Hyundai and INEOs to Cooperate on Hydrogen Economy
Hyundai Motor Company and British chemical giant INEOS are set to explore new opportunities to accelerate the global hydrogen economy.
The companies will 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 4×4 vehicle. Hyundai’s modular fuel cell system, which evaluation vehicles will use, is already used in the Hyundai NEXO SUV.
INEOS 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 technology that uses renewable energy to produce hydrogen for power generation, transportation and industrial use.
“The agreement between INEOS and Hyundai presents both companies with new opportunities to extend a leading role in the clean hydrogen economy,” said Peter Williams, Technology Director INEOS.
“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.”
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.
The INEOS 4×4 Grenadier is due to be available in Australia in late 2021. Built on an all-new platform, the Grenadier will have a box-section ladder frame; live axles; multi-link suspension with separate coils and dampers; diff lockers front, rear and centre; and will be powered initially by a choice of BMW TwinPower Turbo petrol or diesel engines.
17 December 2020