Hyundai Motor Group has signed an agreement with major Korean, Chinese mainland, Hong Kong as well as French companies so as to develop a full-fledged hydrogen ecosystem in Hong Kong.
The governments of Korea and Hong Kong executed an intergovernmental Memorandum of Understanding – MoU to bolster hydrogen policy cooperation along with business partnerships at the International Hydrogen Development Symposium 2026, held in Hong Kong from May 18 to 20, 2026. After this partnership with the government, the Group disclosed the plan to move forward with the Hong Kong hydrogen ecosystem project and entered into an MoU with prominent Hong Kong-based and global companies.
The Korea-Hong Kong corporate MoU provides an outline for collaboration to drive the development of the hydrogen market in Hong Kong and to position the city as a strategic hub for the hydrogen business expansion of the group within the Asia-Pacific region.
The contract was executed by Seung Kyu Shin, Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group; Cheng Don H.K., Chief Operating Officer – Hong Kong Business at The Hong Kong and China Gas Company Limited; Yu Taek Seo, Vice President at Hyundai Engineering & Construction Co., Ltd.; Norman Cheng, Chief Operating Officer of Veolia Hong Kong Holding Ltd.; In Gu Park, Chief Executive Officer of JEA ENG., Co., Ltd.; Zhang Jian, Chairman of China Inspection Company., Ltd.; Wu Pinfang, Chairman of Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.; Alfred Wong, Partner at Templewater Limited; Ir William Luk, Deputy Chief Executive Officer of Chun Wo Construction and Engineering Company Limited; and Calvin Wong, Chief Executive Officer of Chun Wo Bus Services Limited.
The signing event was attended by officials from Hong Kong, which included Diane Wong, the acting secretary for environment and ecology of the HKSAR, Poon Kwok Ying, director of electrical and mechanical services of the HKSAR, Alpha Lau, director-general of investment promotion of Invest Hong Kong as well as Jeong Eui Kyung, deputy minister of Land, Infrastructure and Transport of Korea.
This initiative provides a strategic background and a practical execution plan and Korea–Hong Kong corporate partnerships for the hydrogen ecosystem project of Hong Kong, hence strengthening business momentum for the global hydrogen vision of the group.
According to the Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group, Seung Kyu Shin, “Today’s multi-party signing is both a landmark moment for Hong Kong’s green economy and a clear signal that the city’s hydrogen ecosystem is gaining real traction. Over the past three years, InvestHK has helped leading hydrogen enterprises establish themselves in Hong Kong, several of which have since listed on the Hong Kong Stock Exchange, raising over HK$2.5 billion in total. For businesses with global green ambitions, Hong Kong is where business growth takes shape.”
The group is also exhibiting at the symposium, which is being organised at the Hong Kong Convention and Exhibition Centre from 18 to 20 May 2026.
At the exhibition, the group is launching its hydrogen brand and business platform, HTWO, as well as laying out its plans for developing the hydrogen ecosystem of Hong Kong. It is also demonstrating its W2H technologies and global initiatives as well as a fuel cell system developed at HTWO Guangzhou, which, apparently, is the group’s first overseas fuel cell system facility that supports many applications. All of the above underline the group’s integrated capabilities throughout the entire hydrogen value chain beyond mobility.
The group combines associated capabilities with HTWO in order to provide end-to-end hydrogen solutions throughout the full hydrogen value chain from production to storage and transport and refuelling to use. HTWO is an open collaboration, partnership and investment platform and symbolises the group’s ongoing commitment to accelerate practical energy along with hydrogen solutions globally through partnerships with governments and industry as well as innovators.
Why Is Hyundai Motor Group Developing a Hydrogen Ecosystem in Hong Kong?
Hyundai Motor Group is utilising its comprehensive hydrogen expertise in order to contribute to the Climate Action Plan 2050 by the Hong Kong government, which aims for carbon neutrality by 2050. After the city launched its Hydrogen Roadmap in 2024 and rolled out subsidies for hydrogen vehicles and refuelling infrastructure via the New Energy Transport Fund, Hong Kong was seen as a market having huge potential by the group. Like Korea, Hong Kong’s energy is also heavily dependent on imported energy, and it also has structural constraints in renewable energy generation, and clean hydrogen is an important viable option.
Since then, the group has been proactively interacting with local stakeholders, exchanging its experience on waste-to-Hydrogen – W2H ecosystems at the inaugural symposium in 2025 and introducing Korea’s hydrogen policies at the 2025 APEC workshop in Hong Kong.
With its position as a global leader in hydrogen technologies and fuel cell system manufacturing, which includes operations at HTWO Guangzhou, the Group is well positioned to contribute to the clean energy transition in Hong Kong.
What is the Hydrogen Ecosystem Project all about?
The Group’s strategy is designed for the specific environment and economic drivers of Hong Kong. The key initiatives are:
Use of abundant and underutilised landfill gas LFG resources in Hong Kong for low-carbon hydrogen production.
Introduction of locally produced hydrogen fuel cell buses, including tour and airport shuttle buses, in order to serve the city’s vibrant tourism industry that brings almost 50 million visitors every year and relies on extensive long-haul transit operations.
Develop and operate hydrogen refuelling stations HRS so as to serve operations at high-traffic locations.
HTWO Guangzhou will provide fuel cell systems when it comes to the production as well as the deployment of hydrogen commercial vehicles tailored to local requirements.
So, what’s next?
The MoU sets out a framework for practical cooperation, and the Group and its partners will step up the pace of project execution. The short-term focus will be on the development of the W2H manufacturing plants and the initial hydrogen refuelling infrastructure, with a target for a comprehensive and self-sustaining hydrogen ecosystem of Hong Kong to be fully functional by the end of 2030. The project site will be verified by 2027, and the design of the facility is planned to start.
At the same time, the group is further developing its global hydrogen efforts. In Korea, it began operating HTWO Energy Cheongju, which generates clean hydrogen from sewage sludge, in 2026, and in Indonesia, it is implementing a landfill-based W2H ecosystem business in cooperation with the government of Indonesia as well as Pertamina, which is the Indonesian state-owned energy company.