Aju Business Daily

SEOUL -- Hyundai Motor will establish an international consortium with Japan's Toyota and four other companies to accelerate the distribution of hydrogen fuel cell electric commercial vehicles and standardize parts for high-pressure fuel charging containers.

Hyundai said in a statement Monday that it signed a memorandum of understanding to form a six-nation consortium group which also groups Air Liquide, a French gas company, Nel Hydrogen, an energy company in Norway, Nikola Motor, an American hydrogen-fueled truck company, and Shell Energy Group.

The consortium will develop hydrogen fuel charging containers capable of withstanding the high pressure of 700bar and standardize parts for charging stations. Commercial vehicles require larger high-pressure charging.

In charging stations for passenger vehicles, it takes about 20 minutes to charge a commercial vehicle to prevent overheating. Hyundai said the consortium would work out global hydrogen standards for commercial vehicle charging facilities.

Hyundai has touted hydrogen fuel as an alternative to solve global problems such as pollution and resource depletion. Fuel cells are considered the next-generation renewable power source. According to Markets and Markets, a global market research company, the global market for commercial FCEVs is estimated to grow to $6.9 billion by 2023.