Hyundai Motor partners with Ineos to develop hydrogen business
Hyundai Motor on Monday said it signed a memorandum of understanding (MOU) with London-based chemical company Ineos as it continues to seek out new partnerships to expand its hydrogen mobility business.
The two companies will cooperate on creating a stable hydrogen supply chain and develop related technologies. Hyundai Motor and Ineos will also work on utilizing hydrogen as a new source of fuel for public facilities as well as for private businesses in Europe.
Ineos is a multinational chemical company which produces some 300,000 tons of hydrogen per year. The company has recently expanded its hydrogen business.
Under the MOU, Hyundai Motor will supply its modular fuel cell system to Grenadier, a hydrogen-fueled SUV currently in development by Ineos Automotive, a car manufacturing arm of Ineos. The 4x4 SUV is expected to hit the market next year.
Hyundai Motor's hydrogen ambitions are not confined to just manufacturing cars powered by the eco-friendly energy.
In September, Hyundai Motor shipped its first batch of fuel cell systems to Swiss hydrogen solution company GRZ Technologies.
"It is meaningful that a traditional chemical company like Ineos is advancing into the hydrogen business by developing green energy and hydrogen cars," said Kim Sae-hoon, head of the Korean automaker's fuel cell center.
"When Ineos' effort is added with Hyundai Motor's technology, it will create synergy."
On the back of Europe's active support of hydrogen economy initaitves, Hyundai Motor and Ineos will together cooperate with the European Union and each member state's government as well as private business to look for business opportunities related to hydrogen.
Ineos will be in charge of producing, supplying and storing hydrogen while Hyundai Motor will supply fuel cell systems.
"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 at 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 4x4 owners in the future."
BY JIN EUN-SOO [firstname.lastname@example.org]