韩国潜艇竞标失利，现代放弃加拿大氢能项目，集中资源推进本土氢能布局Hyundai Drops Canadian Hydrogen Project After Submarine Bid Loss, Focusing Resources on Domestic Hydrogen

According to Green Fuel International Business Network, on July 7, 2026, Hyundai Motor Group abandoned "Project Beaver," which it had proposed to the Canadian government, withdrawing its project to build a hydrogen ecosystem in Canada. The move followed the Canadian government's selection of Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred supplier for the Canadian Patrol Submarine Project (CPSP), after the South Korean consortium lost the bid.

Project Beaver was jointly proposed by the South Korean government and Hyundai Motor Group. At its core was an investment of CAD 3.1 billion (about USD 2.3 billion) to build a hydrogen ecosystem in Canada, specifically a liquid hydrogen plant in British Columbia, hydrogen refueling stations in Alberta and a hydrogen truck manufacturing plant in Ontario. The Canadian government had previously asked for vehicle production facilities to be tied to the CPSP, and Hyundai Motor Group offered the hydrogen project as an alternative.

According to Xinhua News Agency, Canadian Prime Minister Mark Carney announced on July 6 local time that TKMS had been selected as the preferred supplier for the CPSP, the largest defense procurement project in Canada's history. Canada plans to purchase up to 12 submarines, with the contract to be signed by the end of 2027 at the latest and the first four submarines expected to be delivered in 2034. The outcome removed any rationale for advancing the South Korean consortium's proposal.

After withdrawing from the Canadian project, Hyundai Motor Group said it would not immediately look for a new overseas investment destination and would concentrate resources on accelerating its existing hydrogen business. This includes pushing forward the Ulsan hydrogen fuel cell plant in South Korea, scheduled to start production in 2028, with total investment of KRW 930 billion (about USD 620 million) and annual capacity of 30,000 fuel cell units once operational. The group will also speed up the Saemangeum project, with total investment of KRW 9 trillion (about USD 6 billion), underscoring Hyundai's long-term strategic commitment in the hydrogen sector.