Hyundai Motor Group Establishes Energy Hydrogen Business Division

Hyundai Motor Group Establishes Energy Hydrogen Business Division

Hyundai Motor Group has established a new Energy Hydrogen Business Division, a move aimed at revitalizing the hydrogen industry ecosystem. The new division, operating under the Planning and Coordination Office, will serve as a control tower for the hydrogen energy business across all Hyundai subsidiaries, focusing on the production, storage, and transportation of hydrogen energy.

The establishment of this division marks a strategic shift for Hyundai, separating the development and production of hydrogen fuel cell vehicles (FCEVs) from the broader hydrogen energy business. Ken Ramirez, a vice president who joined Hyundai Motor in 2021 from the PSA Group, has been appointed as the head of this newly formed division. His leadership is expected to drive the HTWO hydrogen fuel cell system brand forward, providing customized solutions for hydrogen production, storage, transportation, and utilization.

Vice Chairman Chang Jae-hoon, who has been serving as co-chair of the global CEO council, the Hydrogen Council, since last year, emphasized the company’s vision:

We will accelerate the realization of a hydrogen society where clean hydrogen is used as energy for everything and everyone, everywhere.

This statement underscores Hyundai’s commitment to advancing the hydrogen value chain and contributing to global carbon neutrality goals.

The global hydrogen market is projected to expand to $2.8 trillion (approximately 409 trillion won) by 2032, highlighting the economic potential of this clean energy source. Hyundai’s new division aims to capitalize on this growth by collaborating with global companies like Japan’s Toyota and U.S. General Motors (GM) to build a comprehensive hydrogen business value chain.

Hyundai’s strategic vision includes increasing investments in hydrogen vehicle production and sales. This year, the company plans to launch the “Inisium,” a successor to the Nexo, further solidifying its position in the hydrogen vehicle market. The Energy Hydrogen Business Division will lead over 20 organizations related to the hydrogen business across all subsidiaries, securing a status comparable to the group’s control tower.

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