Hyundai Mobis has invested $1.1 billion (£809m) to build two fuel cell plants in Korea to accelerate the hydrogen economy.

The plants will produce 100,000 hydrogen fuel cells every year once operational and are expected to begin production in 2023.

The hydrogen plants will add to Hyundai Mobis’ Chungju plant that it bought in 2018 and currently produces 23,000 hydrogen cell systems per year.

Sung Hwan Cho, President, said: “Despite uncertainties including COVID-19, we have decided to make this large-scale investment to secure the market-leading competitiveness in the global fuel cell industry.

“We will continue to invest more in facilities and strengthen our R&D capability for the development of the hydrogen industry and expand the ecosystem.”