Korean conglomerate Hyundai Motor Group might build its first overseas fuel cell manufacturing facility in China, a Korean media reported.
The Asia Business Daily reported on April 8 that the Group has submitted the application for export approval to the Ministry of Trade, Industry and Energy (MOTIE) to build a new hydrogen fuel cell factory in Guangzhou, China. The media added that the plan needs the approval from MOTIE minister according to “Act on Prevention of Divulgence and Protection of Industrial Technology,” as the development of the fuel cell technology, which is designated as one of the ‘National Core Technologies,’ was aided by the government.
The Asia Business Daily also quoted a source “familiar with the matter” saying that Hyundai had originally planned to start the construction in May or June when it made the plan late last year. While the COVID-19 pandemic might delay the schedule, the investment will be carried out in this year as planned, the source was quoted.
On the other hand, Korean fuel cell maker S-Fuelcell has recently spread the news that the company exported fuel cells for buildings for the first time in the Korean industry. The company established a joint venture in China last year to build a foothold there.
