Hyundai E&C will engage in a strategic mutual partnership with third party companies to successfully realize Korean-Urban Air Mobility (K-UAM).
At Hyundai E&C’s headquarters in Gye-dong, Jongno-gu, Seoul on the 15th (Fri.), Hyundai E&C signed a memorandum of understanding (MOU) with Hyundai Motor Company and Aegis Asset Management to successfully realize Urban Air Mobility(UAM) *Vertiport and revitalize its relevant business.
* Vertiport: Vertical takeoff and landing site
The MOU ceremony was attended by representatives of the three companies: Yoon Young-joon , CEO of Hyundai E&C, Song Jae-yong, managing director of Hyundai Motor Company AAM(Advanced Air Mobility) Division, and Lee Kyu-seong, CEO of Aegis Asset Management.
[ UAM Vertiport MOU Signing Ceremony. (From left) Song Jae-yong, managing director of Hyundai Motor Company, Yoon Young-joon, CEO of Hyundai E&C, and Lee and Kyu-seong, CEO of Aegis Asset Management ]
Hyundai E&C will actively seek to select UAM Vertiport development sites and develop business models by leveraging expertise of Hyundai Motor Company which is currently leading Korea’s UAM vehicle development and commercialization and the real-estate development expertise of Aegis Asset Management, which is Korea’s leading real estate asset management company.
The UAM Vertiport is a new infrastructure located in downtown transportation hub, serving as UAM take-off and landing site. In the future, Vertiport will not only function as a new transport infrastructure but also will be scalable for other related developments in terms of housing, business and commercial facilities. Out of the global UAM market expected to reach 1700 trillion won in 2040, relevant infrastructure facilities are expected to represent 740 trillion won.
The latest MOU includes ▲ Joint cooperation to select a UAM Vertiport site ▲ Joint efforts to commercialize UAM Vertiport ▲ Cooperation to develop a UAM Vertiport business model ▲ and other active UAM-related exchanges, and plans to establish closer cooperation.
Hyundai E&C agreed to install and operate Vertiport on the Millennium Hilton Hotel site (located in Jung-gu, Seoul), currently being jointly developed with Aegis Asset Management.
The main purpose is to develop the asset as one of the new transport hubs in time for the commercialization of UAM, which is being developed by Hyundai Motor. The Millennium Hilton Hotel site development project aims to develop, construct, and operate a complex building by acquiring existing assets. It is adjacent to the metropolitan transportation services (KTX Seoul Station, Airport Railroad, GTX), and is located at a major hub of urban transportation. In addition to the site of the Millennium Hilton Hotel, the three companies will continue to identify potential domestic sites for Vertiport installation.
Meanwhile, Hyundai Motor Company and Hyundai E&C are actively participating in the development of the UAM ecosystem with leading firms through signing of the MOU on the “Successful Realization and Test Flight Demonstration of K-UAM" in 2020 and the "Cooperation on the Successful Realization and Establishment of Ecosystem on Urban Air Mobility" in 2021. In particular, Hyundai Motor Company and Hyundai E&C are among the nine private companies of UAM Team Korea initiated and led by the government, and Hyundai E&C is the only construction company to take part. Therefore, it is expected that the latest MoU agreement will further contribute to the development of the UAM ecosystem to be commercialized in the near future, by selecting the installation site of Vertiport, which is essential for UAM commercialization, and establishing a business development model.
Yoon Young-joon, CEO of Hyundai E&C said, “Based on the MOU, we will preemptively secure development capabilities related to Vertiport such as commercialization plan and concept establishment in the Pre-UAM commercialization phase”, elaborating that, “Going forward, we will continue to work on developing various models such as application of UAM-specialized city connected to smart cities.”