SEOUL, June 26 (Xinhua) -- South Korea's biggest automaker Hyundai Motor Company said Wednesday that it signed a memorandum of understanding (MoU) with Saudi Arabian Oil Company (Saudi Aramco) to cooperate in hydrogen and nonmetallic materials technologies.
Under the MoU, Hyundai Motor and Saudi Aramco will accelerate the expansion of a hydrogen ecosystem in both South Korean and Saudi Arabian markets, exploring the use of advanced nonmetallic materials in various fields such as the automotive industry, the South Korean company said in a statement.
In addition to collaborating on hydrogen supply and the deployment of hydrogen refueling stations in South Korea, the two companies will grow awareness of Hyundai's hydrogen fuel cell vehicles in Saudi Arabia.
The companies will also team up to expand the adoption of nonmetallic materials across a wide range of applications, including the use of carbon fiber and carbon fiber-reinforced plastic.
"The collaboration of Hyundai Motor and Saudi Aramco will accelerate progress toward a hydrogen society by expanding access to a robust hydrogen infrastructure and fuel-cell electric vehicles," Chung Euisun, executive vice chairman of Hyundai Motor, said.
"Both businesses are leaders in the hydrogen value-chain, and our collaboration will support global action for a better, more sustainable future, while exploring future automotive businesses and technologies," Chung said.
