(Yicai) Nov. 26 -- South Korean auto giant Hyundai Motor, China's Guangzhou, and South Korea's Ulsan have reportedly signed a non-binding agreement to create an effective hydrogen energy cooperation mechanism to promote the development of the hydrogen supply chain in the two cities.

Hyundai Motor, Guangzhou, and Ulsan will co-host hydrogen energy exchanges and seminars, share valuable examples from the hydrogen industry, and discuss cooperation plans, Guangzhou Daily reported today, citing a deal the three inked in the southern Chinese city yesterday.

Focusing on the whole cycle of hydrogen production, circulation, and utilization, Hyundai Motor, Guangzhou, and Ulsan will jointly seek demonstration projects in the hydrogen sector, the report said. They will also carry out joint research and development projects to enhance the competitiveness of hydrogen technologies.

Hyundai Motor will fully leverage this cooperation framework to support hydrogen projects fostered by Guangzhou and Ulsan and further consolidate the cities' leading positions as leaders in the hydrogen industry, according to the report.

The three parties will establish a joint work mechanism to conduct regular interfacing and jointly promote the implementation of substantive cooperation results. Ulsan also plans to implement a variety of hydrogen mobility modes in Guangzhou.

China is of great importance as it will become the world's largest hydrogen fuel cell vehicle market, said Jang Jae-hoon, chief executive of Hyundai Motor. Guangzhou is the firm's first and only overseas R&D and production base for hydrogen fuel cells, he added.

To take the lead in China's hydrogen market and accelerate the globalization of its hydrogen business, Hyundai Motor put its first overseas hydrogen fuel cell production base, HTWO Guangzhou, into operation in Huangpu district last year.

HTWO Guangzhou has developed nearly 500 sets of hydrogen fuel cells installed in various models, including four-and-a-half-ton fuel cell logistics and sanitation vehicles. Hyundai Motor also plans to provide more than 1,000 hydrogen fuel cells by next year, further consolidating its leading position in the hydrogen industry in China's Guangdong province.

Editor: Martin Kadiev