Hyundai's hydrogen fuel cell project snags investment promotion award

Hyundai's hydrogen fuel cell project in Guangzhou Development District (GDD) was awarded the 2021 Outstanding Investment Promotion Project at the 19th Annual Conference of the Federation of Investment Promotion Agencies of China & Seminar on International Investment Promotion on Sept 7.

A cooperation agreement was signed between the South Korean automaker and GDD at the beginning of this year for the establishment of HTWO Guangzhou, Hyundai's first overseas hydrogen fuel cell production and sales base.

Construction of the project began in March and is expected to last until the second half of 2022, with the total investment estimated to reach 8.5 billion yuan ($1.3 billion) by 2030. 

Hyundai's hydrogen fuel cell SUV. [Photo by Cao Yingying/chinadaily.com.cn]

Covering 207,000 square meters, HTWO Guangzhou is expected to be able to produce more than 6,500 sets of hydrogen fuel cell systems annually at the preliminary stage, and production will be expanded according to market demands in the future.

GDD is a national demonstration zone for the comprehensive use of new energy, and a provincial demonstration zone for the business operation of automobiles' hydrogen fuel cells. It released 10 supportive measures to boost the development of the hydrogen industry in 2019 and has set up an industrial fund of 5 billion yuan to support key hydrogen projects. The district's administrative committee was recognized as an Outstanding Investment Promotion Agency at the conference.

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