SEOUL, February 25, 2022 – Hyundai Motor Company and Shell plc (Shell) are embarking on a new strategic collaboration to explore ways to offer lower carbon emissions products and services and to reduce emissions across their operations.
Jaehoon Chang, President and CEO of Hyundai Motor Company, and Huibert Vigeveno, Shell’s Downstream Director, signed a Memorandum of Understanding (MOU) in a ceremony held at Hyundai Motor America headquarters in Fountain Valley, California.
The MOU builds on a strong foundation of several years of collaboration and will draw on the companies’ expertise in electric vehicle (EV) charging, hydrogen, low carbon energy solutions and digital technology as potential opportunities for both companies to reduce carbon emissions.
“Through this collaboration, we see ample opportunities for the transformation of our respective businesses and have identified promising synergies that will allow Hyundai Motor and Shell to thrive during the transition to future mobility and clean energy solutions,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Through our joint endeavors, we will pursue strategic alliance initiatives designed to achieve common goals, such as carbon neutrality.”
Huibert Vigeveno, Shell’s Downstream Director added “Strategic collaborations like this will be fundamental in the world’s transition to cleaner energy. To succeed we will have to break into new growth markets and work at a scale we have not seen before. Today’s agreement is the latest example of how we work with our customers to help accelerate their carbon emission reduction plans”.
Areas of focus for the two companies will include:
• The selection of Shell Recharge Solutions as the Charge Point Operator (CPO) and Mobility Service Provider (MSP) for premium brand, Genesis. Genesis drivers will be able to charge on-the-go, at home and at destinations with Shell. Initially focusing on the UK, Germany and Switzerland, the ambition is to grow the partnership throughout Europe. Through this partnership, Genesis expects to meet its EV owner’s needs seamlessly through the service, supporting its ambition for all new car models to be zero emissions by 2025 and 100% of the line up by 2030. Shell also looks forward to consolidating its position as the leading charging provider.
• Pursuing combined EV network and service offerings in key markets including the US, Europe and Asia.
• Providing integrated hydrogen solutions, where Hyundai Motor could provide fuel cell trucks and Shell offers hydrogen infrastructure for targeted fleet customers.
• Continuing Hyundai’s participation in Shell’s project to expand California’s hydrogen infrastructure to meet increasing consumer demand for fueling options for vehicles like the NEXO SUV.
• Exploring opportunities to supply Shell renewable energy at Hyundai’s business facilities and global plants to help Hyundai meet its RE100 targets for renewable electricity.
• Pursue digital projects using Shell’s experience of in-car services, which may include vehicle management, and smart maintenance.