April 26, 2024
Automobiles
Hyundai to set up SPC for hydrogen station business
[THE INVESTOR] Hyundai Motor said on Sept. 12 it aims to set up a special purpose company this year to push forward its hydrogen fueling station business.
Korea’s biggest carmaker by sales plans to invite corporate investors to take part in the SPC, tentatively named the Hydrogen Network, or HyNet, by Oct. 2 to raise 200 billion won (US$178 million), which is required to build 100 hydrogen fueling stations by 2022, the company said in a statement.
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The state-run Korea Gas Corp. has already partnered with Hyundai to ensure a stable supply of hydrogen for the fueling stations, a company spokeswoman said.
Hyundai, an industry leader in hydrogen fuel cell vehicles, plans to set up the special company by December and operate it for 10 years.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
