Hyundai Motor, LS ELECTRIC to jointly develop fuel cell power generators
Kim Sae-hoon, right, head of Hyundai Motor's fuel cell business, poses with Oh Jae-seok, head of LS ELECTRIC's global business division, after signing an agreement to jointly develop a fuel cell power generation system at the former's office in Yongin, Gyeonggi Province, Tuesday. / Courtesy of Hyundai Motor
By Baek Byung-yeul
Hyundai Motor Group has forged a partnership with LS ELECTRIC to jointly develop a hydrogen fuel cell power generation system and take the lead in the industry, the companies said Wednesday.
The two companies signed a memorandum of understanding on Tuesday. Under the agreement, Hyundai Motor will kick off development of a power generation system based on hydrogen fuel cells while LS ELECTRIC will play a role in manufacturing the system and establishing its operating system. The two added they plan to introduce a demonstration system in 2021.
Through the cooperation, they expect the system can be used to provide electricity for emergency and peak-time power generation at buildings and industrial sites. They forecast their product will be increasingly used because it can be alternatively used for power generation using intermittent power sources such as wind and solar.
The cooperation between Hyundai Motor Group and LS ELECTRIC is in line with the government's efforts to nurture eco-friendly industries and establish a low-carbon economic structure while reducing the country's reliance on coal as a source of electricity.
President Moon Jae-in announced in October that the country will try to transform into a carbon-neutral society by effectively reducing carbon emissions to zero by 2050. Carbon neutrality has become a global agenda as countries around the world have been fighting climate change under the Paris Agreement since 2016.
On a related note, the government unveiled its blueprint to achieve the goal, Monday, which is supporting technical development of eco-friendly technologies in various sectors such as power generation and transportation.
Kim Sae-hoon, head of Hyundai Motor's fuel cell business, said the cooperation with LS ELECTRIC is “the company's first step to expand into the fuel cell power generation system market.”
Kim added, “Hyundai Motor is pushing to develop various applications that are powered by our hydrogen fuel cell system.”
Oh Jae-seok, head of LS ELECTRIC's global business division, said “The hydrogen fuel cell power generation system to be completed through the cooperation has an advantage of actively responding to changes in electricity supply and demand.”
He added, “Based on the collaboration, we will try to supply the systems to not only the domestic market but also global electricity markets.”