Hyundai Motor Company and INEOS have signed a memorandum of understanding (MoU) to explore new opportunities to accelerate the global hydrogen economy.

The two companies will jointly investigate ways to produce and supply hydrogen as well as the world-wide deployment of its applications and technologies and will initially seek to facilitate public and private sector projects focused on the development of a hydrogen value chain in Europe.

The MoU also includes the evaluation of Hyundai’s proprietary modular 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.

The fuel cell system has already proven reliable and effective in the Hyundai NEXO SUV, the world’s first dedicated hydrogen-powered SUV which boasts the longest driving range among hydrogen-powered vehicles available.

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.

Sustainable and clean transportation
Saehoon Kim, senior vice president and head of the Fuel Cell Center at Hyundai, 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 development in synergy with INEOS’ expertise in the field of chemistry to realise the mass production of green hydrogen and fuel cells for the Grenadier.”

INEOS technology director Peter Williams 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, the company 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.