Hyundai Motor Partners with Global Chemical Company INEOS to Build Hydrogen Ecosystem

Hyundai Motor's Hydrogen Fuel Cell System Installed in SUV Developed by INEOS Subsidiary
Expansion of Cooperation in Hydrogen Production, Supply, and Storage Business in Europe
Global Top 3 Chemical Company INEOS Produces 300,000 Tons of Hydrogen Annually
Hyundai Accelerates European Market Entry with Hydrogen Fuel Cell System Exports

[Asia Economy Reporter Suyeon Woo] Hyundai Motor Company is promoting cooperation with the UK-based global integrated chemical company INEOS Group to expand the global hydrogen ecosystem. In the short term, Hyundai plans to equip INEOS's subsidiary's developing sport utility vehicle (SUV) with Hyundai's hydrogen fuel cell system, and in the long term, aims to establish an integrated hydrogen value chain encompassing hydrogen production, supply, and storage to accelerate the realization of a hydrogen society.

Hyundai announced on the 20th that it signed a memorandum of understanding (MOU) containing these details, attended by Albert Biermann, President of Hyundai Motor R&D Division; Kim Se-hoon, Executive Vice President of Hyundai Motor Fuel Cell Business Division; Peter Williams, Chief Technology Officer of INEOS; Doug Heilemann, CEO of INEOS Automotive; and Gear Tuft, CEO of Inovin.

Headquartered in the UK, INEOS is a global integrated chemical company specializing in petrochemicals, specialty chemicals, and petroleum products. It currently produces 300,000 tons of hydrogen annually and has recently expanded its hydrogen-related business sectors, initiating full-scale efforts to lead the future hydrogen society.

Hyundai and INEOS have agreed on the necessity of early realization of a global hydrogen society and have sought cooperation areas where synergy between the two companies can be maximized. Through this MOU, the two companies plan to first introduce a new hydrogen electric vehicle by equipping Hyundai's vehicle fuel cell system in the SUV 'Grenadier' being developed by INEOS's subsidiary INEOS Automotive.

Hyundai's vehicle fuel cell system has been applied to the hydrogen electric vehicle NEXO, hydrogen electric truck XCIENT, and hydrogen electric bus ELEC CITY, proving the system's reliability and effectiveness.

(From left) Albert Biermann, President of Hyundai Motor Company R&D Division, and Peter Williams, Chief Technology Officer (CTO) of INEOS, attended the online business agreement ceremony and signed the agreement. Photo by Hyundai Motor Group

Additionally, the two companies will actively cooperate to expand the hydrogen economy in Europe by creating hydrogen-related business opportunities. Europe is a representative region where movements to lead the hydrogen economy are actively underway. The European Union (EU) has announced goals to dramatically increase green hydrogen production through the establishment of water electrolysis facilities and to expand investments in hydrogen-related infrastructure such as storage, distribution, transportation, and charging.

In line with these movements in Europe, immediately after signing the MOU, the two companies will form a consultative body composed of key stakeholders and closely cooperate with the EU, European governments, and private companies to seek immediate business opportunities. In this process, INEOS will be responsible for hydrogen production, supply, and storage centered on its subsidiary Inovin, while Hyundai will be responsible for supplying fuel cell systems.

Hyundai expects that this cooperation with INEOS, following Saudi Aramco in June last year, will be a significant turning point in the transition to a hydrogen society. Furthermore, through this cooperation, Hyundai plans to solidify its leadership in the development and mass production of vehicle fuel cell systems and use this as a full-fledged opportunity to apply fuel cell system technology to more diverse fields.

Kim Se-hoon, Head of Hyundai Motor Fuel Cell Business Division, said, "It is significant that a traditional chemical company like INEOS is seeking entry into the hydrogen ecosystem through green hydrogen production and hydrogen electric vehicle development," adding, "The synergy is expected as Hyundai's technology leadership in the fuel cell system field combines with INEOS's efforts."

Peter Williams, Chief Technology Officer of INEOS, said, "This agreement will provide an opportunity for both Hyundai and INEOS to expand their roles in accelerating the hydrogen economy," and added, "Based on the best capabilities of both companies, we will contribute to the expansion of the global hydrogen ecosystem through multifaceted cooperation."

This content was produced with the assistance of AI translation services.