South Korea’s Hyundai Heavy Industries Group (HD Hyundai) with dominance in shipbuilding, robotics, and rolling stock businesses, will establish a separate fuel cell business as future power for maritime and ground logistics.
The shipbuilding giant has embarked on recruiting necessary labor force in solid oxide fuel cell (SOFC) after its holding entity HD Hyundai formed a taskforce team to localize the SOFC technology early this year, according to industry sources on Monday.
A SOFC is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. Using a solid oxide material as the electrolyte, it has emerged as a highly efficient solution for propulsion of eco-friendly vessels and power generation.
HD Hyundai is planning to spin off the fuel cell division for full takeoff. Founding members will be given separate incentives.
HD Hyundai shares closed 1.5 percent higher at 60,900 won ($44.31) in Seoul trading on Tuesday.
Source: Pulse
