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Hyundai Motor joins Abu Dhabi fund Mubadala for green transition
Hyundai Motor Company President and CEO Chang Jae-hoon, left, poses with Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala, while signing a memorandum of understanding developing technology for transition into future transport, hydrogen applications and clean aluminum manufacturing, at Mubadala Tower in Abu Dhabi, Friday (local time). Courtesy of Hyundai Motor Company
By Ko Dong-hwan
Hyundai Motor Company has joined hands with Abu Dhabi's state investment fund Mubadala to develop new environmental technologies in the areas of hydrogen, green aluminum and sustainable transport, according to the country's leading automobile company, Sunday.
The company's president and CEO Chang Jae-hoon and his counterpart from the United Arab Emirates (UAE), Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala, signed a memorandum of understanding (MOU) for green transition and to accelerate new future businesses, at Mubadala Tower in the Arab state's capital, Friday.
Founded in 2002 to diversify the UAE's future industries, Mubadala has agreed with Hyundai to develop technology for extraction of hydrogen from organic waste and for green steel manufacturing, which uses hydrogen instead of fossil fuels.
Aluminum is another product targeted under the bilateral partnership. By developing green aluminum practices that use renewable energies, they will introduce products with a cleaner footprint and technologies to recycle them further.
To boost sustainable transport globally, both parties have agreed to cultivate the electric vehicle industry across the Iberian region of southwest of Europe by building recharging infrastructure, hydrogen manufacturing plants and launching markets for hydrogen vehicles.
The new MOU will also make legal and procedural grounds for advanced aerial mobility (AAM). Subjects of future discussions will include AAM operation jurisdictions, use of renewable energy in the field and creation of regulatory frameworks.
The latest deal has also included Mubadala's cooperation for further developing Hyundai Motor's competitiveness in digital financing
Chang said the MOU will create a "synergy of Hyundai Motor's future strategies in green transition and Mubadala's extensive investment portfolio."
"To further develop sustainable societies, secure future growth engines and contribute to the ongoing global energy paradigm shift, the company will continue seeking new global partnerships," said Chang.
Muhairi said the latest deal will allow the state fund to expand its investment portfolio to broader fields in mobility, technology and other future industries. The two parties will use their unique strengths to discover new business opportunities to secure global sustainability, he added.