SEOUL, Oct. 29 (Xinhua) -- South Korea's biggest automaker, Hyundai Motor, said Monday that it has jointly launched with a Chinese university institute the fund to invest in hydrogen technology.
Hyundai said in a statement that it has partnered with the Beijing-Tsinghua Industrial R&D, an institute of the Tsinghua University, to set up the Hydrogen Energy Fund that will invest in innovative startups in the hydrogen and related technologies.
Yield Capital, an investment unit of the Chinese institute, and Hyundai will jointly raise funds and manage them.
The fund aimed to raise a total of 100 million U.S. dollars from venture capitalists in Asia, Europe and North America, the South Korean company said.
Hyundai and its Chinese partners will decide on investment targets through an in-depth analysis of future growth, using their technological prowess in hydrogen electric vehicles and their ample expertise on the hydrogen industry, the company noted.