INEOS to Invest Over €2 Billion in Green Hydrogen Production
Chemical company INEOS announced today plans to invest over €2 billion to produce green hydrogen across Europe, with plants planned in Norway, Germany, Belgium, and investments also anticipated in the UK and France.
According to the company, the announcement marks Europe’s largest ever investment in green hydrogen.
Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future, given its ability to act both as a clean energy carrier and fuel, as well as a CO2-neutral feedstock for the production of green chemicals. Despite being the most abundant element in the universe, however, there are no pure hydrogen deposits on earth, and it must be extracted from other materials. The extraction process often creates pollutants and GHG emissions. Green hydrogen, on the other hand, uses an electrolysis process to extract hydrogen from water, using a renewable source of energy such as wind or solar, with oxygen released as a byproduct.
The announcement follows the launch last year by INEOS of a series of sustainability initiatives, which included commitments to invest in hydrogen technology as a core part of its future business.
The company has extensive experience in dealing with hydrogen storage and handling, and INEOS’ INOVYN business is already Europe’s largest existing operator of electrolysis.
Geir Tuft, CEO of INOVYN said:
“INEOS is uniquely placed to play a leading role in developing these new opportunities, driven by emerging demand for affordable, low-carbon energy sources, combined with our existing capabilities in operating large-scale electrolysis.”
Investments planned by the company include a 20MW electrolyser to produce clean hydrogen through the electrolysis of water, powered by zero-carbon electricity in Norway, a larger scale 100MW electrolyser to produce green hydrogen at its Koln site in Germany, and other projects under development in Belgium, France and the UK.
The company stated that it will work closely with European Governments to ensure the necessary infrastructure is put in place to facilitate hydrogen’s major role in the new Green Economy.
Jim Ratcliffe, INEOS Chairman said:
“Green hydrogen represents one of our best chances to create a more sustainable and low carbon world. Europe is crying out for more investment in green hydrogen and INEOS’ announcement today shows our determination to play a leading role in this important new fuel.”