Hyundai Motor, HD KSOE Sign Deal to Develop Maritime Fuel Cell System; HD KSOE Shares Add 3%

MT Newswires Live12-03

Hyundai Motor (KRX:005380) and HD Korea Shipbuilding & Offshore Engineering (KRX:009540) signed a memorandum of understanding to co-develop a maritime fuel cell system, the automaker said in a Wednesday release.

The two firms will work together with Pusan National University to develop and integrate key technologies for liquefied hydrogen carriers, it said.

Under the deal, the consortium will build and test a maritime fuel cell system for mid- to large-size liquefied hydrogen carriers. Hyundai Motor will develop a marine-optimized fuel cell, HD Korea Shipbuilding will design a hybrid propulsion system combining a hydrogen dual-fuel engine and the fuel cell, and PNU will handle system testing and evaluation.

Shares of Hyundai Motor rose nearly 1% while those of HD Korea Shipbuilding increased nearly 3% in Wednesday morning trade.

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