[Asia Economy Reporter Jang Hyowon] Dongyang Piston is showing strength. The news that the government signed an MOU related to the hydrogen business with the United Arab Emirates (UAE) has highlighted the fact that Dongyang Piston exclusively supplies parts for hydrogen vehicles.
As of 9:44 AM on the 16th, Dongyang Piston is trading at 5,160 KRW, up 3.2% compared to the previous day.
According to the Ministry of Land, Infrastructure and Transport on the previous day, Korea and the UAE announced on the 15th that they signed three MOUs: ▲ MOU on the production, distribution, storage, and utilization of hydrogen within cities ▲ MOU on future mobility cooperation ▲ MOU on smart infrastructure cooperation.
The MOU on cooperation regarding the production, storage, transportation, and utilization of hydrogen within cities aims to create an eco-friendly hydrogen city that uses hydrogen as the main energy source in housing and transportation. It was signed to accelerate the jointly promoted "Overseas Hydrogen-Based Public Transportation Infrastructure Technology Development Project (R&D)" between the two countries.
Additionally, both countries will invest 34 billion KRW by 2025 to demonstrate hydrogen refueling station technology domestically and locally in the UAE. Furthermore, they agreed to expand the scope of cooperation from the transportation cooperation MOU signed in 2015 to the future mobility cooperation MOU.
Meanwhile, Dongyang Piston is a specialized company in engine pistons for internal combustion engines. In 2018, it acquired the enclosure and manifold block business for hydrogen fuel cell vehicles from Wooshin Industrial. Dongyang Piston is the only company that exclusively supplies related parts for the hydrogen vehicle Nexo.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
