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(LEAD) Hyundai to set up $100 mln hydrogen fund in China

All Headlines 11:15 October 29, 2018

(ATTN: CHANGES photo)

SEOUL, Oct. 29 (Yonhap) -- Hyundai Motor Co. has partnered with a Chinese institute to set up a US$100 million fund for local investments in hydrogen technologies and related industrial infrastructure, the company said Monday.

Hyundai Motor and the Beijing-Tsinghua Industrial R&D Institute have kicked off the Hydrogen Energy Fund, with venture capitalists from Asia, Europe and the United States expected to join as investors, South Korea's largest carmaker said in a statement.

"The fund, once fully set up, will be used in the infrastructure needed for the hydrogen industry and venture startups with core hydrogen technologies," the statement said.

Yield Capital, an investment organization under the Chinese institute, will be responsible for raising funds and managing them, it said.

Hyundai has expanded investments in hydrogen fuel-cell electric vehicles, such as Nexo, while expanding partnerships with global companies to gain a share in the next-generation car markets.

In this photo taken Oct. 29, 2018, Hwang Yun-seong (L), director of the Hyundai Motor Open Innovation Center, shakes hands with professor Zhu, deputy director of the Beijing-Tsinghua Industrial R&D Institute, after signing an MOU for partnership in Tsinghua University. (Yonhap)

kyongae.choi@yna.co.kr
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