Hyundai Motor strikes hydrogen partnership with British chemical giant Ineos

2020.11.24 14:09:09 | 2020.11.24 14:09:38

[Photo provided by Hyundai Motor Co.]이미지 확대

[Photo provided by Hyundai Motor Co.]

South Korea’s biggest automaker Hyundai Motor Co. said Monday it has partnered with British chemical giant Ineos to expand the hydrogen fuel cell ecosystem across Europe.

The two companies would set up a hydrogen value chain encompassing the production, supply and storage of hydrogen as well as the development of fuel-cell electric vehicles and systems that can be applied in public and private spheres, according to Hyundai Motor.

Ineos is based in London, England and is of the world’s largest chemical companies by revenue with $83 billion in annual sales. It is capable of producing 300,000 tons of hydrogen a year. Linkup with the company can help Hyundai Motor in its goal to expand its hydrogen fuel-cell system output to 700,000 units per year by 2030.

Under the agreement, Hyundai will supply its fuel-cell vehicle system to be mounted on Grenadier, a new sport utility vehicle being developed by Ineos Automotive, an automaking unit under Ineos.

Hyundai’s fuel-cell lineup includes the Nexo SUV, Xcient truck and Elec City bus.

The two companies will also work toward building a hydrogen economy in Europe. Ineos would handle the production, supply and storage of hydrogen through its subsidiary Inovyn, while Hyundai Motor would be in charge of delivering the fuel-cell systems.

This is the Korean company’s biggest hydrogen alliance with a foreign partner since its agreement with Saudi Aramco in June 2019. Other collaborations include a deal in September 2019 with U.S. diesel engine maker Cummins to provide hydrogen vehicle parts in the North American market. In April this year, it sold its hydrogen fuel-cell systems to a European automaker. In September, it struck its first deal in the non-auto sector with GRZ Technologies, a Swiss company specializing in hydrogen energy storage.

Hyundai Motor and its affiliate Kia Motors ranked fourth in global electric vehicle sales in the first nine months of the year, after Tesla, Volkswagen Group and Renault Nissan, according to market research firm SNE Research.

By Seo Jin-woo, Won Ho-sup and Kim Hyo-jin

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