KSA: Hyundai Motor has inked an agreement to launch a joint hydrogen business venture in Saudi Arabia. This quadrilateral MoU was officially signed in Riyadh during President Yoon Suk Yeol’s state visit to the Middle East powerhouse.
The accord unites Hyundai Motor, the Korea Automotive Technology Institute (Katech), Air Products Qudra, and the Saudi Public Transport Company (Saptco), all with a common mission to establish a robust hydrogen ecosystem in Saudi Arabia and promote widespread hydrogen mobility adoption.
This development comes as Air Products Qudra, a strategic alliance between the Pennsylvania-based industrial gas supplier Air Products and the Saudi energy startup Qudra Energy, positions itself to spearhead development and investment projects throughout the Middle East. Saptco oversees essential bus operations in major cities such as Riyadh and Mecca.
With this memorandum as their guiding framework, the four influential entities have outlined an extensive plan of action. They will seamlessly collaborate to conduct test operations for hydrogen fuel cell buses and lay the groundwork for a burgeoning hydrogen mobility ecosystem. The collective vision extends to exploring avenues for collaboration in government-backed initiatives dedicated to advancing hydrogen mobility.
Hyundai Motor will play a pivotal part by either selling or lending its hydrogen-powered vehicles to Saptco. Whereas Katech will facilitate the participation of Korean companies in Saudi Arabian hydrogen projects and diligently collect data stemming from test runs of hydrogen-powered buses. Air Product Qudra is entrusted with the task of securing and establishing an intricate hydrogen supply chain within Saudi Arabia. Finally, Saptco is set to be a beacon of data collection and sharing concerning hydrogen mobility operations.
Notably, Saptco is poised to transition its existing fleet into hydrogen-powered alternatives, aligning seamlessly with Saudi Arabia’s commitment to achieving net-zero carbon emissions by 2060.
This partnership marks a significant stride towards achieving the ambitious Saudi Vision 2030 goals.