Hyundai Motor Company signed a memorandum of understanding (MoU) with Saudi Aramco to accelerate the expansion of using hydrogen fuels in both the Saudi and South Korean markets, Asharq Al-Awsat reported.
The two companies will work to explore the possibility of using advanced non-metallic materials, such as carbon fibers and carbon fiber-reinforced plastic, in various fields, notably the automotive industry.
“Collaboration with Aramco will accelerate progress toward a hydrogen society by expanding access to robust hydrogen infrastructure and fuel-cell electric vehicles” Executive Vice President of Hyundai Motor, Yeosun Chung said, according to a company statement.
The agreement aims to raise awareness regarding hydrogen fuel cell vehicles produced by Hyundai, as well as enhance cooperation in supplying hydrogen and building hydrogen refueling in South Korea.
The two companies will expand their reliance on non-metallic materials in a wide range of applied application areas, including the use of carbon fibers and carbon fiber reinforced plastics.
“Both businesses are leaders in the hydrogen value-chain, and our collaboration will support global action for a better, more sustainable future, while exploring future automotive businesses and technologies ” Chung added.
The agreement is among 12 deals Saudi Aramco signed with South Korea.
Saudi Aramco recently signed another MoU with Baker Hughes, a GE Company (BHGE) to establish a joint venture (JV) production facility to manufacture non-metallic materials in Saudi Arabia.