Three Hyundai divisions are to develop what the company describes as the "world’s first hydrogen-powered construction equipment".
Hyundai Motors and Hyundai Mobis will design and manufacture hydrogen fuel cell systems and power packs, while Hyundai Construction Equipment will design and manufacture excavators and forklifts.
The firm is aiming to begin mass production and distribution of these products in 2023.
Hwang Jong-hyun, Hyundai Material Handling’s head of research and development, said: "With this latest agreement, we’ve prepared a foundation upon which we can secure core technology in hydrogen-powered construction equipment ahead of our competitors. Â
"Hyundai Construction Equipment will do its very best to meet the challenges that lie ahead as countries around the world attempt to establish global standards in terms of certifying the performance of equipment and legislating relevant laws for the commercialisation of hydrogen-powered construction equipment, and play a leading role in the market moving forward."
Image courtesy of Hyundai