South Korean conglomerate Hyundai Motor Group (HMG) has signed a memorandum of understanding (MoU) with the Economic Development Board (EDB) of Singapore to identify opportunities to develop low-carbon technologies, including hydrogen.
As disclosed, EDB is expected to facilitate HMG’s participation in relevant initiatives to build up and apply low-carbon technologies, including potential collaborations with local enterprises and innovation partners to drive technological advancement.
The MoU builds on the two players’ existing partnership through the Hyundai Motor Group Innovation Center Singapore (HMGICS), which is HMG’s first global open innovation hub and testbed.
Jaeha Park, Vice President, Head of Global Hydrogen Business Sub-Division at Hyundai Motor Group, stated: “We are excited to collaborate with the EDB to explore new growth areas, including the development of low-carbon technologies. By bringing our cutting-edge expertise in hydrogen technology, this partnership represents a significant step forward in creating a clean energy future for Singapore. We look forward to driving impactful solutions that demonstrate the potential of hydrogen as a cornerstone of global sustainability.”
Zheng Jingxin, Vice President and Head of Mobility at Singapore’s EDB, commented: “This MoU builds on the strong partnership between EDB and Hyundai Motor Group. The collaboration is closely aligned to Singapore’s commitment to develop a low-carbon economy, by supporting companies on sustainable technology development. This will strengthen Singapore’s position as a global innovation hub within Hyundai Motor Group’s global network.”
To note, HMG is said to be exploring various potential collaborations with Singapore-based companies and start-ups, including the potential use of Singapore’s pipeline network for hydrogen distribution. Moreover, the group aims to expand the clean hydrogen ecosystem by integrating eco-friendly energy businesses across neighboring countries.