Benzinga | Oct 8, 2021 01:08PM EDT

Hyundai Joins Shell's 'Project Neptune' For Hydrogen Infrastructure Development

* Hyundai Motor Company (OTC:HYMTF) announced Hyundai Motor North America (HMNA) has partnered with Equilon Enterprises LLC (Shell Hydrogen) to encourage the growth of hydrogen refueling infrastructure in California.

* The agreement, known as Project Neptune, supports Shell Hydrogen's construction of 48 additional and two upgraded hydrogen refueling stations across California beginning in 2021.

* As its part, Hyundai has committed to fueling cell vehicle sales growth, supporting the expanding hydrogen infrastructure.

* The new hydrogen stations will be partially funded by public funds from the California Energy Commission (CEC).

* In March 2021, Hyundai signed a new five-year Global Business Cooperation Agreement with Royal Dutch Shell plc (OTC:RYDAF) to expand collaboration on clean energy solutions.

* Price Action: HYMTF shares are trading unchanged at $40.00 on the last check Friday.