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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor will join hands with Mubadala, one of the three largest sovereign wealth funds in the United Arab Emirates (UAE), to cooperate in the future mobility supply chain.
Hyundai Motors signed a Memorandum of Understanding (MOU) with Mubadala, a sovereign wealth fund, at the Mubadala Tower in Abu Dhabi, UAE on the 15th (local time) to accelerate eco-friendly conversion and future new businesses.
Mubadala is a state-run investment company founded in 2002 by Abu Dhabi and is currently expanding investment in eco-friendly and high-tech sectors.
The two companies plan to form an alliance in establishing a supply chain for future mobility through this agreement. In particular, the government will push for business cooperation in △ hydrogen △ green aluminum △ eco-friendly mobility △ future air mobility (AAM) sector and capital cooperation to strengthen Hyundai Motor's digital financial capabilities.
In the field of green aluminum, the government will cooperate in projects on technology to produce and recycle green aluminum using eco-friendly energy. Hyundai Motor is introducing aluminum instead of conventional steel in electric vehicle manufacturing. The new Ulsan electric vehicle plant, which Hyundai Motor is building, is also centered on aluminum-oriented production hubs. Mubadala is one of the major shareholders of Global Aluminum (EGA), a leading global aluminum company. In particular, EGA is increasing cooperation with the automotive industry by supplying solar-powered aluminum to global automakers such as BMW.
In the field of hydrogen, the company will conduct a resource-circulating hydrogen business that makes hydrogen from organic waste and cooperation in the production of green steel that uses hydrogen to make steel.
In the field of eco-friendly mobility, the company also promised to build electric vehicle charging infrastructure in Spain's Iberian Peninsula, create a hydrogen ecosystem, supply hydrogen commercial vehicles, and jointly develop renewable synthetic fuels.
In the AAM field, we will explore ways to utilize the capabilities of the two companies, focusing on AAM operation and airspace integration, eco-friendly energy and AAM-related systems.
In addition, Hyundai Motor plans to explore various investment opportunities with Mubarak to strengthen its digital financial capabilities such as FinTech.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
