Hyundai Motor and Abu Dhabi's Mubadala Collaborate for CleanTech and Future Mobility Technologies

• Hyundai Motor Company and Mubadala Investment Company to explore collaboration on future mobility and cutting-edge technologies, including the hydrogen value chain and production
• The two entities will also explore potential investment opportunities

South Korea's Hyundai Motor Company and UAE -based Mubadala Investment Company “Mubadala”, a global sovereign investor, have signed a memorandum of understanding (MOU) to jointly explore potential business opportunities and synergies for future mobility and technologies.

The signing ceremony, which took place in Abu Dhabi, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company, and Waleed Al Mokarrab Al Muhairi, Deputy Group Chief Executive Officer of Mubadala Investment Company. This marks the beginning of a strategic collaboration that will drive progress in future mobility and clean technologies.

The agreement will allow both parties to jointly invest and share expertise, leveraging the advantages of Mubadala's investments and Hyundai Motor's expertise in various fields, including green steel production, green aluminum production and recycling, as well as advanced air mobility (AAM), and infrastructure for electric vehicles.

Additionally, Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.

“This collaboration capitalizes on the organic synergy between Hyundai Motor's eco-friendly and futuristic business strategies, including hydrogen, green steel, green aluminum as well as future mobility technologies, and Mubadala's investment portfolio,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Hyundai Motor will continue to pursue diverse partnerships to achieve a sustainable future and contribute to the global energy transition.”

To recall, in August this year Hyundai announced that it aims to develop technology to produce clean hydrogen from food waste as the world’s third-largest automaker aims to cement its global dominance in the fuel cell electric vehicle sector.

Commenting on this agreement, Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala Investment Company, said: “This strategic partnership with Hyundai Motor Company marks a significant milestone in our journey to further diversify our portfolio across sectors that are shaping the future of the global economy such as mobility, green technology, and energy. Through our combined strengths and expertise, we will surface new investment opportunities that are in line with our strategic growth ambitions and sustainability agendas. We look forward to collaborating with Hyundai Motor Company and expanding our presence in South Korea.”

Vedanta Aluminium Dispatches First Supply of India’s 1st Ever Low-Carbon Green Aluminium To Telangana's Global Aluminium

With an order of 300 metric tons of "Restora Billets", Telangana's Global Aluminium is the first Indian customer for Vedanta Aluminium’s low-carbon product range

Vedanta Aluminium, India’s largest producer of aluminium, has dispatched its first domestic supply of Restora, the nation’s first-ever low-carbon ‘green’ aluminium, to Global Aluminium Pvt Ltd, a leading aluminium extrusion company based in Telangana. As part of the order, the company will supply 300 metric tons of Restora Billets to Global Aluminium, making it the first domestic customer of what is likely among the most sustainable products from the domestic primary aluminium industry today. The agreement thus also marks a significant milestone in the industry’s accelerated journey towards decarbonising its value chain, and will be fulfilled through Vedanta Aluminium’s mega smelter situated in Jharsuguda, Odisha.

Vedanta Aluminium is demonstrably the first in India to offer low-carbon aluminium, branded Restora and Restora Ultra (ultra-low carbon aluminium), to a global customer base, many of whom are increasingly focused on ensuring the sustainable provenance of their materials and actively decarbonising their value chains. Manufactured using renewable energy, Restora is produced with a greenhouse gas (GHG) emission intensity within 4 tonnes of CO2 equivalent per tonne of aluminium manufactured, which is the global threshold for aluminium to be considered as having a low-carbon footprint. Restora Ultra, made with aluminium recovered from dross (a by-product of aluminium smelting), has an even lower carbon footprint that is near zero and is amongst the lowest in the world.

The supply agreement will see Global Aluminium deploying Restora Billets supplied by Vedanta Aluminium in various extrusion profiles, undergoing in-house value addition including anodizing processes, aluminium powder coating processes, and precision machining facilities. The end products will cater to customized applications across a wide range of industries, including Automotive, Electrical & Electronics, Building, Construction & Architectural, Aeronautics, Air handling, Renewable industry, Defense, Automation, and more.

Sharing his views, Mr. John Slaven, CEO, Vedanta Aluminium said, “At Vedanta Aluminium, we are committed to providing our customers with an unmatched competitive advantage through sustainably produced products, while also continuously decarbonising our operations as well. Our Restora brand continues to garner an enthusiastic response from our customers globally and in India as well. We are happy to introduce our truly world-class Restora range into the domestic market, and are committed to working with our valued customers to realise a greener future for the planet.”

Adding his views, Mr. Anil Agarwal, Chairman and MD, Global Aluminium said, “Vedanta Aluminium is a trusted provider of high-quality solutions catering to our needs of high-quality and value-added aluminium. Its Restora range of products will be a gamechanger in enabling players in the domestic extrusion industry to reduce their carbon footprint and establish a greener value chain. This supply partnership is a true milestone in our decarbonisation journey and will further encourage sustainable practices in the industry.”

Keeping customers at the core of its product development and design process, Vedanta Aluminium offers them products benchmarked to international standards as well as a bouquet of advantages through 360-degree holistic solutions. With an extensive portfolio of products developed using best-in-class technologies from leading international providers, Vedanta Aluminium is well-positioned to cater to the rapidly evolving demands of its customer base.

Its products have been certified by the Bureau of Indian Standards (BIS), while also being verified as environmentally sustainable by Environmental Product Declaration (EPD) International, after undergoing a rigorous Life Cycle Assessment (LCA). Additionally, the Aluminium Stewardship Initiative (ASI), has also certified the company’s plant located at Jharsuguda, Odisha, a coveted marker of sustainable business performance worldwide.

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 2nd in the Dow Jones Sustainability Index (DJSI) 2022 world rankings for aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.