ULSAN < invest Korea

Hyosung Corp., South Korea’s leading chemical and textile company, is expected to benefit from Hyundai Motor’s mass-production of a hydrogen-powered sport utility vehicle that can travel more than 580 kilometers on a charge with its fast entry into fuel cell-charging business.

Hyundai Motor rolls out its second-generation hydrogen electric vehicle in February, next year, in time for the Winter Olympics in PyeongChang, Gangwon Province.

On July 16, the company was picked out by the Ulsan Metropolitan City to build three chargers for fuel cell vehicles. If a final deal is signed, Hyosung will build the country’s largest fueling station that can power 60 hydrogen-powered electric cars and two hydrogen buses.

In December, last year, Hyosung has also supplied a 700 bar hydrogen charging system to Hyundai Motor at its fueling station in Yangjae-dong, southern Seoul. A 700 bar hydrogen charger can fill in more hydrogen gas and at faster speed than existing chargers as it uses high pressure containers.

Hyosung also joined the hydrogen convergence alliance set up by the Ministry of Trade, Industry and Energy in February and has been active in supporting the government’s environmentally-friendly energy policies.

Hyosung, meanwhile, is hoping that growth in the overall hydrogen-powered electric vehicle industry will help stabilize its struggling carbon fiber business as reducing vehicle weight is the key to improving fuel efficiency of hydrogen cars.

Hyosung shares finished Wednesday 1 percent down at 156,500 won.

By Kang Young-woon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Aug. 23, 2017)