South Korean auto giant Hyundai Motor Group has formed an alliance with the country's battery-making SK Group to help speed up the hydrogen economy.
Hyundai Motor Group chairman Chung Eui-sun met with SK Group Chairman Chey Tae-won on Tuesday at the third Hydrogen Council meeting presided over by the Prime Minister.
They will foster various business models to expand the supply of eco-friendly hydrogen-powered electric cars and fuel cells.
This comes after the two executives met last July to discuss electric car battery cooperation.
In addition, five local conglomerates including Hyundai, SK and steel giant POSCO announced that they are to collectively invest around 38 billion U.S. dollars into nurturing the hydrogen economy.