SEOUL (dpa-AFX) - Audi AG (AUDVF.PK) announced Wednesday that it is in deal with Hyundai Motor Co. (HYMLF.OB, HYMTF.OB) for the development of fuel cell technology.
The two companies plan to cross-license patents and grant access to non-competitive components. The agreement is currently subject to approval from the applicable regulatory authorities.
The collaboration is expected to bring the fuel cell to volume production maturity more quickly and more efficiently. Audi and Hyundai are also exploring more far-reaching collaboration on the development of this sustainable technology.
Peter Mertens, Board Member for Technical Development at AUDI AG, said, 'The fuel cell is the most systematic form of electric driving and thus a potent asset in our technology portfolio for the emission-free premium mobility of the future.'
Within the Volkswagen Group, AUDI AG has taken on the development responsibility for the fuel cell technology and is currently working on its sixth generation, the company noted.
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