Hyundai Motor Signs Multilateral MoU to Establish Hydrogen Mobility Ecosystem in Czech Republic

• · Public and private bodies from Korea and the Czech Republic agree to explore the potential for hydrogen power in the Central European country
• · Hyundai Motor to cooperate in establishing a hydrogen ecosystem in the Czech Republic, throughout the entire cycle of hydrogen energy, including production, distribution and application
• · Under the MoU, Hyundai will support Czech firms to develop hydrogen mobility by supplying hydrogen fuel cell systems and technologies related to it

SEOUL/PRAGUE, June 29, 2022 - Hyundai Motor Company announced today that it has signed a multilateral memorandum of understanding (MoU) with public and private parties from Korea and the Czech Republic to support establishing a hydrogen mobility ecosystem in the Central European country.

At the signing ceremony, Hyundai Motor was joined by the Czech hydrogen association, Hydrogen Technology Platform (HYTEP); Korea's public-private consultative body for hydrogen, H2KOREA; and other companies from Korea and the Czech Republic, including Hyundai Glovis Co., Zebra Group and ORLEN Unipetrol of the Czech Republic as well as Spolchemie. The signing ceremony was also attended by ministry officials from Korea and the Czech Republic.

The agreement reflects the parties' shared view that hydrogen will play a vital role in the paradigm shift to an eco-friendly, reliable and economically viable energy source. As part of the multilateral agreement, Hyundai Motor will support the supply and development of fuel cell systems, driving information exchange on the hydrogen industry, establishing a hydrogen distribution and charging infrastructure, and developing and demonstrating hydrogen production technologies.

The MoU is expected to help accelerate the establishment of a hydrogen ecosystem in the Central European country by leading the collaboration on the hydrogen industry's whole process and value chain. The proof of concept (PoC) operation of hydrogen fuel cell commercial vehicles in the Czech Republic is expected to help gauge the demand and feasibility of hydrogen mobility businesses in the country as well.

Hyundai Motor will also help establish the infrastructure to expand the supply of hydrogen energy and mobility in the Czech Republic. The company will share its expertise and insights from building and operating hydrogen refueling stations in Korea and support technologies related to the stations in collaboration with H2KOREA.

The associations and companies participating in the MoU agreed to conduct joint feasibility studies for a co-development of technologies and demonstration projects for hydrogen production using low-carbon energy sources.

Hyundai Glovis will support logistics, including hydrogen distribution between hydrogen suppliers and refueling stations and transportation of hydrogen commercial vehicle parts and assembly equipment.

The Czech Republic is accelerating the transition to eco-friendly mobility as the automotive industry is a national core business. The country introduced the National Action Plan for Clean Mobility in 2020. Through this initiative, the country aims to introduce as many as 50,000 hydrogen fuel cell vehicles by 2030 as part of the government's plan to foster a hydrogen industry as part of a longer-term roadmap throughout 2050.

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About Hyundai Motor Company

Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision 'Progress for Humanity,' Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Urban Air Mobility (UAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.

More information about Hyundai Motor and its products can be found at:

http://worldwide.hyundai.com or http://globalpr.hyundai.com

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