Hyundai and INEOS have signed a memorandum of understanding to develop the production and supply of hydrogen and the global deployment of hydrogen applications and technologies.
The agreement will also include the evaluation of Hyundai’s proprietary modular fuel cell system, which is already employed in the Hyundai NEXO SUV.
The NEXO SUV is the world’s first hydrogen-powered SUV, boasting the longest driving range amongst all hydrogen-powered models in the market.
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.”
The memorandum also outlines plans to extend Hyundai’s fuel cell system to the latest INEOS Grenadier 4×4 model.
Hyundai’s senior vice president, Saehoon Kim, 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 realize the mass production of green hydrogen and fuel cells for the Grenadier.”
INEOS recently launched a new business to expand clean hydrogen capacity across Europe, on the road to a net-zero future. The firm currently produces 300,000 tons of hydrogen annually, predominantly as a by-product from chemical manufacturing operation.
INEOS is Europe’s largest existing operator of electrolysis, the technology that use renewable energy to produce hydrogen for power generation.
The firm’s leading status is attributed to its subsidiary firm INOVYN, whose experience with hydrogen technology leaves the firm well place to advance progress towards a carbon-neutral future, based on hydrogen.
Both companies will seek to facilitate public and private sector projects, focused on the development of a hydrogen value chain in Europe.