Impact Coatings and Hyundai Motor Company (“Hyundai”) have entered into a joint development agreement regarding cooperation in the development of coating technology for metal bipolar plates, a key component of hydrogen fuel cell electric vehicles.
In addition, the board of directors of Impact Coatings proposes a directed new share issue to Hyundai and Accendo Capital, and Hyundai nominates candidate to the Impact Coatings board, both subject to approval by an extraordinary general meeting of shareholders.
Torbjörn Sandberg, CEO of Impact Coatings:
“This joint development agreement brings together the world class PVD coating expertise of Impact Coatings with Hyundai’s automotive and fuel cell industry leadership. Together with Hyundai, we look forward to developing our next generation PVD coating solutions and to establishing a presence in the important and strategically located South Korean market.
Impact Coatings also welcomes Hyundai as a new shareholder. In Hyundai, the company gains an industrial owner that adds credibility, industrial know-how, and distribution channels that reach the rapidly evolving global markets for fuel cells and automotive technologies.”