Hyundai Motor Company and chemical company INEOS announced today that the companies have signed a memorandum of understanding (MOU) to explore new opportunities to accelerate the global hydrogen economy. According to the new agreement, 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. Initially, the companies stated they will seek to facilitate public and private sector projects focused on the development of a hydrogen value chain in Europe.

Today’s announcement follows the introduction earlier this month by INEOS of a commitment to invest in hydrogen technology as a core part of its future business, along with the announcement of a new investment in a new cracker and Propane Dehydrogenisation Unit known as Project ONE. At the time, the company stated that it viewed hydrogen technology as a game-changing “fuel of the future.” The company has also recently launched INOVYN, a new business to develop and build Clean Hydrogen capacity across Europe, as part of its strategy to position hydrogen as a replacement for carbon-based sources of energy, feedstocks and fuel.

According to Hyundai and INEOS, the new agreement includes the evaluation of Hyundai’s proprietary fuel cell system for the recently announced INEOS Grenadier 4×4 vehicle. The fuel cell system has already proven reliable and effective in the Hyundai NEXO SUV, the world’s first dedicated hydrogen-powered SUV with the longest driving range among hydrogen-powered vehicles in the market.

Saehoon Kim, Senior Vice President and Head of Fuel Cell Center 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 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 4×4 owners in the future.”