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Petrol in New Delhi rose by 87 paise to ₹99.51 a litre, while diesel increased by 91 paise to ₹92.49 a litre. The latest increase takes the cumulative rise in both fuels to about ₹5 a litre this month, following the first retail fuel price increase since April 2022.

The pricing move reflects mounting pressure on oil marketing companies as international crude benchmarks remain elevated amid conflict in West Asia and supply concerns around key shipping routes. The controlled increases also point to a calibrated approach by the government, which is seeking to protect refiners’ balance sheets without delivering a sharp one-time shock to household budgets, freight operators and small businesses.

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation dominate the retail fuel market, operating more than 90 per cent of the country’s roughly 103,000 fuel stations. Their pricing decisions carry wide implications for transport costs, food supply chains, inflation expectations and fiscal calculations.

The latest revision follows a ₹3-a-litre increase on May 15 and another smaller increase during the week, marking a clear shift from the long freeze that had shielded consumers from global volatility while pushing losses onto state-run refiners. That freeze had become harder to sustain as crude prices climbed and the rupee’s movement added to import costs.

The country imports more than four-fifths of its crude oil requirements, leaving domestic retail prices exposed to global oil markets and exchange-rate swings. Refiners have been selling petrol and diesel at discounted rates relative to landed costs, with diesel under-recoveries remaining larger because of its central role in freight, agriculture, public transport and industry.

Losses on diesel sales have been estimated at ₹25-30 a litre even after the first hike, while petrol losses have been placed at about ₹10-14 a litre. The fresh increase narrows that gap only modestly, suggesting further upward revisions could follow if crude prices stay high or the currency weakens.

Diesel is the more sensitive fuel for the broader economy. It powers trucks, buses, farm equipment, construction machinery and a large part of the country’s goods movement. Even modest increases can feed into freight rates, especially for smaller fleet operators with limited capacity to absorb higher running costs.

Petrol demand has also stayed firm, supported by urban commuting, two-wheeler use and private vehicle ownership. April consumption data showed petrol sales at about 3.7 million tonnes, up more than 6 per cent from a year earlier, while gasoil sales stood near 8.3 million tonnes, marginally higher than last year. The numbers indicate that demand has not weakened sharply despite higher living costs.

Bulk fuel demand has added another layer of pressure. Large users such as transport operators, mining companies and industrial consumers often respond quickly to price differences between retail outlets and direct industrial supply. A spike in retail buying can worsen supply imbalances and deepen losses for refiners if pump prices remain below market-linked levels.

The government has so far signalled little appetite for direct subsidies to compensate refiners for continuing under-recoveries. That stance increases the likelihood of gradual price adjustments, particularly if global crude remains above levels assumed in company projections. A sudden subsidy programme would also complicate fiscal planning at a time when public spending priorities remain stretched across infrastructure, welfare and defence.

State-level taxes mean consumers across major cities will see different pump prices even when the base increase is broadly similar. Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad typically record higher retail rates than New Delhi because of local levies, dealer commissions and freight costs. That variation also affects inflation differently across regions.

Compressed natural gas prices have moved higher as well, with Delhi seeing another ₹1-per-kg increase, the third rise in ten days. The parallel increase in CNG adds pressure on taxis, autorickshaws and urban commuters who had shifted to gas-based transport as a cheaper alternative to petrol and diesel.

For oil marketing companies, the price increases may support margins but are unlikely to restore full profitability immediately. Investor attention is now focused on how quickly the companies can recover past losses, whether demand holds up, and whether policymakers allow market-linked pricing to continue if inflationary pressure grows.

Recognition reflects TDCX’s evolution into a global firm helping clients navigate digital and AI transformation with a combination of human expertise, intelligent technology, and operational precision

Hashtag: #TDCX #OA500 #CX #Outsourcing #EnableTheFuture

The issuer is solely responsible for the content of this announcement.

About TDCX

For more information, please visit www.tdcx.com.

Revenue Up 35.4% Year-on-Year API Token Call Volume Surges Nearly 6 Times

HONG KONG SAR – Media OutReach Newswire – 22 May 2026 – Phancy Group Co., Ltd. (“Phancy” or “The Company”, stock code: 6682.HK), a leading general artificial intelligence company, today announced its unaudited consolidated results for the first quarter ended 31 March 2026.

During the period, Phancy achieved revenue of approximately RMB1.458 billion, representing a 35.4% year-on-year increase. Gross profit margin remained at 35.1%. Phancy leveraged its deep expertise in full-stack AI cloud services, to capitalize on the accelerating adoption of localized computing power and strong enterprise demand for AI solutions. The Company achieved robust growth in its core businesses, accelerated product innovation, and secured several major partnerships, sustaining strong operational momentum.

2026 First Quarter Business Highlights:

Unified Enterprise AI Platform Drives Explosive Core Business Growth

Global computing resources remain constrained, while demand for both private enterprise AI deployments and API-based model calls continues to grow rapidly. Phancy’s enterprise-grade AI platform is built on a unified core architecture that seamlessly supports both API calling scenarios and dedicated private deployments. This significantly boosts AI application efficiency and resource utilization. Supported by a mature computing power supply chain developed over many years, Phancy’s deployable computing power resources have increased by over 200%. This enables the Company to effectively meet surging Token demand and consistently deliver stable, high-quality AI services to its customers.

In the first quarter of 2026, API Token call volume surged nearly 6 times compared to the same period in 2025, and already accounted for nearly 40% of the full-year 2025 total. Meanwhile, the Agentic AI business expanded rapidly, with deepening commercial adoption. Orders on hand grew nearly 100% compared to the end of 2025, emerging as a major growth driver for the Company.

AI Technology Iteration Accelerates, Commercialization Beats Expectations

Building on its continued push into digital employee applications and AI empowerment across business units, Phancy has significantly shortened the product development cycle from R&D to commercialization, enhancing overall operational efficiency and customer satisfaction.

As of mid-May 2026, ModelHub XC has completed adaptation and optimization for over 70,000 AI models on domestic chips, achieving more than 70% of its full-year target – well ahead of schedule.

In May, Phancy launched PhanthyMovie, a professional-grade AI video generation platform designed to enhance creativity, control, and stability in video production, enabling standardized and large-scale content creation for the industry.

Leveraging its advanced technology and proven execution capabilities, PhanthyMovie achieved rapid commercial traction. Just days after launch, the Company entered into a strategic cooperation agreement with Huanxi Media, covering approximately US$200 million in AI Token usage. The two parties will also collaborate on the development of a next-generation AI-powered film and television content production platform, further strengthening Phancy’s position in the AI-driven cultural and creative sector.

Core Products Align Closely with Policy Trends, Strengthening Compute-Model Integration

Since May 2026, China’s AI sector has seen a series of positive policy developments focused on computing infrastructure, data element circulation, and open-source compliance governance. Phancy’s core products, including HAMi vGPU and ModelHub XC, are well-aligned with national policy directions and mainstream industry trends.

In terms of computing resource allocation, policies emphasize cross-regional collaboration and broader access to computing power. Phancy’s HAMi vGPU offers unified scheduling and fine-grained resource partitioning, effectively improving utilization rates, optimizing data center energy efficiency, and supporting unified management across multiple chips to boost single-card efficiency.

In data and model governance, the government continues to promote high-quality dataset development and compliance management. ModelHub XC supports multi-model adaptation and optimization, incorporates data traceability and security certification features to help enterprises reduce compliance risks, and uses the EngineX engine for batch adaptation of domestic chips and models. This significantly improves compatibility while enhancing Token output efficiency through targeted model tuning.

Through deep integration of its computing and model layers, Phancy has built a comprehensive “Compute–Model” integrated solution. This addresses key industry needs such as efficient computing utilization, secure data supply, enterprise compliance, and domestic substitution, while strengthening its technological moat. The Company is well positioned to capture policy dividends and industry opportunities, supporting enterprises in their digital and intelligent transformation.

Hashtag: #PhancyGroup

The issuer is solely responsible for the content of this announcement.

About Phancy Group

Phancy Group (6682.HK) is a leading full-stack AI cloud services platform, providing comprehensive solutions for the AI 2.0 era. Our offerings include SageAIOS, HAMi vGPU and ModelHub XC, delivering efficient and scalable AI infrastructure with end-to-end capabilities. We provide a complete solution from heterogeneous compute resource management and optimization to the deployment of intelligent agent models. These solutions empower digital transformation across a wide range of industries, supporting our vision of building a large-scale and efficient “Token Factory.”

Guided by the mission of “AI for Everyone” and positioned as the “Navigator of AI,” Phancy Group is committed to becoming a global leader in Artificial General Intelligence.

Dr. Chana Poomee, Honourary Chairman of TCMA and President of ASEAN Federation of Cement Manufacturers (AFCM), stated that today’s “National Milestone” reflects the power of collaboration at both national and international levels. The initiative is led by the United Nations Industrial Development Organization (UNIDO), in partnership with TCMA and key Thai government agencies, including the Department of Climate Change and Environment and the Department of Industrial Works, with financial support of CAD 8 million from the Government of Canada through Environment and Climate Change Canada (ECCC), to accelerate tangible greenhouse gas reductions in the cement and concrete sector.

TCMA, as the industry representative, serves as a central platform connecting stakeholders across the entire value chain, driving the implementation of the “Thailand 2050 Net Zero Cement and Concrete Roadmap.” This aligns with Thailand’s NDC 3.0 targets, strengthening industrial competitiveness, attracting green investment, and fostering sustainable economic growth.

“Decarbonization is not only a pressing challenge but also a strategic opportunity to enhance national competitiveness. The progress achieved under this project spans policy development, innovation, technology deployment, standards, and capacity building-key enablers that will accelerate the industry’s transition toward Net Zero”, Dr. Chana said.

A key technological advancement under the project is the introduction of the Mobile Carbon Capture Unit (MCCU) from CETRI, Canada. This advanced and flexible technology is designed for real-world industrial operations and will be piloted starting in June, rotating across cement plants of TCMA members in the SARABURI SANDBOX. The pilot aims to validate performance under diverse operational conditions and pave the way for large-scale industrial application.

“The deployment of MCCU in Thailand highlights the strength of international collaboration in bringing advanced technologies into real-world application. It accelerates learning-by-doing, validates technological performance, strengthens local technical capabilities, and reduces investment risks-laying a strong foundation for future scale-up”,
Dr. Chana added.

From an investment perspective, the development of technology-ready and standards-aligned projects enhances investor confidence, increases the attractiveness of green investment, and improves access to sustainable finance-key drivers in accelerating the industry’s transition to Net Zero.

TCMA continues to advance the industry under a “Collaborative Mindset-Action-Value,” promoting the systematic adoption of low carbon technologies, including low carbon cement innovations such as Limestone Calcined Clay Cement (LC³), Carbon Capture, Utilization and Storage (CCUS). These solutions not only reduce emissions but also improve efficiency, lower long-term costs, and strengthen global competitiveness.

At the regional level, TCMA is expanding its role through AFCM by fostering collaboration and advancing the AFCM Decarbonization Roadmap, which serves as a shared framework to reduce carbon emissions across ASEAN’s cement industry while enhancing regional technology, standards, and competitiveness.

“As President of the AFCM, TCMA is committed to driving ASEAN toward becoming a low carbon region by leveraging collaboration as a key mechanism to accelerate technology transfer, strengthen the industry capabilities, and unlock new regional economic opportunities”,
Dr. Chana said.

TCMA reaffirmed its commitment to strengthening collaboration and welcoming international support in both technology and finance to accelerate the transition toward a low carbon industry, while enhancing Thailand’s competitiveness on the global stage.

Hashtag: #TCMA #CementActionToNetZero #NetZero2050 #Decarbonization

The issuer is solely responsible for the content of this announcement.

A 2026 software supply chain security assessment shows that about 65 per cent of organisations in India cannot detect malicious packages, while 71 per cent do not use container security tools. The findings underline a widening gap between the speed of AI-led software development and the controls needed to secure code, dependencies, models and deployment pipelines before they reach production systems.

Security teams are facing a more complex threat environment as AI coding assistants, model registries, agent frameworks and machine-learning libraries become embedded in day-to-day software engineering. AI is no longer confined to application features or analytics layers. It is becoming part of the software supply chain itself, influencing how code is written, tested, packaged and deployed.

Enterprises in India have been quick to adopt AI tools to improve developer productivity, reduce repetitive work and accelerate product releases. Yet the same shift has increased reliance on open-source packages, pre-trained models, plug-ins and automated build systems. Each of these components can introduce hidden risks if provenance, integrity and behaviour are not continuously verified.

Global software repositories are now attracting sustained attacks because they provide a direct route into enterprise development environments. Malicious npm packages rose by 451 per cent during 2025, while more than 48,000 new Common Vulnerabilities and Exposures were disclosed worldwide, a rise of about 20 per cent from the previous year.

The pressure on security teams is being amplified by the volume of AI-generated code. Developers in India are spending about 51 per cent of their time reviewing, validating and hardening code produced by AI tools. About 53 per cent treat such output only as a starting point and review every line before use, while 11 per cent rewrite AI-generated fixes from scratch.

This shift has altered the economics of software engineering. AI may reduce the time needed to draft code, but it can also transfer effort to verification, testing and security review. Weaknesses such as cross-site scripting, SQL injection and missing authorisation checks can still be reproduced by automated tools, particularly when developers rely on generated code without adequate scrutiny.

Governance is emerging as another area of concern. Nearly 97 per cent of organisations surveyed said they had certified AI model governance programmes, but only 59 per cent claimed full provenance visibility across production environments. About 48 per cent still needed a week or longer to produce audit-ready compliance evidence.

That gap points to a difference between policy and enforceable control. Many enterprises have AI governance frameworks on paper, but fewer can prove where every model, library, container image and software artefact came from, how it changed, who approved it and whether it complies with internal policy.

CERT-In has also warned that software supply chain compromises are increasingly targeting developer tools and trusted repositories. Its April 2026 activity note referred to attacks affecting npm, PyPI, GitHub Actions and container registries, including incidents involving Checkmarx, Trivy, LiteLLM, Axios, Telnyx and npm packages linked to the CanisterWorm campaign. The payloads observed in these attacks included credential harvesting, data exfiltration, remote execution and persistence within developer systems.

Model registries have added another layer to the risk. Around 1.4 million new AI artefacts were published on Hugging Face during 2025, representing 58 per cent of all new software packages tracked in one assessment. Researchers identified 495 malicious AI models in public repositories with active payloads capable of credential theft, command execution and reverse-shell activity, along with 969 malicious AI-agent skills designed to exploit developer environments and automation workflows.

For enterprises in India, the challenge is sharpened by the country’s role as a major software engineering and global capability centre hub. Bengaluru, Hyderabad, Pune, Chennai and Gurugram host large engineering teams serving banking, retail, telecoms, manufacturing and cloud services. These centres are increasingly responsible not only for maintenance work but also for product development, AI integration and security-sensitive digital platforms.

Regulatory and customer expectations are also tightening. Buyers are asking for software bills of materials, vulnerability disclosure processes, provenance records and proof that build pipelines are protected. CERT-In’s technical guidance on SBOM, QBOM, CBOM, AIBOM and HBOM has emphasised regular updates, vulnerability exploitability exchange documents and staff training around software supply chain visibility.

Security leaders are therefore moving towards stronger controls across development pipelines. These include automated malicious package detection, container image scanning, secrets detection, signed artefacts, dependency pinning, model provenance checks, policy enforcement in CI/CD systems and continuous monitoring of developer environments.

The investment case is becoming harder to ignore. Software supply chain attacks can bypass perimeter defences because they enter through trusted development channels. Once inside, malicious packages can steal credentials, alter builds, move into cloud environments or compromise downstream customers. AI raises the stakes because it can accelerate both legitimate development and attacker experimentation.

The investment is designed to strengthen the chipmaker’s partnerships with foundries, packaging houses, substrate suppliers and server manufacturers that are central to its next generation of AI systems. The programme places Taiwan at the centre of AMD’s effort to scale production of high-performance processors, accelerators and rack-level systems built for increasingly complex AI workloads.

A major focus will be Elevated Fanout Bridge, or EFB, a 2.5D packaging technology intended to improve the speed and efficiency of connections between chip components. AMD plans to use the technology in its sixth-generation EPYC central processing units, codenamed “Venice”, which are being positioned for AI, cloud and high-performance computing deployments.

The move comes as AI infrastructure spending shifts from individual chips towards complete systems that combine CPUs, graphics processors, high-bandwidth memory, networking and software. Advanced packaging has become a critical bottleneck because AI workloads require large volumes of data to move quickly between processors while keeping power consumption and heat within manageable limits.

AMD Chair and Chief Executive Lisa Su said customers were rapidly expanding AI infrastructure to meet rising compute demand. The company is seeking to combine its high-performance computing portfolio with Taiwan’s manufacturing and packaging capabilities to support integrated, rack-scale AI systems.

AMD is working with partners including ASE, SPIL, Powertech Technology, Wiwynn, Wistron, Inventec, Unimicron, AIC, Nan Ya PCB and Kinsus. These companies cover key parts of the supply chain, from advanced packaging and substrates to server assembly and mechanical architecture. Sanmina is also involved in manufacturing support for the company’s Helios platform.

The investment will support both wafer-based and panel-based EFB interconnect development. AMD and Powertech Technology have qualified what they describe as the industry’s first 2.5D panel-based EFB interconnect, a step aimed at improving scalability and production economics for high-volume AI processors.

The technology is expected to help the “Venice” EPYC processors deliver higher interconnect bandwidth and better power efficiency. That matters because data centre operators are increasingly constrained by electricity availability, cooling capacity and rack density, not only by chip performance.

AMD has also begun ramping production of “Venice” CPUs using Taiwan Semiconductor Manufacturing Company’s 2-nanometre process technology in Taiwan. Future production is planned at TSMC’s Arizona facility, extending the supply chain beyond Taiwan while preserving the company’s close reliance on TSMC’s leading-edge manufacturing.

The “Venice” chips will be a central element of AMD’s Helios rack-scale platform, which also includes AMD Instinct MI450X graphics processors, advanced networking and the ROCm open software stack. The platform is scheduled for deployments beginning in the second half of 2026, with AMD describing the opportunity in terms of multi-gigawatt AI infrastructure rollouts.

The strategy puts AMD in a more direct contest with Nvidia, which dominates AI accelerator sales and has built a strong lead through its GPUs, networking, software ecosystem and full-rack systems. AMD’s challenge is not only to deliver competitive silicon but also to prove that it can scale complete AI infrastructure with dependable supply, efficient packaging and broad software support.

AMD’s data centre business has become the company’s main growth engine. First-quarter 2026 data centre revenue reached $5.8 billion, up 57 per cent from a year earlier, driven by demand for EPYC processors and the ramp-up of Instinct GPU shipments. That performance has strengthened investor expectations that AMD can capture a larger share of AI and cloud infrastructure spending.

Taiwan remains critical to that effort because of its concentration of semiconductor expertise. TSMC anchors the foundry side, while packaging, substrate and system-assembly partners provide the manufacturing depth needed to turn chip designs into deployable infrastructure. The concentration also creates geopolitical and supply-chain risks, particularly as governments and companies seek greater resilience across strategic technologies.

• Significant reductions in energy consumption, CO₂ emissions, and operating costs for energy-intensive industries
• Growing demand highlights strong market potential for sustainable heating technologies

NUREMBERG, GERMANY – Newsaktuell – 21 April 2026 – Innomotics, a globally leading supplier of electric motors and large drive systems, is advancing the decarbonization of industrial heat processes with its solutions for industrial heat pumps. By electrifying the heat process, companies can significantly improve energy efficiency, reduce emissions, and lower long-term operating costs.

Industrial heating is one of the largest contributors to global energy consumption, with more than 70 percent of process heat still generated from fossil fuels. Industrial heat pumps offer a highly efficient alternative by upgrading ambient and waste heat to usable temperature levels of up to 150°C. This makes them a key technology for reducing CO₂ emissions and achieving global climate targets.

The electrification of heat processes is a critical step in industrial transformation. Heat pumps deliver thermal output several times higher than the electrical energy input, making them one of the most efficient technologies for converting electricity into heat. When powered by renewable energy, CO₂ emissions can be virtually eliminated.

Innomotics provides a comprehensive portfolio of high- and low-voltage motors as well as medium-voltage drives to ensure reliable and efficient operation of heat pump compressors. The systems are designed for maximum availability, enabling operation for up to five years without scheduled shutdowns, and can be seamlessly integrated into existing industrial processes.

In addition to environmental benefits, operators gain from significantly lower operating costs, reduced maintenance requirements, and system availability of up to 99.9 percent. Industrial heat pumps also enable new opportunities for waste heat recovery and integration into district heating networks.

A flagship example is the largest heat pump system in the Netherlands, where heat is recovered daily from 65 million liters of treated wastewater. With Innomotics solutions, the system supplies district heating to around 20,000 households, covers approximately 15 percent of regional heat demand, and reduces CO₂ emissions by about 30,000 tons annually.

“Industrial heat pumps are a key technology for the energy transition and energy addition. They enable efficient use of existing heat sources while significantly reducing emissions. With our drive solutions, we provide the foundation for a sustainable and economically viable heat supply in industry,” says Michael Reichle, CEO of Innomotics.

He adds, “Operators are under pressure to make their processes both more efficient and more sustainable. Our technologies offer a scalable and economically a very attractive solution that supports the transition to electrified, low-carbon industrial operations.”

Recently awarded industrial heat pumps projects

Innomotics supplies key drive technology for world’s largest industrial heat pump at BASF, Germany:
Innomotics GmbH has received a major order from Piller Blowers & Compressors GmbH to deliver 11 water-cooled HV M high-voltage motors and GH180HC medium-voltage converters. The systems will be deployed in the world’s most powerful industrial heat pump at BASF in Ludwigshafen.

Designed specifically for the requirements of PILLER and BASF, the Innomotics solutions combine compact design, high efficiency, and long-term reliability. The heat pump system will generate up to 500,000 tons of steam per year, while the water-cooled drive technology ensures low noise emissions and efficient, continuous operation.

Largest heat pump system in the Netherlands supplies 20k households with sustainable district heat
The Dutch energy company Eneco is pursuing climate neutrality by leveraging aquathermal energy from wastewater to supply district heating networks in Utrecht and Nieuwegein. At the core of the Netherlands’ largest heat pump system, advanced motor and drive solutions from Innomotics enable the recovery of heat from around 65 million liters of treated wastewater per day. This results in a highly efficient and sustainable solution: approximately 30,000 tons of CO₂ emissions are saved annually, around 20,000 households are supplied with district heating, about 15 percent of Utrecht’s heat demand is covered, and 27 MW of thermal energy is generated.

Innomotics powers wastewater-based district heating in Amiens, France:
With high-performance motor and drive solutions from Innomotics, Amiens Énergies is transforming treated wastewater into sustainable district heating. At the core of the system, 24 compact SD motors drive six large ammonia heat pumps, generating 18 MW of clean heat and supplying around 26,800 households.

By recovering thermal energy from 8.5 million m³ of wastewater annually, the solution reduces CO₂ emissions by approximately 41,000 tons per year while enabling a renewable energy share of over 70 percent. The robust and efficient Innomotics motors ensure reliable continuous operation under demanding industrial conditions, making the project a benchmark for climate-neutral urban heating.

Innomotics enables efficient industrial heat pump operation in Finland:
At a major industrial heat pump installation in Finland, Innomotics supplied advanced drive technology to increase overall plant efficiency in a connected paper mill.

Innomotics delivered a variable frequency drive for a centrifugal compressor, supporting a 6.1 MW motor (6.6 kV, 2-pole). The system recovers process heat and feeds it back into operations, improving efficiency while reducing energy consumption and emissions.

Additional Industrial Heat Pumps materials:
Our benefits and solutions for industrial heat pump technology
Explore the 3D visualization in our virtual world: Innomotics Electrosphere

For more information, visit https://www.innomotics.com/hub/en/applications/industrial-heat-pumps
Follow us on LinkedIn: www.linkedin.com/company/innomotics

For more information, visit www.innomotics.com.

Hashtag: #Innomotics

The issuer is solely responsible for the content of this announcement.

This multi-party signing was officiated by Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung; the Acting Secretary for Environment and Ecology, Miss Diane Wong; the Director of Electrical and Mechanical Services, Mr Poon Kwok-ying; and the Director-General of Investment Promotion of Invest Hong Kong (InvestHK), Ms Alpha Lau.

Spearheaded by Hyundai Motor Group, the MOU establishes a collaborative framework to build a comprehensive, self-sustaining hydrogen ecosystem in Hong Kong, targeted to be fully operational by the end of 2030. The collaboration will prioritise the development of waste-to-hydrogen technologies to convert landfill gas into clean energy, along with an immediate focus on piloting a liquefied hydrogen refuelling infrastructure. To enable full value chain integration, it also targets the deployment of customised hydrogen fuel cell commercial vehicles, including tour and airport shuttle buses.

Through facilitating public-private partnerships and inter-governmental collaboration, InvestHK is supporting Hyundai Motor Group and its partners to implement go-to-market strategies aligned with the shared vision for hydrogen ecosystem building.

This partnership will also position Hong Kong as a strategic base for Hyundai Motor Group’s hydrogen business expansion across the Asia-Pacific region.

Miss Wong said, “This collaboration marks a significant milestone in developing tangible, on-the-ground hydrogen applications to accelerate the green transition towards carbon neutrality. By combining Korea’s world-class technological capabilities with Hong Kong’s strategic urban context, Hong Kong could serve as an exceptional international demonstration platform for showcasing green and low-carbon technologies. If these cutting-edge innovations could be applied and scaled up successfully here, it will serve as a positive model and provide highly viable options for reference by modern cities worldwide.”

Ms Lau said, “Today’s multi-party signing is both a landmark moment for Hong Kong’s green economy and a clear signal that the city’s hydrogen ecosystem is gaining real traction. Over the past three years, InvestHK has helped leading hydrogen enterprises establish themselves in Hong Kong, several of which have since listed on the Hong Kong Stock Exchange, raising over $2.5 billion in total. For businesses with global green ambitions, Hong Kong is where business growth takes shape.”

Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group, Mr Seung Kyu-shin, said, “This MOU was signed as Hyundai Motor Group’s commitment to advancing Hong Kong’s proactive hydrogen policies and driving the acceleration of its hydrogen ecosystem utilising the Group’s hydrogen business capability and experience. Starting with Hong Kong, we look forward to expanding our collaboration and business opportunities across the broader Asia-Pacific hydrogen market.”

Partners entering into this MOU include Hyundai Motor Company and Hyundai Engineering & Construction from Hyundai Motor Group, China Inspection Co Ltd, Chun Wo Bus Services Limited, Chun Wo Construction & Engineering Company Limited, Jiangsu Guofu Hydrogen Energy Equipment Co Ltd, JEA ENG, Templewater Limited, the Hong Kong and China Gas Company Limited, and Veolia Hong Kong Holding Limited.

This multi-party, long-term collaboration is set to establish a robust, end-to-end hydrogen industry chain – spanning production, storage, transportation, refuelling and utilisation.

New energy is vital to Hong Kong’s Climate Action Plan 2050 and the national dual-carbon goals. As set out in the Chief Executive’s 2025 Policy Address, Hong Kong will establish public hydrogen filling facilities on Hong Kong Island and in Kowloon, press ahead with more hydrogen trial projects, and develop the GBA Hydrogen Corridor in collaboration with Guangdong Province. The Hong Kong Special Administrative Region Government is actively advancing hydrogen development through technological innovation, talent cultivation, ecosystem building, and regional co-ordination. To date, over 30 hydrogen trial projects have been greenlit, paving the way not only for decarbonisation targets, but also for unlocking new quality productive forces for green economic growth.
Hashtag: #InvestHK

The issuer is solely responsible for the content of this announcement.

About InvestHK

Invest Hong Kong (InvestHK) is the investment promotion agency of the Government of the Hong Kong Special Administrative Region (HKSAR).