Arabia in 2020 and the subsequent export of the XCIENT Fuel Cell heavy-duty truck in 2021. Moreover, the Group embarked on a joint research agreement with the Saudi Arabian Oil Company (Aramco) and King Abdullah University of Science and Technology (KAUST) in a bid to reduce greenhouse gas emissions by developing advanced fuels.

The endeavor underscores the pivotal role that Hyundai Motor and its distinguished partners could play in advancing Saudi Arabia's aspirations for a sustainable mobility ecosystem. It reflects a shared commitment to harnessing clean energy solutions, fostering innovation, and ultimately steering the Kingdom of Saudi Arabia towards a greener, more sustainable future.