SEOUL, South Korea and SINGAPORE, Nov. 24, 2023 – Hyundai Motor Company has signed a Memorandum of Understanding (MOU) with Poh Tiong Choon Logistics Limited (PTC) to establish an ecosystem for hydrogen-based mobility in Singapore.
The signing of the MOU aligns with Singapore’s national strategy to develop hydrogen as a decarbonization pathway. With this MOU, Hyundai Motor Company will discover business opportunities related to the hydrogen ecosystem in Singapore and establish a collaborative relationship with PTC.
Both Hyundai Motor Company and PTC — a leading Singaporean logistics service provider — will collaborate to combine their expertise, experience and resources to develop and build a hydrogen ecosystem (not limited solely to hydrogen-based mobility), from production to utilization. Specific areas of collaboration as part of the MOU include exploring and developing projects to create a hydrogen ecosystem, commercial vehicles, and business models.
Officially opened on November 21, the Hyundai Motor Group Innovation Center Singapore (HMGICS) smart urban mobility hub will serve as an innovation lab to support Singapore in its goal to achieve 50 percent hydrogen usage in power generation by 2050.
PTC is a major logistics provider in Singapore that engages in transportation, warehouse services, and port leasing. With more than 70 years of history in Singapore, having started business in the 1950s and known today for its strong business network in the country, PTC has a great interest in introducing hydrogen mobility to transition to an eco-friendly logistics business.
Hyundai Motor Company is a global leader in driving energy transition. In October, Hyundai Motor Group announced the signing of an MOU with the Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ) and the Saudi Public Transport Company (SAPTCO) to establish and develop an ecosystem for hydrogen-based mobility in the Kingdom of Saudi Arabia.
First launched in 2020, Hyundai’s XCIENT Fuel Cell truck has been deployed in six countries — including Switzerland, Germany, Israel, Korea, New Zealand and the US — and has successfully accumulated more than five million miles so far. It is the only heavy-duty fuel cell electric model with a proven record of real-world application and technological reliability.
These endeavors underpin Hyundai Motor Group’s dedication to pioneering the adoption of clean and efficient energy technologies worldwide.
SOURCE PRNewswire
