November 25, 2024

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Chang Jae-hoon (left), president and CEO of Hyundai Motor Co., and Waleed Al Mokarrab Al Muhairi, the deputy group CEO of the Investment Committee at Mubadala Development Co., pose for a photo at the signing ceremony held in Abu Dhabi's Mubadala Tower on Friday. (Hyundai Motor Group)

Hyundai Motor Co. and Mubadala Investment Co., the United Arab Emirates sovereign wealth fund, have entered into a partnership set to advance projects in hydrogen energy, green aluminum production, eco-friendly mobility solutions, and advanced air mobility.

This agreement was sealed at a signing ceremony in Abu Dhabi's Mubadala Tower on Friday, with Chang Jae-hoon, president and co-CEO of Hyundai Motor, and Waleed Al Mokarrab Al Muhairi, the deputy group CEO of the Investment Committee at Mubadala Development Co., in attendance.

The move aligns with Mubadala's green portfolio expansion, comparable to the similar efforts of other major UAE funds like the Abu Dhabi Investment Authority and Investment Corporation of Dubai.

The partnership will focus on hydrogen energy, particularly producing hydrogen from organic waste and using hydrogen in steel production. In green aluminum production, the collaboration aims to manage the full lifecycle of aluminum, from production to recycling, using renewable energy sources.

In the field of eco-friendly mobility, the agreement includes establishing electric vehicle charging stations in the Iberian Peninsula, creating a hydrogen ecosystem, providing hydrogen-fueled commercial vehicles, and developing e-fuels synthesized from renewable resources like biomass or renewable electricity.

"This memorandum of understanding opens doors for synergies between our eco-focused strategies and Mubadala's diverse investment landscape,” said Hyundai Motor CEO Chang.

The partnership also extends to advanced air mobility, integrating new, environmentally friendly transportation technologies into the airspace. It envisions a network of electric-powered, automated aircraft zipping people and cargo around cities, suburbs, and even rural areas.

The partnership will explore enhancing Hyundai's digital financial capabilities, including fintech solutions.

"We're excited about this partnership that will diversify our investments in future-driven sectors like green tech and mobility,” said Mubadala Deputy Group CEO Al Muhairi.

By Moon Joon-hyun (mjh@heraldcorp.com)