South Korea’s top automaker Hyundai Motor is set to invest $744 million in a hydrogen ecosystem in India as part of the effort to take a lead in the country’s transition to zero-emission vehicles, according to reports.
The automaker will work with the Indian Institute of Technology in Madras to develop hydrogen-related technologies for the local market and work on plans to launch battery-powered versions of its Creta small SUV this year.
The Indian’s subsidiary’s MD & CEO, Kim Unsoo, said the investment goes beyond “mere investment” and intends to be “a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future.”
Hyundai Motor India, a wholly owned subsidiary of the car manufacturer, said on Monday it signed a financing agreement of $743.8 million on a dedicated hydrogen resource centre in the state of Tamil Nadu.
The spending plan joins the automaker’s previous plans announced in May last year to invest 200 billion rupees to expand its electric vehicle business in one of the world’s fastest-growing eco-friendly car markets.
Hyundai stated that it aims to develop India as a global hydrogen hub while making the eco-friendly energy source more available in the world’s most populous country. The automaker plans to cooperate with the Indian Institute Of Technology-Madras in Chennai, dubbed the Detroit of Asia.
