Hyundai Motor Co. has invested in Hydrogenious LOHC Technologies GmbH, leading to a comprehensive cooperation between the two companies. The investment is connected with a joint technology and business development agreement for stationary and on-board LOHC-systems.
With this agreement, Hyundai plans to deploy and market Liquid Organic Hydrogen Carrier (LOHC) technology, with initial activities focused on South Korea.
Hyundai is a driving force for the build-up of hydrogen refueling infrastructure in both Asia and Europe. The company considers LOHC as a promising technology for hydrogen logistics and storage at refueling stations.
“We are committed to demonstrating the benefits of LOHC technology to both government and end users,” said Yunseong Hwang, vice president of Open Innovation Investment Group at Hyundai Motor Co. “Our goal is to establish LOHC as hydrogen vector within the broader South Korean ambitions of building a national hydrogen infrastructure.”
After the initial phase, both parties plan to extend the cooperation and merge with Hyundai’s hydrogen activities in Europe.
“We welcome Hyundai as a new shareholder, as well as a commercial and technology partner,” said Daniel Teichmann, CEO of Hydrogenious LOHC Technologies. “Both companies share a vision of a low emission hydrogen-powered economy. Hyundai Motor Co. is one of the leading global corporations advancing hydrogen mobility. I look forward to working with the Hyundai team to further develop our LOHC technology that is the most efficient solution for safely handling hydrogen.”
Hydrogenious LOHC Technologies GmbH, founded in 2013, is a spin-off of Friedrich-Alexander-Universität Erlangen-Nürnberg. It is backed by investors AP Ventures, Royal Vopak, Covestro, Mitsubishi Co., Winklemann Group and Hyundai Motor Co. Based in Erlangen, Germany and employing 80 people, Hydrogenious LOHC Technologies has industrial partners Frames, Clariant, Eastman Chemicals and MAN.
Hyundai Motor Co. makes vehicles and provides mobility services in more than 200 countries, including in the United States, where it employs close to 100,000 people. In Montgomery, Alabama, Hyundai employs 3,000 workers making the Sonata and Elantra sedans and the Santa Fe SUV, as well as the engines that power the vehicles.