Benzinga - by Anan Ashraf, Benzinga Editor.
Toyota Motor Corp‘s (NYSE:TM) North American unit on Wednesday rebranded its California-based research and development office as the North American Hydrogen Headquarters (H2HQ) as part of its broader strategy to bolster hydrogen fuel cell technology initiatives.
What Happened: The H2HQ, located in Gardena, will serve as the focal point for the company’s hydrogen-related projects, from research and development to commercialization planning and sales, the company said in a statement. The facility is set to undergo further development, including the addition of a flexible microgrid and a sustainable customer education center.
“Toyota has developed hydrogen fuel cell electric solutions for more than three decades, and we will continue to advance this scalable, zero-emission technology as part of our electrified portfolio. Renaming this facility as North American Hydrogen Headquarters represents our leadership in fuel cell development creating real-world products to help reduce carbon emissions,” said Ted Ogawa, President and CEO of Toyota Motor North America.
Why It Matters: Toyota’s move to establish the H2HQ in California aligns with its attempts at bringing all hydrogen-related work under one roof in other geographies. The company reorganized its hydrogen business in Japan last year and brought it all together in one location called “Hydrogen factory.” The company also announced a similar factory in Europe.
In March, Ogawa said that he expects battery electric vehicles (BEVs) to account for only approximately 30% of the U.S. new-vehicle market by 2030. Transportation options, Toyota believes, should be customer and demand-driven as opposed to regulation-driven, making it rely on diverse fuel options rather than rapidly transforming into a battery electric vehicle manufacturer.
Toyota currently dominates the U.S. hybrid market with its counterpart Honda.
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