Hyundai Motor has decided to seek close cooperation with INEOS Group, a British global chemical company, to spread the global hydrogen ecosystem.
“Our goal is to speed up the realization of hydrogen society by establishing an integrated hydrogen value chain that includes hydrogen production, supply and storage, development of hydrogen electric vehicles, and utilization of fuel cell systems, and by expanding hydrogen-related public and private sector businesses,” Hyundai Motor said.
Hyundai Motor signed a memorandum of understanding on Nov. 20 with INEOS with attendance of Albert Biermann, CEO of Hyundai Motor's R&D division, Kim Se-hoon, executive director of Hyundai Motor's fuel cell business division, and Peter Williams, chief technology officer (CTO) of INEOS.
Britain-based INEOS is a global comprehensive chemical company that focuses on petrochemicals, special chemicals and production of petroleum products. It currently produces 300,000 tons of hydrogen annually, and has recently expanded its hydrogen-related business sector.
Under the MOU, the two companies plan to introduce a new hydrogen-electric vehicle by installing Hyundai's fuel cell system for vehicles on the Grenadier, a sports utility vehicle being developed by INEOS Automotive.
Hyundai's fuel cell system has already been applied to the hydrogen-powered vehicle Nexo, hydrogen-powered truck Xcient and hydrogen-powered bus Elec-City.
Kim Se-hoon, executive director of Hyundai Motor, said, "It is highly suggestive that traditional chemical companies such as INEOS are seeking to enter the hydrogen ecosystem through the production of green hydrogen and the development of hydrogen-electric vehicles."
Meanwhile, INEOS CTO Williams said, "This agreement will provide both companies with an opportunity to expand their role in accelerating the hydrogen economy. We will contribute to the spread of the global hydrogen ecosystem through multilateral cooperation."