Hyundai and Ineos to 'drive hydrogen economy forward'

Chemicals giant Ineos has announced a new agreement with Korean car firm Hyundai aimed at developing the production of hydrogen.

The two companies signed a memorandum of understanding to “explore new opportunities” to accelerate the global hydrogen economy.

Hyundai and Ineos said it will jointly investigate opportunities for the production and supply of hydrogen as well as the worldwide deployment of hydrogen technologies.

The announcement said both companies will seek to develop a “hydrogen value chain” in Europe.

The agreement includes evaluating Hyundai’s proprietary fuel cell system for the recently announced Ineos Grenadier 4×4 vehicle.

Ineos said the cooperation represents an important step in its efforts to diversify its powertrain options at an early stage.

Hyundai started the world’s first mass production of fuel cell electric vehicles in 2013.

Saehoon Kim, senior vice president and head of fuel cell centre at Hyundai Motor Company, said: “Ineos’ move into the development of a fuel cell electric vehicle and hydrogen ecosystem marks yet another milestone towards sustainable and clean transportation.

“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 realise the mass production of green hydrogen and fuel cells for the Grenadier.”

Peter Williams, technology director at 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 4×4 owners in the future.”

Ineos, which has a refinery plant in Grangemouth, produces 300,000 tons of hydrogen a year mainly as a by-product from its chemical manufacturing operations.