The centre will act as an open innovation lab for the Group’s future mobility research and development.
Hyundai Motor Group Innovation Center in Singapore (HMGICS), a subsidiary of Hyundai Motor Group, has obtained a three-year SGD 230 million Green Loan from ANZ Bank and DBS Bank. Both banks acted as mandated lead arrangers and sustainability advisors for the loan. This is HMGICS’ first Green Loan in Singapore, which will be used for capital financing of eligible green assets related to its operations in Singapore.
The loan furthers HMGICS’ commitment as a sustainable company in Singapore, coupled with development of smart factory technology, electric vehicles production, and building an eco-friendly facility, which are the future growth engines for HMGICS.
HMGICS was launched in October 2020 and its facility is currently under construction in the Jurong Innovation Industrial Complex, with completion scheduled for end 2022. The centre will act as an open innovation lab for the Group’s future mobility research and development, with the aim of revolutionising the future mobility value chain. HMGICS will introduce important new capabilities in areas such as electric vehicles (EV) and urban air mobility (UAM) and create new opportunities for these in Singapore. The innovation centre will also serve as a testbed for developing an innovative manufacturing platform that incorporates and verifies Industry 4.0 technologies.
With ESG (Environment, Social, and Governance) related criteria increasingly taking centre stage in business management, HMGICS is harnessing all efforts on bolstering its sustainable ESG management as part and parcel of its business management strategy.
Jessie Yim, Head of GSG, Joint Coverage Head Institutional Banking, said, “ANZ is proud to partner with HMGICS on its maiden Green Loan facility in Singapore, and develop HMGICS’ Sustainable Finance framework in accordance with the LMA/ICMA Green and Social Loan/Bond Principles. Through what will be a market-leading research capability, we believe the Hyundai Motor Group Innovation Center will play a critical role in helping Singapore deliver on its plans to further reduce emissions by switching to cleaner-energy vehicles by 2030. HMGICS has the scale to make a significant global impact through its sustainability agenda and their strategy aligns seamlessly with ANZ’s ambitions to help drive the global transition to net zero.”
Adrian Chai, Group Head of Corporate Banking, DBS Bank, said, “DBS is excited to partner one of the leading car makers, Hyundai Motor Company, in their future of mobility project in Singapore. This is aligned with our commitment to net-zero carbon emissions by 2050, underpinned by our participation as the first Singapore bank to become a signatory to the UN-convened, industry-led Net-Zero Banking Alliance. We look forward to continue partnering our strategic clients to accelerate adoption of electric vehicles for a climate aligned future for Singapore and globally.”
