Hyundai Breaks Ground on $660M Hydrogen Fuel Cell Plant in Ulsan

Hyundai Motor has initiated construction of a new hydrogen fuel cell and polymer electrolyte membrane (PEM) electrolyzer production plant in Ulsan, South Korea, with a KRW 930 billion (approximately $660 million) investment. The facility, built on the site of a former internal combustion engine transmission factory, is scheduled to begin operations in 2027 with an annual production capacity of 30,000 fuel cell units for passenger vehicles, commercial trucks, buses, construction machinery, and ships, under the Hyundai HTWO hydrogen brand. This strategic move reflects Hyundai's shift toward future mobility and advancing the hydrogen economy, aiming to strengthen South Korea's leadership in the global hydrogen industry. The plant will incorporate advanced technologies such as robotics and monitoring systems to enhance operational efficiency and safety, and Hyundai has achieved around 90% localization of electrolyzer components. Hyundai also demonstrated its hydrogen expertise with a 1 MW containerized electrolyzer system currently in operation and plans to expand capacity alongside growing global demand. The groundbreaking ceremony was attended by Hyundai executives, government officials, and Ivana Jemelkova, CEO of the World Hydrogen Council, highlighting the international significance of the project, and Hyundai signed a memorandum of understanding with KGM Commercial for future fuel cell supply.