Hyundai unveils its INITIUM hydrogen fuel cell electric concept vehicle, reinforcing its clear commitment to hydrogen mobility and sustainabilityThe concept showcases the company’s new design language ‘Art of Steel’ and reflects the Hyundai Motor’s customer-centric approachTargeted driving range of over 650km[1] with a maximum motor output of 150 kWINITIUM previews new production FCEV coming in the first half of 2025Hyundai Motor to showcase INITIUM at the LA Auto Show and Auto Guangzhou in November 2024

SEOUL, South Korea, Oct. 30, 2024 /CNW/ — Hyundai Motor Company today unveiled its INITIUM hydrogen fuel cell electric vehicle (FCEV) concept at its ‘Clearly Committed’ event held at Hyundai Motorstudio Goyang.

INITIUM is a Latin word meaning ‘beginning’ or ‘first’, representing Hyundai Motor’s status as a hydrogen energy pioneer and its commitment to develop a hydrogen society.

INITIUM provides a preview of a new production FCEV that Hyundai Motor plans to unveil in the first half of next year. The concept encapsulates the company’s 27 years of hydrogen technology development and reflects its clear commitment to achieving a sustainable hydrogen society.

This unique hydrogen fuel cell-powered SUV concept also marks the debut of Hyundai Motor’s new design language – called ‘Art of Steel’ – embodying the character of HTWO, Hyundai Motor Group’s dedicated hydrogen value chain business brand.

“Hyundai Motor’s clear, unwavering commitment to hydrogen over the past 27 years is rooted in our belief in its potential as a clean, accessible and therefore fair energy source for everyone,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “We are dedicated to pioneering a future where hydrogen is used by everyone, in everything, and everywhere. We invite you to join us on this journey.”

What is Hyundai’s new ‘Art of Steel’ design language?

At the unveiling, SangYup Lee, Executive Vice President and Head of Hyundai and Genesis Global Design, presented the INITIUM concept and Hyundai’s new ‘Art of Steel’ design language.

“Our challenge began from the manufacturing stage, where we pushed the formability of steel to the extreme to create a form of art,” Lee said. “With INITIUM, we’ve crafted a more SUV-like design that is both solid and safe, reflecting our dedication to our customers through ‘customer-centric design’.”

INITIUM’s iconic design integrates the HTWO symbol, representing Hyundai Motor’s vision for a future driven by hydrogen. The ‘+’ inspired graphic as part of INITIUM’s lighting signature blends with the bumper, creating a distinctive FCEV-specific design cue marked by unique lighting, solid volumes and refined elegance.

INITIUM’s distinct SUV-like aesthetic seamlessly integrates city living functionality with outdoor adventure capability with its bold lines and solid structure, balancing sturdiness and sophistication. The concept’s 21-inch wheels complement the overall design, with the vehicle’s rugged roof rack adding practicality for those with both urban and outdoor lifestyles.

INITIUM advances FCEV performance, comfort and safety

INITIUM’s development focused on three primary aspects: superior driving range and enhanced performance, which are key strengths of hydrogen cars; a spacious interior and luggage area, making it ideal for families; and unique convenience and safety features distinctive to hydrogen cars.

Hyundai Motor fitted INITIUM with aerodynamic wheels to reduce drag wrapped in low rolling resistance tires, for a targeted driving range of more than 650 km between refueling (estimated driving range calculated with Hyundai Motor’s target fuel economy, when tested with 18-inch tire).

As for performance, INITIUM offers excellent acceleration and smooth overtaking capability. By further developing Hyundai’s fuel cell technology the company has increased the output of the stack and enhanced battery capacity, allowing for an electric motor output of up to 150 kW. This ensures drivers experience smooth driving in urban areas and at higher speeds on highways.

INITIUM delivers an impressive level of interior space and versatility suitable for a family SUV, with a large living space for second-row passengers that features seat backs with a large reclining angle for increased comfort. INITIUM’s wide body and large rear-door opening angle enhance convenience for rear-seat passengers when getting in and out of the car.

INITIUM includes a FCEV-specific route planner that addresses one of the biggest pain points for FCEV buyers: charging infrastructure. With this feature, users can easily plot an optimal route, finding charging stations along the way without having to access a separate app or make a phone call. Users can check the location accessibility and operating status of an identified charging station, as well as the number of waiting vehicles and therefore the possibility of charging.

Hyundai Motor plans to showcase INITIUM at the Los Angeles Auto Show and Auto Guangzhou in November, further solidifying its position in the global market as a hydrogen mobility leader. The production version of the INITIUM concept is set to launch in the first half of 2025.

[1] Estimated driving range calculated with Hyundai Motor’s target fuel economy, when tested with 18-inch tire.

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SOURCE Hyundai Motor Company

NEWARK, Del., Oct. 30, 2024 /PRNewswire/ — The OpenSSL Foundation (primarily focused on non-commercial communities) and the OpenSSL Corporation (primarily focused on commercial communities) are pleased to announce the formation of Business Advisory Committees (BAC), inviting our communities – Distributions, Committers, Small Businesses, Large Businesses, Individuals, and Academics – to actively engage in shaping the future of OpenSSL. These advisory bodies are critical in enhancing our governance structure, ensuring that the decisions reflect the diverse stakeholders involved and that our Mission and Values stay aligned with the community’s needs.

On November 4, OpenSSL officially opens nomination for:

OpenSSL Foundation Business Advisory CommitteeOpenSSL Corporation Business Advisory Committee

Community members who are actively engaged with OpenSSL and for whom we have contact information will receive an invitation email to register for participation in the OpenSSL Communities and the right to participate in the Advisory Committee elections.

If you did not receive an invitation and would like to register as a community member, please create your account here or contact us at communities@openssl.org.

Upcoming Timeline

Registration: Open nowNomination: Opens November 4, 2024 (for four weeks)Voting Period: Opens December 2, 2024 (for two weeks)

Business Advisory Committees: Formation Process

Registration: Companies, groups, projects, or individuals register as community members of their respective communities.Nomination: Each community nominates individuals to represent them. Self-nominations are welcome, but community-backed nominations are encouraged.Candidate Vetting: Nominees will provide a brief statement explaining how they plan to represent the community on the BAC, which will be included when they are announced as candidates.Voting Period: Registered members of each community will vote online.
The voting period will last two weeks.Announcement: Elected representatives will be publicly announced with their profiles and vision statements.

Engagement and Impact

“We are pleased to see the enthusiasm around the BACs, as elected members will have significant influence in shaping OpenSSL’s direction,” noted Matt Caswell, President of the OpenSSL Foundation. “Each BAC will meet regularly online, with an annual in-person meeting in Europe at the OpenSSL Conference to address important issues and provide crucial updates. For transparency, meeting minutes will be published, and an annual report will capture the committee’s activities and recommendations, helping to guide decisions in line with OpenSSL’s Mission and Values, which are fundamental to our work, while keeping the communities informed and engaged.”

“Being on an OpenSSL BAC offers an opportunity to shape the future of a critical security project that impacts businesses worldwide,” said Tim Hudson, President of the OpenSSL Corporation. “Members will have significant influence on key decisions, helping to align actions with both business needs and OpenSSL’s Mission and Values, which are central to our work. They also gain valuable visibility and connections within the open-source and security communities. It is a chance to make a meaningful impact.”

For more information about the definition of our communities and the function of the Business Advisory Committees refer to the OpenSSL Communities website or contact us at communities@openssl.org.

Contact:
OpenSSL Foundation and OpenSSL Corporation
***@openssl.org

Photo(s):
https://www.prlog.org/13045661

Press release distributed by PRLog

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SOURCE OpenSSL

SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — MOIN, a leading cross-border remittance service provider, has successfully collaborated with Visa to address a long-standing challenge in cross-border payments: the inability to seamlessly transmit detailed non-financial data alongside financial transactions. The Proof of Concept (POC), developed in collaboration with Visa, enables enhanced transparency and efficiency in tuition payments for international students. Following the POC’s success, MOIN is now working towards the commercialization phase of the solution.

MOIN, known for its innovative approach to remittance services, has long specialized in offering cross-border payment solutions tailored to individuals and businesses. By combining MOIN’s expertise with Visa’s real-time money movement platform, Visa Direct, the POC sought to resolve the critical issue of limited data transmission in international payments. Currently, when cross-border payments are sent through traditional banking systems, the sender is restricted by the limited text field available within the SWIFT network, which often fails to capture vital information, such as student identification numbers or the purpose of payment. These limitations create inefficiencies in payment reconciliation and financial management, particularly for educational institutions that rely on accurate data for administrative processes.

The Solution: Comprehensive Data Transfer with Payments

The POC successfully demonstrated a new solution that allows for the transmission of comprehensive, detailed non-financial data alongside the financial transaction itself. For example, when an international student sends a tuition payment to a university, the transaction is now accompanied by essential details such as the student’s ID number, a description of the payment purpose (e.g., tuition, dormitory fees, meal plans), the expected delivery date, the exact amount, the applied foreign exchange (FX) rate, and the status of the transfer. This not only facilitates smoother and quicker financial management for universities but also improves the student’s administrative experience by minimizing payment-related delays.

MOIN acts as both the originating remittance service provider and the reconciliation entity, ensuring that the right data reaches the right parties at each step. Visa Direct’s secure and fast network plays a critical role in the transmission of both the funds and the associated data, overcoming the data transmission restrictions previously faced by the SWIFT network.

Addressing a Growing Market Need

With over 6.4 million international students globally and an estimated tuition payment volume of approximately $128 billion(Source : Project Atlas, 2023), there is a clear need for more efficient and transparent payment solutions. This newly tested POC addresses a significant market gap, providing universities with all the necessary information they need to accurately and efficiently reconcile incoming tuition payments. The benefits extend beyond educational institutions, offering improvements across various sectors where cross-border payments are crucial, including healthcare, housing, and business transactions.

MOIN’s Role and Expertise: A Dual Function in the POC

MOIN’s expertise and experience in cross-border remittance played a pivotal role in this POC, particularly in managing transactions involving international students. MOIN not only facilitated the sending of payments from students but also took on the additional responsibility of validating and reconciling the received payments at universities. Specifically, MOIN’s system allows universities to easily access transaction details tied to a unique reference ID through a user-friendly dashboard. This provides clear visibility into which student made the payment and the exact purpose of the funds, enabling universities to manage and reconcile payments efficiently. This dual role showcases MOIN’s ability to manage both sides of the transaction process—sending and receiving—while ensuring transparency and efficiency.

Visa Direct was integral to this success. It enabled faster, more cost-effective cross-border payments with the added benefit of carrying detailed transaction data. MOIN’s deep understanding of the needs of international students and educational institutions, particularly in Korea—one of the world’s largest markets for study abroad—helped tailor the solution to meet these unique requirements. As a result, the POC has proven that MOIN’s technical capabilities are not only on par with global payment industry standards but also lead the field in innovative remittance solutions.

Looking Ahead: Global Commercialization

Following the successful completion of the POC, MOIN is now focused on bringing this solution across markets with high penetration of overseas students. While the initial test was conducted between Korea and Europe, the commercialization phase will extend to markets in North America, Asia, and beyond. The POC has already attracted the interest of major global acquirers, who are preparing to join the new reconciliation payment network, further expanding its reach.

MOIN will continue to play a key role as both a sending and reconciliation partner in this network, demonstrating its ability to handle large-scale cross-border transactions with unmatched efficiency and accuracy. The company’s technological prowess has been solidified through this partnership, setting the stage for future collaborations with global payment and remittance firms.

A Word from MOIN’s CEO

MOIN’s CEO, ILSEOK SUH, expressed his enthusiasm for the success of the POC, stating, “This collaboration with Visa has allowed us to solve a critical issue in cross-border remittances and payments. The ability to seamlessly transmit detailed non-financial data alongside payments is a major step forward, not only for students and educational institutions but for the entire remittance and payments industry. We are excited to build on this success and continue expanding our global partnerships.”

SUH further added that MOIN is now positioned to broaden its partnerships globally, collaborating with a diverse range of companies and payment networks across different regions.

As the demand for more efficient, transparent, and cost-effective payment solutions continues to grow, MOIN’s expertise will remain at the forefront of this evolution.

View original content:https://www.prnewswire.com/news-releases/moin-successfully-complete-poc-for-cross-border-tuition-payments-paving-the-way-for-solution-commercialization-302291198.html

SOURCE Moin