SEOUL (dpa-AFX) - Hyundai Motor Co. (HYMLF.OB, HYMTF.OB) said it signed a memorandum of understanding or MOU with Korea Automotive Technology Institute or KATECH, Air Products Qudra or APQ and the Saudi Public Transport Company or SAPTCO to establish and develop an ecosystem for hydrogen-based mobility in the Kingdom of Saudi Arabia.
The Specific areas of collaboration include promoting demonstration projects for hydrogen fuel cell commercial vehicles and exploring opportunities for joint research in the field of hydrogen-based mobility.
Hyundai Motor is expected to provide hydrogen fuel cell commercial vehicles to SAPTCO as part of the partnership, with the pioneering technologies in the hydrogen fuel cell industry with field-proven products and services deployed worldwide.
Meanwhile, KATECH is expected to explore further opportunities for collaboration in R&D and APQ will secure a hydrogen supply in Saudi Arabia for the partnership.
SAPTCO is expected to closely cooperate with the stakeholders to formulate a long-term plan aimed at further expanding the ecosystem for hydrogen-based mobility in the country.
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