French automobile components manufacturer Plastic Omnium to start hydrogen car business in S Korea

Seoul [South Korea], November 8 (ANI/Global Economic): French global automobile components manufacturer 'Plastic Omnium' has decided to invest USD 35 million (about 41 billion won) in Korea to build a hydrogen vehicle fuel tank plant.
KOTRA announced on the 5th that it held an investment declaration ceremony in Glasgow, the U.K. With Minister for Trade Yeo Han-koo attended, Jang Sang-hyun, CEO of KOTRA Invest Korea, and Laurent Fabre, CEO of Plastic Omnium, signed the investment contract.
Plastic Omnium is a global automobile components manufacturer headquartered in Paris, France, and has entered 25 countries. It is the world's largest company in large-sized plastic components such as fuel tanks and bumpers.
According to a hydrogen market research firm H2 Research, the global hydrogen vehicle market has grown 58.6% annually since last year and expected to grow to 1.05 million units per year in 2030.
Fuel tank for hydrogen vehicle is key component of hydrogen vehicles made of carbon fiber. Plastic Omnium signed an annual hydrogen tank supply contract with Hyundai Motor in August.
"It is expected to create new jobs and revitalize the local economy by attracting investment in high-tech materials, parts and equipment in line with the Korean government's Green New Deal policy," CEO of KOTRA Invest Korea Jang Sang-hyun said. "We will do our best for the success of the investment project." (ANI/Global Economic)