London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

INEOS and Hyundai sign MoU on hydrogen

November 25/2020

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 Hyundais 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.

Hyundais proprietary modular fuel cell system, which evaluation vehicles will use, has already proven reliable and effective in the Hyundai NEXO SUV. The worlds 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 worlds 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 Europes 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 companys 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.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, LDPE, neftegaz, petrochemistry, Ineos.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe