HYUNDAI MOTOR COMPANY - Hyundai Motor Company and INEOS 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.