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Hyundai Motor And Škoda Group Sign MOU To Advance Hydrogen Mobility And Energy Efficiency Solutions
Hyundai Motor Company and Škoda Group have formalised a partnership through a Memorandum of Understanding (MOU) to advance hydrogen mobility. This agreement was signed during the Korea-Czech Business Summit in Prague. The collaboration aims to establish a hydrogen economy and promote sustainable mobility solutions. Ken Ramírez from Hyundai and Petr Novotný from Škoda were present at the signing event.
The MOU outlines plans to explore the adoption of Hyundai's hydrogen fuel cell systems by Škoda Group. Both companies will investigate energy-efficient solutions for mobility projects, aiming to expand the hydrogen ecosystem beyond transportation. "Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic," said Executive Vice President Ramírez.
Škoda Group is keen on expanding its hydrogen mobility initiatives by leveraging Hyundai's advanced technologies. The collaboration seeks to create synergies between Hyundai’s fuel cell technology and Škoda’s mobility products. "We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future," stated Petr Novotný, CEO of Škoda Group.
Both companies view hydrogen as crucial for sustainable development, particularly in transportation. They plan to conduct feasibility studies on using fuel cell systems beyond traditional mobility applications. This initiative aligns with Hyundai's commitment to building a comprehensive hydrogen society under its HTWO brand, which covers all aspects of the hydrogen value chain.
Hyundai's expertise in various hydrogen applications positions it as a key player in facilitating energy transitions worldwide. The company operates one of Europe's most modern car manufacturing plants in Nošovice, Czech Republic, with an annual capacity of 350,000 vehicles. This plant represents significant foreign investment in the region since its establishment in 2008.
Škoda Group has a long history in transportation engineering, tracing back over 165 years. It produces a wide range of public transport vehicles and components, including trams and electric buses. With operations across Europe and beyond, Škoda employs 10,000 people globally and achieved revenues of EUR 1,382 million in 2023.
PPF Group owns Škoda Group and operates across 25 countries in diverse sectors like financial services and telecommunications. PPF's assets are valued at EUR 43.5 billion as of June 2023, employing 52,000 people worldwide.
Hyundai Motor Company was founded in 1967 and now operates in over 200 countries with more than 120,000 employees. The company is focused on smart mobility solutions through investments in robotics and Advanced Air Mobility (AAM). Hyundai is committed to zero-emission vehicles using leading-edge hydrogen fuel cell and EV technologies.
This partnership between Hyundai Motor Company and Škoda Group marks a significant step towards advancing eco-friendly solutions globally. By combining their strengths, both companies aim to foster innovation within the global mobility ecosystem while promoting cleaner energy where it's most needed.
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