The Challenge is an open innovation initiative designed to identify the best entrepreneurial, academic and technological projects developed across the globe in the hydrogen related applications and technologies. It has been designed to become an open innovation platform for startups, academia and SMEs to share their solutions and establish collaboration opportunities with Hyundai or POSCO to proceed with joint development, project’s funding or PoCs.
Following a mission to establish the future all together where all forms of transportation and industrial technology function seamlessly and sustainably, Hyundai Cradle Berlin and Posco Capital have joined forces to contribute to a society that can be centred around – and powered by – hydrogen, the most plentiful substance in the world.
“Cradle Berlin is leading the regional market operation and has the exciting mission to identify startups, universities and strategic partners that focus, amongst others, on ‘Disruptive Innovation’ being developed in the European region” said Edvin Eriksen, Head of Hyundai Cradle Berlin. “Driven by the ongoing strong momentum in hydrogen development and deployment in Europe, we seek disruptive technologies by innovative companies with the same vision to develop a ‘Hydrogen Economy’ for a better and cleaner future”.
Starting from the July 5th of 2021, H2 Challenge is open for applications from international startups from Pre-Seed to Scaleup stages, university teams and strategic partners that develop both hardware and software solutions across multiple use cases and projects within the hydrogen value chain: H2 Production, H2 Transportation & Storage, H2 Application, Carbon Capture Utilisation & Storage, Ammonia Application.
“Under the new paradigm of Green, we are now focusing much more on hydrogen in Europe” added Seung-Kyu Lim, CEO of Posco Capital. “Steel, which is the Posco Group's main business, needs a lot of hydrogen for the new steel making process. In this sense, we try to cover the whole value chain of hydrogen as a new business, not just consumer's point of view. We are looking forward to finding promising startups which can make our creative journey together, and hoping to make your and our dreams come true.”
After the closure of the application period in the middle of August 2021, Industry experts and evaluators from Hyundai and Posco business units will enter the evaluation phase to select the best solutions to proceed with. The selected companies and teams will get an opportunity to launch sponsored PoCs, receive strategic funding and access R&D facilities for further joint development with Posco or Hyundai.
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