French automotive component maker Plastic Omnium to launch hydrogen car business in South Korea, Auto News, ET Auto
The French global manufacturer of automotive components ‘Plastic Omnium’ has decided to invest $ 35 million (around 41 billion won) in Korea to build a factory for hydrogen fuel tanks for vehicles.
KOTRA announced on the 5th that it had held an investment declaration ceremony in Glasgow, UK. In the presence of Minister of Commerce Yeo Han-koo, Jang Sang-hyun, CEO of KOTRA Invest Korea, and Laurent Fabre, CEO of Plastic Omnium, signed the investment. Contract.
Plastic Omnium is a global manufacturer of automotive components headquartered in Paris, France, and has entered 25 countries. It is the world’s largest company of large plastic components such as fuel tanks and bumpers.
According to a hydrogen market research company, H2 Research, the global hydrogen vehicle market has grown 58.6% per year since last year and is expected to reach 1.05 million units per year in 2030.
The hydrogen vehicle fuel tank is a key part of carbon fiber hydrogen vehicles. Plastic Omnium signed an annual contract for the supply of hydrogen tanks with Hyundai Motor in August.
“It is expected to create new jobs and revitalize the local economy by attracting investment in high-tech materials, parts and equipment, in line with the Korean government’s Green New Deal policy,” Jang Sang-hyun said, CEO of KOTRA Invest Korea. “We will do our best for the success of the investment project.”