Comprehensive cooperation between Hyundai Motor Group and Shell will be made in electric vehicle charging infrastructure, low carbon energy solutions and hydrogen-related businesses. "We hope this cooperation will bring innovation in many different eco-friendly businesses," Hyundai Motor CEO Chang Jae-hoon said in a statement on February 25.
Shell will consider introducing Hyundai's hydrogen-powered trucks and electric vehicles. The auto group said that it would use Shell's gas station network to build up its EV charging infrastructure first in Asia and expand it to other regions. According to market research provider Kenneth Research, EV market revenue in the Asia Pacific region is projected to increase from $30.11 billion in 2017 to $144.6 billion by 2023.
Using Shell's smart EV charging solution brand called "Shell Recharge Solutions," the two companies will upgrade the convenience of charging Hyundai's luxury car brand Genesis in the European market. In October 2021, Hyundai's North American branch agreed to build 48 hydrogen charging stations in California through collaboration with Shell.
The two sides will cooperate to curb carbon emissions and push for Renewable Energy 100 (RE100), an initiative seeking to source 100 percent of electricity consumption from renewables and accelerate change towards zero-carbon grids.
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