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MOSCOW (MRC) -- INEOS and Hyundai have signed a
memorandum of understating (MoU) to explore potential joint hydrogen businesses,
the European chemicals major said on 22 November, said the
company.
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. Both companies will initially seek to
facilitate public and private sector projects focused on the development of a
hydrogen value chain in Europe.
The agreement also includes the
evaluation of Hyundai’s proprietary 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.
Hyundai’s proprietary modular fuel cell system, which evaluation
vehicles will use, has already proven reliable and effective in the Hyundai NEXO
SUV. The world’s first dedicated hydrogen-powered SUV has the longest driving
range among hydrogen-powered vehicles in the market. 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.
"INEOS’ move into
the development of a fuel cell electric vehicle and hydrogen ecosystem marks yet
another milestone towards sustainable and clean transportation,” said Saehoon
Kim, Senior Vice President and Head of Fuel Cell Center at Hyundai Motor
Company. “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 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, INEOS 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.
As per MRC, Ineos declared force
majeure on its low density polyethylene (LDPE) supplies from one of its plants
in Cologne, Germany due to a power outage on November 11. The company could
not be reached for comments at the time of publication, however. The force
majeure is slated to last for 3 weeks. The company’s metalocene linear low
density polyethylene (mLLDPE) unit at the same site was reported to be
unaffected, meanwhile.
As MRC wrote before, a
660,000-metric tons/year phenol-acetone plant operated by Ineos in Gladbeck,
Germany, was shut for maintenance from 27 October until 6 December,
2020.
According to MRC's ScanPlast report,
September estimated LDPE consumption in Russia fell to 23,930 tonnes from 47,610
tonnes a month earlier. Russian producers reduced their domestic LDPE shipments
due to shutdowns for maintenance at production capacities in Ufa, Tomsk and
Kazan. Russia's estimated LDPE consumption totalled about 406,500 tonnes in
January-September 2020, which virtually corresponded to the last year's
figure.
INEOS Group Limited is a privately owned multinational chemicals
company consisting of 15 standalone business units, headquartered in Rolle,
Switzerland and with its registered office in Lyndhurst, United Kingdom. It is
the fourth largest chemicals company in the world measured by revenues (after
BASF, Dow Chemical and LyondellBasell) and the largest privately owned company
in the United Kingdom. |
