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Hyundai Motor is taking over Hyundai Mobis's fuel cell business via an acquisition deal. The automaker is said to have bought the asset as part of its strategy to merge its fuel cell business capability.
Hyundai Mobis confirmed on Friday, Feb. 16, that it has signed a contract to transfer its fuel cell-related facilities and assets in South Korea to Hyundau Motor. As per The Korea Times, the personnel are also included in the transfer.
Aim of the Deal
Hyundai Motor shared that the primary purpose of the acquisition is to combine its research and development (R&D) capabilities in hydrogen, which it projects to become a core green energy source in the future.
"This acquisition aims to accelerate the establishment of the fuel cell ecosystem by securing fuel cell technology competitiveness and improving production quality," the Hyundai Motor Group said in a statement. "We will build an integrated structure where R&D and production can be smoothly linked and consequently create synergy."
Financial Terms of the Acquisition
The Korea Economic Daily reported that Hyundai Motor is paying $164 million or KRW217.8 billion to take over Hyundai Mobis' domestic hydrogen business. This amount was also indicated in the vehicle manufacturer's most recent regulatory filing.
The agreement between Hyundai Motor Group and Hyundai Mobis was signed and approved by their respective boards of directors on Friday. The companies are expecting the transactions to be completed by the end of May 2024.
"Through this acquisition, we will contribute to the expansion of hydrogen-electric car distribution by improving the performance, durability, and production quality of hydrogen fuel cells," the automaker said. "We will continue our efforts to diversify our business in non-vehicle sectors such as power generation, trams, ships and advanced air mobility."
Photo by: Mpho Mojapelo/Unsplash
