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Hanwha Considering Entering U.S. Hydrogen Ecosystem After Nikola’s Successful Debut on Nasdaq

By June 8, 2020 3   min read  (450 words)

June 8, 2020 |

Hanwha Nikola

SEOULAccording to Senior Executive Kim Dong-kwan, who is leading the corresponding strategic initiative, Hanwha Group intends to make its first foray into the market for hydrogen fuel cell vehicles. In a statement, Hanwha said that its partnership with US start-up Nikola, which specializes in fuel cell and battery vehicles, was a great success, with the company’s share price closing at a record high on Tuesday, which increased its value to $12.2 billion. Its net profit in the first quarter of this year rose to about $750 million, compared with $500 million in the same period a year ago. According to Senior Executive Kim Dong-kwan, Hanwha Group is considering making its first foray into the market for hydrogen fuel cell vehicles.

In a statement, Hanwha said that its partnership with US start-up Nikola, which specializes in fuel cell and battery vehicles, was a great success, with the company’s share price closing at a record high last week on Nasdaq. In 2018, Hanwha Energy and Hanwha General Chemical Co. each invested US$50 million for a combined 6.13 percent stake in Nikola Motor.

Nikola’s market debut raised the value of the stake held by Hanwha Energy and Hanwha General Chemical to $750 million.

Hanwha officials said Nikola’s successful listing on the Nasdaq will help the company enter promising hydrogen businesses – related businesses, given the expansion of the solar and battery industries, according to Kim Dong-kwan. In addition to the technology and infrastructure developed by Bosch, Hanwha will also supply Nikola with hydrogen generated from green electricity at certain locations.

Hanwha Energy has the right to provide electricity generated by solar power to Nikola’s hydrogen charging stations, while Hanwha General Chemical has secured the right to manage Nikola’s hydrogen refueling stations.

For its part, Hanwha Q Cells, another Hanwha group unit, can provide solar modules to hydrogen charging stations and Hanwha Solutions can have the opportunity to supply tanks for hydrogen charging stations or trucks, according to Hanwha.

Hanwha is also exploring the possibility of better managing its hydrogen business in the U.S. as it has access to the U.S. hydrogen market and a large number of hydrogen stations, company spokesman D. S. Kang said. While Hanwha General Chemical has a joint venture with Nikola to manage the operation of the hydrogen charging station, Hanwhas Q-Cell will be responsible for the supply of solar panels for hydrogen stations, while other units in this group will provide hydrogen tanks for use in trucks

Hanwha is also exploring the possibility of better managing its hydrogen business in the U.S. as it has access to the U.S. hydrogen market and a large number of hydrogen stations, company spokesman D. S. Kang said.

 

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