A Memorandum of Understanding (MOU) has been agreed upon between Hyundai Motor Company and 'koda Group. The purpose of this collaboration is to begin establishing a hydrogen mobility ecosystem.

The MOU was signed during the Korea-Czech Republic Business Summit, which was held in Prague. It was Ken Ram'rez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotn', CEO of 'koda Group who signed the MOU.

The basic agreement states that both companies will focus on setting up a hydrogen economy, along with realising a sustainable future mobility ecosystem. On top of this, 'koda Group will also look into exploring opportunities for hydrogen mobility expansion and this would involve adopting Hyundai's hydrogen fuel cell systems and technologies.

Building on this basic agreement, the newly established MOU also covers study on adoption of hydrogen fuel cell systems, as well as technologies. Furthermore, it also mentions study on adoption of solutions which are energy efficient and would be suitable for mobility projects and products. The latter study would also apply to exploring hydrogen ecosystem, along with value chain opportunities which reach beyond mobility.

It has been made clear that both parties share the view that 'hydrogen will be a key pillar for a sustainable society' and this idea should begin with mobility.

Through the MOU, the companies involved with be able to research and explore the possibility of Hyundai sharing its fuel cell system and technology. This would be beneficial and would contribute to the acceleration of eco-friendly mobility across global markets. This is also where 'koda Group operates and this includes the Czech Republic.

Alongside this, another part of the project will involve both parties conducting feasibility studies around fuel cell systems, which would work for applications within diverse utilisations beyond mobility. Hyundai is ready to work in a pivotal role when it comes to aiding the energy transition and the company will be beneficial in this situation as it will be able to use its global expertise, along with their insights around operating various hydrogen applications. Their expertise and insights cover the mobility and energy sectors.

Further to their expertise, Hyundai Motor Group is evidently committed to building a hydrogen society under their hydrogen value chain business brand HTWO. This business would encompass the Group's businesses and affiliates, which would effectively make every step within the hydrogen value chain possible.

Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, 'Ken Ram'rezExecutive, commented, 'Our partnership with 'koda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic. Together with 'koda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and 'koda Group's mobility products and projects.'

CEO of 'koda Group, Petr Novotn', added, 'We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it's needed most.'