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Hyundai and INEOS signed a memorandum of understanding
to explore together new opportunities in the hydrogen
economy
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Opportunities include production and supply of hydrogen
as well as new hydrogen applications, technologies and business
models
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The two companies will also work together to explore
the use of the Hyundai fuel cell system in the INEOS Grenadier
vehicle
Hyundai Motor Company and INEOS today announced the
signing of a memorandum of understanding to explore new
opportunities to accelerate the global hydrogen
economy.
Hyundai and INEOS will jointly investigate
opportunities for the production and supply of hydrogen as well
as the worldwide deployment of hydrogen applications and
technologies. Both companies will initially seek to facilitate
public and private sector projects focused on the development of
a hydrogen value chain in Europe.
The agreement also includes the evaluation of
Hyundai’s proprietary fuel cell system for the recently announced
INEOS Grenadier 4x4 vehicle. This cooperation represents an
important step in INEOS’ efforts to diversify its powertrain
options at an early stage.
Hyundai’s proprietary modular fuel cell system, which
evaluation vehicles will use, has already proven reliable and
effective in the Hyundai NEXO SUV. The world’s first dedicated
hydrogen-powered SUV has the longest driving range among
hydrogen-powered vehicles in the market. Hyundai is one of
leading company in the field of fuel cell technology having
started the world’s first mass production of fuel cell electric
vehicles in 2013.
“INEOS’ move into the development of a fuel cell
electric vehicle and hydrogen ecosystem marks yet another
milestone towards sustainable and clean transportation,” said
Saehoon Kim, Senior Vice President and Head of Fuel Cell Center
at Hyundai Motor Company. “Hyundai believes this will provide an
important low-carbon option across a wide range of sectors. We
also hope our decades-long expertise in hydrogen fuel cell work
in synergy with INEOS’ expertise in field of chemistry to realize
the mass production of green hydrogen and fuel cells for the
Grenadier.”
Peter Williams Technology Director INEOS, said, “The
agreement between INEOS and Hyundai presents both companies with
new opportunities to extend a leading role in the clean hydrogen
economy. Evaluating new production processes, technology and
applications, combined with our existing capabilities puts us in
a unique position to meet emerging demand for affordable,
low-carbon energy sources and the needs of demanding 4x4 owners
in the future.”
INEOS recently launched a new business to develop and
build clean hydrogen capacity across Europe in support of the
drive towards a zero-carbon future. The company currently
produces 300,000 tons of hydrogen a year mainly as a by-product
from its chemical manufacturing operations.
Through its subsidiary INOVYN, INEOS is Europe’s
largest existing operator of electrolysis, the critical
technology that uses renewable energy to produce hydrogen for
power generation, transportation and industrial use. Its
experience in storage and handling of hydrogen combined with its
established know-how in electrolysis technology, puts INEOS in a
unique position to drive progress towards a carbon-free future
based on hydrogen.
In 2018, Hyundai Motor Group announced its mid- to
long-term roadmap, Fuel Cell Vision 2030, to increase annual
production of hydrogen fuel cell systems to 700,000 units by
2030.
