Tate has this week announced the longest corporate sponsorship commitment in its history, as Hyundai Motor signs up to an 11-year partnership.

The partnership will see Hyundai support a new series of site-specific installations by contemporary artists in the Turbine Hall at the Tate Modern, beginning in autumn 2015.

It follows a 13-year sponsorship of the Turbine Hall by Unilever, which was renewed every three years. “Hyundai’s 11-year commitment is the longest ever promised in the Tate’s history,” said a spokeswoman, who said the Tate would not disclose how much Hyundai’s sponsorship is worth. According to Tate’s latest financial accounts it raised £5.1m in income from sponsorships in 2012/13.

The new sponsorship, dubbed the ‘Hyundai Commission’, will annually give artists an opportunity to interpret the vast industrial space at the Turbine Hall which has “revolutionised public perceptions of contemporary art in the twenty-first century”.

A spokeswoman added: “The partnership is founded upon Tate and Hyundai’s shared commitment to worldwide innovation.”

To mark the start of the new partnership, Hyundai has joined forces with Tate’s Asia Pacific Acquisitions Committee to support a major acquisition for Tate’s collection to dramatically improve the gallery’s holdings of art from Asia. The acquisition consists of nine key works by South Korean artist Nam June Paik, who is often considered the founder of video art. His work explores humanity’s ever-changing relationship with technology, from radio and television to robotics and computing.

This week’s announcement coincides with the completion of a newly-built bridge across the top of the Turbine Hall. Designed by Herzog & de Meuron, this bridge joins the existing galleries on level 4 of Tate Modern to the new building being developed to the south. Opening to the public in 2016, this project will transform Tate Modern with the Turbine Hall at its heart, offering in due course dramatic new views on The Hyundai Commission.

Commenting on Hyundai’s sponsorship, Nicholas Serota, director, Tate said:

“We look forward to working together with Hyundai, exploring the most innovative and creative ideas from around the world. Hyundai’s commitment to Tate will give us an unprecedented opportunity to plan for the future, and will secure a decade of exciting new Turbine Hall commissions for all Tate Modern’s visitors.”