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BUSINESS

Hyosung joins US-based Bakken Energy as strategic investor

03/11/2022 02:15 PM

KUALA LUMPUR, Nov 3 (Bernama) -- Hyosung Corp, a South Korean leader in hydrogen development, has joined Bakken Energy, an innovative clean hydrogen company in the United States (US), as a strategic investor.

Bakken Energy chief executive officer Mike Hopkins said the addition of Hyosung to its investor group is a great fit, supporting its path to becoming the largest and lowest cost producer of clean hydrogen in the US.

According to Bakken Energy founder and chairman Steve Lebow, South Korea is a leader in bringing hydrogen into the mainstream of its mobility market and Hyosung is a big reason for that.

“With Hyosung on our team Bakken Energy is stronger than ever, and we could not be happier,” he said in a statement. 

Meanwhile, Hyosung chairman Hyun-joon Cho said the Korean conglomerate believes hydrogen is critical to the decarbonisation of heavy industrial sectors and it is committed to activating the hydrogen economy through investment in innovators like Bakken Energy.

Hyosung has recently become known for advancing technologies related to hydrogen vehicles, such as carbon fibre for fuel tanks and hydrogen charging stations.

Founded in 1966, Hyosung operates in various fields, including the chemical industry, industrial machinery, information technology, trade, and construction. 

Last month, Bakken Energy inked memoranda of understanding with Cummins Inc and Schneider National Carriers Inc to work together on the design of the Heartland Hydrogen Hub in the US to serve the needs of long-haul trucking.

-- BERNAMA


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