[Special Stock] Hyundai Construction Equipment Partners with Hyundai Motor for Hydrogen Green Mobility... World’s First Hydrogen Construction Equipment Expected

[Asia Economy Reporter Hyungsoo Park] As expectations for the hydrogen economy grow, Hyundai Construction Equipment's stock price is on the rise.

At 2:10 PM on the 15th, Hyundai Construction Equipment was trading at 27,650 KRW, up 11.94% from the previous day.

Earlier, Ulsan City announced plans to increase the area of the Hydrogen Green Mobility Regulatory Free Zone from 1.5 million square meters to 2.473 million square meters, following changes in the zone operators for each demonstration project.

Two major companies in the Ulsan region, Hyundai Construction Equipment and Hyundai Mobis, are participating in the Hydrogen Green Mobility Regulatory Free Zone. The commercialization project for hydrogen fuel cell indoor logistics transport machinery has expanded from 16 companies, including Hanyoung Technochem Co., Ltd., to a total of 18 companies.

The commercialization project for hydrogen fuel cell indoor logistics transport machinery involves manufacturing hydrogen fuel cell forklifts and conducting test operations to demonstrate commercialization. Hyundai Construction Equipment is promoting the demonstration of hydrogen forklifts developed with its own investment. Hyundai Mobis supplies fuel cell power packs for the hydrogen forklifts developed by Hyundai Construction Equipment.

Earlier this year, Hyundai Motor Group decided to develop forklifts and excavators using hydrogen fuel cells in collaboration with Hyundai Construction Equipment. They have started developing hydrogen fuel cell construction machinery, planning to produce hydrogen fuel cell forklifts within this year and prototype hydrogen fuel cell excavators by next year. After demonstration tests, they aim to launch commercial products of forklifts and excavators equipped with hydrogen fuel cell systems in 2023. The hydrogen fuel cell forklifts and excavators to be launched are expected to be the world's first medium-to-large construction machinery based on hydrogen energy.

With Hyundai Motor, which possesses world-class hydrogen fuel cell technology, and Hyundai Construction Equipment, which has been operating in the construction equipment and industrial vehicle sectors since 1985, joining forces, the use of hydrogen energy in the construction machinery field is expected to accelerate significantly.

Hyundai Motor Group plans to invest a total of 7.6 trillion KRW in the hydrogen sector to establish an annual production system of 500,000 hydrogen electric vehicles by 2030, aiming to lead the market.

According to McKinsey, a global consulting firm, hydrogen is expected to account for 18% of the world's energy demand by 2050.