Hyundai joins UAE's sovereign wealth fund
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Seoul: Hyundai Motor, South Korea's top carmaker, said on Sunday it will join hands with the United Arab Emirates' sovereign wealth fund as part of efforts to strengthen its presence in the eco-friendly and future mobility market.
Under the memorandum of understanding, Hyundai Motor and Mubadala Investment Co. will cooperate in the fields of hydrogen, green aluminum, eco-friendly mobility and advanced air mobility (AAM).
The two sides will work together to expand Hyundai's resource-recycling hydrogen production business, which refers to a method of producing clean hydrogen using biogas from organic waste, and green steel production business, where hydrogen is used to make steel, reports Yonhap news agency.
In the eco-friendly mobility area, they will partner up to create electric vehicle charging infrastructure on the Iberian Peninsula in southwestern Europe, and for supply of hydrogen vehicles and the development of electricity-based fuel.
