Hyundai Motor Group announced on the 8th (local time) that it signed a business agreement with Nanyang Technological University at the Korea-Singapore Business Forum held in Singapore to cooperate in the new energy sector.
Nanyang Technological University is a research-focused institution ranked 14th globally (2nd in Asia) among engineering universities by the UK higher education evaluation agency QS. According to the agreement, they will jointly conduct research to develop alternative energy sources suitable for Singapore, such as hydrogen energy and next-generation power projects.
The company stated that they are considering resource-circulating hydrogen power generation and hydrogen electric vehicles. Resource-circulating hydrogen refers to eco-friendly hydrogen energy produced from food waste or plastics, which can be used, for example, to charge hydrogen electric vehicles.
Yoon Young-jun, CEO of Hyundai Engineering & Construction (from left), Jang Jae-hoon, CEO of Hyundai Motor Company, Ahn Deok-geun, Minister of Trade, Industry and Energy, and Lam Kin-yong, Vice President of Nanyang Technological University (second from right), are posing for a commemorative photo after signing an MOU for cooperation in the new energy sector. [Photo by Ministry of Trade, Industry and Energy]
As a city-state, Singapore relies on natural gas for 94% of its power generation. The Singapore government aims to reduce the share of natural gas to 50% by 2035. The role of new energy sources such as hydrogen is expected to increase.
Hyundai Motor Group also held a signing ceremony for the establishment of a ‘trilateral corporate research lab’ with Nanyang Technological University and the Singapore Agency for Science, Technology and Research (A*STAR). This comes 11 months after the agreement signed in November last year. The lab will jointly develop innovative manufacturing technologies such as artificial intelligence and robotics. A*STAR is an organization under Singapore’s Ministry of Trade and Industry, consisting of 18 research institutes and over 6,000 researchers. Its Advanced Manufacturing Technology Centre is known to specialize in technology commercialization. With the participation of local government agencies, it can also receive investment from the Singapore National Research Fund.
Attending the signing ceremony were Hyundai Motor CEO Jang Jae-hoon, Hyundai Construction CEO Yoon Young-jun, Hyundai Motor Group Global Innovation Center head Park Hyun-sung, Minister of Trade, Industry and Energy Ahn Duk-geun, Singapore’s Ministry of Trade and Industry Second Minister Tan See Leng, and Nanyang Technological University Vice President Lam Kin Yong, among others.
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