South Korea withdraws from Project Beaver after losing submarine bid

The $3.1 billion hydrogen ecosystem project would have seen major operations in Alberta, Ontario and B.C.

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Hyundai Motor Group has cancelled its involvement with Project Beaver, a $3.1 billion hydrogen ecosystem project in Canada, in response to Ottawa’s announcement that it would procure its new fleet of submarines from Germany’s ThyssenKrupp Marine Systems.

The South Korean consortium, led by Hanwha Ocean, lost out on the submarine deal after being a close runner-up.