News, 4 February 2025
Hyundai Motor Co. and Kolon Group have revealed a major partnership by establishing a “Hydrogen Vehicle Alliance,” aimed at bolstering their presence in the next-generation mobility market. Through the development of cutting-edge technologies, this partnership, characterized by Hyundai’s 20 billion won investment in Kolon Spaceworks, seeks to expedite the commercialization of hydrogen vehicles.
In July of the previous year, Kolon Spaceworks, a Kolon Group subsidiary, was established by merging the hydrogen mobility and composite material businesses of group affiliates. Recently, the company achieved a significant milestone by obtaining international certification for its self-developed 54-liter hydrogen fuel tank, highlighting its ability to produce high-pressure container products. This certification is crucial because it provides Kolon Spaceworks with the necessary sales qualification to compete in the global market.
Hyundai Motor Group and Kolon Group have formed a partnership to strategically merge Hyundai’s knowledge of smart mobility with Kolon’s cutting-edge material technology. Hyundai Motor Co. and Kia Corp. will together acquire 1,094,571 new shares issued by Kolon Spaceworks, with Hyundai buying 656,750 shares for 12 billion won and Kia purchasing 437,821 shares for 8 billion won. With this investment in a mobility composite material company, Hyundai Motor Group demonstrates its dedication to leading the way in sustainable mobility solutions.
Chung Eui-sun, the chairman of Hyundai Motor Group, has previously expressed the company’s vision for a hydrogen society, highlighting the use of hydrogen energy “for everyone, everything, everywhere. This vision is in line with South Korea’s national strategy to advance a hydrogen economy, targeting reductions in carbon emissions and improvements in energy security.
The partnership will concentrate on creating advanced technologies, including materials for hydrogen storage containers and enhancements to battery cover performance—key components for electric as well as hydrogen vehicles. These initiatives aim to hasten the market introduction of hydrogen vehicles by utilizing Kolon Spaceworks’ know-how in ultra-high heat-resistant and ultra-high durability materials designed for aerospace and defense uses.
Hyundai Motor Co. is planning to make aggressive investments this year, including a domestic investment of 24.3 trillion won, with half of that amount dedicated to electrification, next-generation hybrid systems, and the development of hydrogen products and core technologies. With this significant investment, Hyundai demonstrates its dedication to spearheading sustainable mobility and gearing up for the hydrogen age.
About Hyundai Motor
Hyundai Motors, officially known as Hyundai Motor Company, is a South Korean multinational automotive manufacturer headquartered in Seoul. Founded in 1967, Hyundai has grown to become one of the largest automobile manufacturers in the world, producing a wide range of vehicles including sedans, SUVs, and electric cars.
Hyundai is known for its commitment to quality, innovative technology, and design. The company has made significant investments in research and development, particularly in the areas of electric and hydrogen fuel cell vehicles, aligning with global trends toward sustainable transportation. The Hyundai Motor Group also includes Kia Motors and Genesis, its luxury vehicle division.
In addition to manufacturing vehicles, Hyundai has a global presence with production facilities in various countries and a strong focus on expanding its market share in emerging markets. The company has garnered numerous awards for safety, design, and customer satisfaction, positioning itself as a competitive player in the global automotive industry.
About Kolon Group
Kolon Group is a South Korean conglomerate founded in 1957, headquartered in the city of Seongnam, South Korea. Originally established as a textile manufacturer, Kolon has since diversified its business across various sectors, including chemicals, advanced materials, real estate, and biotechnology.
The group is known for its commitment to innovation and sustainability, continuously investing in research and development to enhance its product offerings. Kolon Materials, one of its subsidiaries, specializes in high-performance materials, particularly in the field of aramid fibers used in applications like safety gear and automotive components.
In addition to materials and chemicals, Kolon Group is actively involved in the pharmaceutical and medical industries, focusing on biopharmaceuticals and regenerative medicine, which demonstrates its efforts to contribute to the healthcare sector.
The company has a strong global presence, exporting products to numerous countries and establishing partnerships worldwide. With a focus on quality and technological advancement, Kolon Group has positioned itself as a key player in various industries while maintaining a commitment to corporate social responsibility.
