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Hyundai to set up SPC for hydrogen station business

All Headlines 10:15 September 12, 2018

SEOUL, Sept. 12 (Yonhap) -- Hyundai Motor Co. said Wednesday it aims to set up a special purpose company this year to push forward its hydrogen fueling station business.

South Korea's biggest carmaker by sales plans to invite corporate investors to take part in the SPC, tentatively named the Hydrogen Network, or HyNet, by Oct. 2 to raise 200 billion won (US$178 million), which is required to build 100 hydrogen fueling stations by 2022, the company said in a statement.

The state-run Korea Gas Corp. has already partnered with Hyundai to ensure a stable supply of hydrogen for the fueling stations, a company spokeswoman said.

Hyundai, an industry leader in hydrogen fuel cell vehicles, plans to set up the special company by December and operate it for 10 years.

Hyundai Motor's hydrogen fuel cell car (Yonhap)

kyongae.choi@yna.co.kr
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