Hyundai Motor Group has launched a new Energy Hydrogen Business Division, a strategic move aimed at advancing its hydrogen energy initiatives and strengthening the global hydrogen ecosystem, the company announced. The new division will operate under the Planning and Coordination Office and serve as a control tower for hydrogen-related business activities across Hyundai’s subsidiaries, focusing on hydrogen production, storage, and transportation.
The establishment of this division reflects Hyundai’s commitment to expanding its hydrogen energy business beyond the development of hydrogen fuel cell vehicles (FCEVs). The company has appointed Ken Ramirez, a vice president who joined Hyundai in 2021 from PSA Group, to lead the newly formed division. Under his leadership, Hyundai aims to drive its HTWO hydrogen fuel cell system brand forward, providing customized hydrogen solutions for various applications.
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Vice Chairman Chang Jae-hoon, who co-chairs the global CEO-led Hydrogen Council, emphasized Hyundai’s long-term vision for hydrogen energy. “We will accelerate the realization of a hydrogen society where clean hydrogen is used as energy for everything and everyone, everywhere,” Chang said, reaffirming the company’s commitment to achieving carbon neutrality.
The global hydrogen market is expected to grow significantly, with estimates suggesting it could reach $2.8 trillion by 2032. Hyundai’s new division aims to capitalize on this growth through collaborations with major industry players, including Toyota and General Motors, to establish a comprehensive hydrogen business value chain.
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As part of its hydrogen strategy, Hyundai plans to expand its hydrogen vehicle lineup, with the launch of the “Inisium” later this year, a successor to the Nexo. The new Energy Hydrogen Business Division will oversee more than 20 hydrogen-related entities across Hyundai’s subsidiaries, positioning itself as a key player in the company’s clean energy transformation.