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Hyundai doubles hydrogen use to reach carbon neutrality

In an industry dominated by ambitions to go fully electric using battery power, Hyundai (HYMTF) is choosing to go all-in on hydrogen. The South Korean company unveiled its ambition to own the entire hydrogen stack, from production to storage, transportation and utilization, at CES 2024 in Las Vegas. The aim is to first produce clean-burning fuel using animal waste and plastic. “We're going [toward] Martin Seilinger, head of commercial vehicle technology at Hyundai, told Yahoo Finance Live: “Renewable energy needs a buffer system because the sun doesn't shine at night. There can be snow and wind. ” he said. “We have to store the energy we produce, and we believe hydrogen can play a big role in that.”Hyundai joins companies including Toyota (TM) and General Motors (GM) , one of the few automakers to embrace hydrogen. Zeilinger announced the hydrogen fuel cell vehicle Nexo at CES in 2018 and currently claims the largest market share in this field, but he emphasized that the company's announcement is not just about cars. “We are talking about a hydrogen society,” he said. “Cars, trucks, buses and mobility are going to be among the things that take away that hydrogen. Another thing that could be considered is low-carbon or zero-carbon steel production and other opportunities.” Allied Market data According to the report, the global hydrogen fuel cell vehicle market is expected to grow by more than 40% over the next decade to $57.9 billion. Research: Hydrogen cars use fuel cells to convert hydrogen gas into electricity. While battery electric cars take hours to fully charge without a fast charger, fuel cell cars can be fully charged in minutes, similar to refueling a gasoline car. Automakers tout convenience as a key benefit of the technology, but a lack of infrastructure has slowed hydrogen adoption, with just 65 existing charging stations in North America, according to the Department of Energy. There are only places. The pressure and low temperatures required to store and transport hydrogen also make the fuel more expensive, and Hyundai said hydrogen fuel will now play a “key role” in its “sustainability roadmap.” . The company plans to ferment organic waste such as food and livestock waste to produce biogas, and for plastic waste that cannot be recycled, it plans to melt the plastic and remove unnecessary elements to produce hydrogen. The company aims to reduce the number of items by 3 million. Hyundai said in a statement that it will play a role in the Biden administration's hydrogen hub plan. “U.S. President Biden has approved the creation of more than $7 billion in regional hydrogen hubs, funded through the bipartisan Infrastructure Act. This program will strengthen green hydrogen producers and expand capital-intensive sectors. It aims to encourage private investment.As volumes increase, “costs will come down due to scale effects, more modern production sites, manufacturing sites, materials, etc. “Government grants will be very helpful at this early stage,” said Zeilinger. More coverage from CES 2024: Qualcomm CEO: Generative AI in smartphones could 'create a new upgrade cycle' Nvidia unveils RTX 40 Super chip to boost gaming and AI efforts at CES 2024 AMD to AI at CES 2024 Microsoft unveils focused Ryzen 8000G desktop chips Microsoft adds AI button to PC keyboard, first big change in 30 years From AI to flying cars, here's what you can expect at CES 2024 Akiko Fujita, Yahoo I am an anchor and reporter for Finance. Follow her on Twitter @AkikoFujita.