The Hydrogen Stream: Hyundai Motor plans fuel cell plant in South Korea

As the South Korean company plans its second production facility after the its China facility, analysts see a 19.78% CAGR growth for the hydrogen fuel cell vehicle market between 2025 and 2030.

Hyundai Motor plans to build its first hydrogen fuel cell systems plant in South Korea, the company's labor union claimed Tuesday, as reported by the country's news agency Yonhap. According to the report, operations should start in 2028. “To push ahead with the plan, there should be consultations between the company and the union,” a spokesperson reportedly said. The South Korean company operates a hydrogen fuel cell systems plant in China.

Knowledge Sourcing Intelligence said that the hydrogen fuel cell vehicle market should grow at a CAGR of 19.78% between 2025 and 2030 to reach $20,495 billion by 2030. “In January 2024, Stellantis Pro expanded its existing hydrogen fuel cell offer with in-house production starting on mid-size and large vans in Europe,” said the Indian data company, mentioning investments from Tata Motors, Hyundai, and Toyota. 

The European Commission has approved, under EU State aid rules, a €400 million ($366,35 million) Austrian State aid scheme and a €36 million Lithuanian State aid scheme to support the production of renewable hydrogen through the European Hydrogen Bank's “Auctions-as-a-Service“ tool for the auction closing in 2025. “The approved schemes will support the production of up to 112,000 tonnes of renewable hydrogen in Austria, and 13,000 tonnes of renewable hydrogen in Lithuania. The aid will be awarded through a competitive bidding process to be concluded in the first quarter of 2025,“ said the European executive body.

Fortescue Green Pioneer, the world's first dual-fueled ammonia-powered vessel, started in London as its first stop on a global tour of ports aimed at fast-tracking international shipping's transition to green fuels. “Fortescue Green Pioneer's UK visit comes at a pivotal moment for the future of global shipping, with the UN International Maritime Organization considering the single most important regulatory change in shipping in a generation. Key IMO meetings in April 2025 will determine whether a global carbon levy is adopted, according to Fortescue. The metal mining company headquartered in Australia advocates for the early adoption of zero-emission fuels such as green ammonia, bypassing “transitional fuels such as biofuels and LNG.“