Hyundai to Export Hydrogen Fuel Cell Tech

The Ministry of Trade, Industry and Energy announced Monday that it has approved Hyundai Motor’s export of hydrogen fuel cell technologies.

The top automaker in South Korea will export its hydrogen fuel cell solution to two companies based in the United States and the Europe. It hopes to be the first Korean firm to export hydrogen fuel cell technologies abroad.

The Trade Ministry said that the decision has been made to support the Korean automaker to increase its foothold in the global hydrogen fuel cell market.

Hydrogen fuel cell vehicle sales in the US and the EU are expected to post annual growth of 57.1 percent and 84.2 percent, respectively, during the period between 2020 and 2028.

There are a total of 69 technologies that are registered and protected as national core technologies by the government, which require approval when exporting.