Hyundai Motor Company is stepping up to secure leadership in the eco-friendly and future mobility sectors through collaboration with a global sovereign wealth fund.
On the 15th, Hyundai Motor announced on the 17th that it signed a Memorandum of Understanding (MOU) for "Accelerating Eco-friendly Transition and Future New Business" with Mubadala Investment Company, a sovereign wealth fund of the UAE (United Arab Emirates), at the Mubadala Tower in Abu Dhabi.
The signing ceremony was attended by Hyundai Motor President Jang Jae-hoon and Mubadala Group Deputy CEO Walid Al Mokarrab Al Muhairi, among others.
Mubadala is a state-owned investment company established by Abu Dhabi in 2002. Along with Abu Dhabi Investment Authority and Dubai Investment Authority, it is considered one of the three major sovereign wealth funds of the UAE, expanding investments into eco-friendly and advanced technology sectors to promote industrial diversification in the UAE.
At the signing ceremony for the "Business Agreement to Accelerate Eco-friendly and Future New Businesses" held on the 15th at the Mubadala Tower in Abu Dhabi, Jang Jae-hoon, President of Hyundai Motor Company (left in the photo), and Walid Al Mokarrab Al Muhairi, Vice Chairman of Mubadala Group, are taking a commemorative photo. [Photo by Hyundai Motor Company]
Through this agreement, the two companies will promote business cooperation in the fields of ▲hydrogen ▲green aluminum ▲eco-friendly mobility ▲AAM (Advanced Air Mobility), as well as capital cooperation to strengthen Hyundai Motor’s digital finance capabilities.
In the hydrogen sector, they will collaborate on a resource-circulating hydrogen business that produces hydrogen from organic waste and other sources, and on green steel production using hydrogen. In the green aluminum sector, cooperation will cover the entire business, including technologies for producing and recycling green aluminum using eco-friendly energy.
In the eco-friendly mobility sector, efforts will be made to build electric vehicle charging infrastructure within the Iberian Peninsula, establish a hydrogen ecosystem and promote hydrogen commercial vehicles, and jointly develop renewable synthetic fuels (e-Fuel).
In the AAM sector, the two companies will explore various ways to leverage their capabilities focusing on AAM operation and airspace integration, eco-friendly energy, and AAM-related regulations.
Additionally, Hyundai Motor plans to discover various investment opportunities, including cooperation with Mubadala to strengthen digital finance capabilities such as fintech.
Hyundai Motor President Jang Jae-hoon said, "Through this MOU, we expect synergy between Hyundai Motor’s eco-friendly future new business strategies such as hydrogen, green steel, and green aluminum, and Mubadala’s broad investment portfolio."
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