Hyundai Motor Signs Preliminary Deal With UAE's Sovereign Wealth Fund for Eco-Friendly, Future Mobility Cooperation

Hyundai Motor Co., South Korea's top carmaker, said Sunday it will join hands with the United Arab Emirates' sovereign wealth fund as part of efforts to strengthen its presence in the eco-friendly and future mobility market.

Under the memorandum of understanding, Hyundai Motor and Mubadala Investment Co. will cooperate in the fields of hydrogen, green aluminum, eco-friendly mobility and advanced air mobility (AAM).

The two sides will work together to expand Hyundai's resource-recycling hydrogen production business, which refers to a method of producing clean hydrogen using biogas from organic waste, and green steel production business, where hydrogen is used to make steel.

In the eco-friendly mobility area, they will partner up to create electric vehicle charging infrastructure on the Iberian Peninsula in southwestern Europe, and for supply of hydrogen vehicles and the development of electricity-based fuel.

"We plan to push for various cooperation to make our society more sustainable and secure new growth engines, while also contributing to the global energy paradigm shift," Chang Jae-hoon, Hyundai Motor's CEO, said.

Chang Jae-hoon (L), president and CEO of Hyundai Motor Co., and Waleed Al Mokarrab Al Muhairi, deputy group chief executive officer of Mubadala Investment Co., sign a memorandum of understanding for cooperation in eco-friendly and future mobility businesses in Abu Dhabi on Dec. 15, 2023, in this photo provided by the South Korean carmaker. (PHOTO NOT FOR SALE) (Yonhap)