-- Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), entered a multi-year partnership with the Georgia Institute of Technology to jointly develop hydrogen mobility solutions, according to a Thursday release.
The agreement is expected to advance hydrogen-powered transportation, boost applied research, and hasten the use of zero-emissions vehicles in Georgia, it said.
Under the partnership, Hyundai Motor North America will donate four NEXO fuel cell electric SUVs, and Hyundai Motor Group will donate a hydrogen electrolyzer project, which will be used exclusively on campus, the release said.
Shares of Hyundai Motor fell more than 3% in recent trade, while those of Kia fell over 2%.