Hyundai Motor Company and INEOS signed 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 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 recently launched a new business to develop and build clean hydrogen capacity across Europe in support of the drive towards a zero-carbon future. (Earlier post.) 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.