South Korean conglomerate Hyundai Motor Group (HMG) has entered a multilateral memorandum of understanding (MoU) with Pyeongtaek City and key partners to develop carbon-neutral hydrogen port initiatives, aiming to establish a Korean model for port decarbonization and contribute to national carbon-neutrality goals.

Under the agreement, Hyundai Motor Company, HMG’s subsidiary, will oversee hydrogen-related business strategy, while Kia Corporation, a South Korean automobile manufacturer, and Hyundai Glovis, another HMG subsidiary, will introduce and operate hydrogen fuel cell power generators at their facilities in Pyeongtaek Port.