Hyundai wants hydrogen fuel cell versions of all its commercial vehicle models by 2028

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3 years ago

September 8, 2021

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The Hyundai Xcient Fuel Cell truck on display during the 3rd China International Import Expo (CIIE) at the National Exhibition and Convention Center on November 5, 2020 in Shanghai, China.

Zhang Hengwei | China News Service | Getty Images

The Hyundai Motor Group plans to develop hydrogen fuel cell versions of all its commercial vehicle models by the year 2028, with the firm also looking to introduce a “next generation fuel-cell system” in 2023.

In an announcement Tuesday, the South Korean automotive giant said its goal was to “achieve a fuel cell vehicle price point comparable to a battery electric vehicle by 2030.” This ambition applies to both passenger cars and commercial vehicles.

The Seoul-headquartered group has decades of experience in the sector, having developed its first fuel-cell electric vehicle in 1998. More recently, it launched the XCIENT Fuel Cell, a heavy-duty truck, in 2020. A fuel-cell SUV, the NEXO, was launched in 2018.

On the fuel-cell front, Hyundai said its next generation system would come in 100 kilowatt and 200 kilowatt versions “with costs being lowered by more than 50%, total package volume reduced by 30% and power output doubled.”

Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport. Fuel cells harness the chemical energy of hydrogen to generate electricity, which then powers the vehicle.

While there is a lot of talk about the potential of hydrogen fuel cell vehicles, there are also a number of hurdles the technology needs to overcome if they are to develop into a mainstream option for drivers.

The U.S. government, for example, has cited a number of challenges. These range from the durability and reliability of fuel cells to vehicle cost. “The current infrastructure for producing and getting hydrogen to consumers cannot yet support the widespread adoption of FCVs,” it adds.

Despite the above, Hyundai is one of several large companies looking to develop hydrogen fuel cell offerings for road transport.

In June, the BMW Group said it had started to test vehicles that use a hydrogen fuel cell drivetrain. It described hydrogen fuel cell tech as having the “long term potential to supplement internal combustion engines, plug-in hybrid systems and battery-electric vehicles.”

The same month saw Jaguar Land Rover announce it was working on the prototype of a hydrogen fuel cell electric vehicle.

The company, which is owned by Tata Motors, said fuel cell electric vehicles were “complimentary to battery electric vehicles … on the journey to net zero vehicle emissions.”

Other businesses to have dipped into the hydrogen fuel cell market include Toyota and Honda, while smaller firms such as Riversimple are also working on hydrogen-powered cars.

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

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3 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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This ‘supercharger on wheels’ brings fast charging to you [update]

Published

5 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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Marqeta shares plunge more than 30% on big forecast miss

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5 hours ago

November 4, 2024

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Marqeta shares plunge more than 30% on big forecast miss

Marqeta celebrates its initial public offering at the Nasdaq on June 9, 2021.

Source: The Nasdaq

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Loss per share: 6 cents adjusted vs. a loss of 5 cents expected
Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of more than 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders such as Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”