Hyundai Motor Forms Hydrogen Alliance with UK’s INEOS... Expands Global Green Ecosystem

Hyundai Motor Technology - Ineos Hydrogen Fuel Supply
Joint Development Including Hydrogen Fuel Cell Installation in Ineos SUV New Model
Leading Hydrogen Ecosystem Construction from Europe Promoting Green Hydrogen Policy

[Asia Economy Reporter Su-yeon Woo] Hyundai Motor Company is collaborating with the UK-based global top 3 comprehensive chemical company INEOS Group to expand the global hydrogen ecosystem. The goal is to accelerate the realization of a hydrogen economy society by establishing an integrated hydrogen value chain that covers hydrogen energy production, supply, storage, hydrogen electric vehicle development, and fuel cell system utilization.

Hyundai Motor announced on the 23rd that it signed a Memorandum of Understanding (MOU) with INEOS Group for cooperation in building a global hydrogen ecosystem through an online agreement ceremony held on the 20th. INEOS, a global comprehensive chemical company headquartered in the UK, produces 300,000 tons of hydrogen annually as a byproduct from its main products, petrochemical and specialty chemical products.

According to the MOU, Hyundai Motor will supply hydrogen fuel cell systems to the sports utility vehicle (SUV) 'Grenadier' being developed by INEOS Group and jointly develop the new vehicle. Additionally, both companies set a joint goal to lead green hydrogen production in Europe by exploring cooperation in hydrogen-related businesses such as production, supply, distribution, and storage. Europe, centered on the European Union (EU), has announced plans to increase green hydrogen production through the establishment of water electrolysis facilities and expand investments in hydrogen-related infrastructure.

To promote the spread of the hydrogen economy in Europe, where movements to lead the hydrogen economy are active, the two companies plan to form a consultative body composed of key stakeholders immediately after the MOU and closely cooperate with the European Union (EU), European national governments, and private companies to seek immediate business opportunities. Hyundai Motor is expected to be responsible for supplying hydrogen fuel cell systems and technology, while INEOS will play a role in hydrogen production, storage, and transportation as part of fuel supply. Previously, Hyundai Motor Group announced plans to expand its hydrogen fuel cell system production capacity to 700,000 units by 2030 in preparation for a hydrogen economy society.

Hyundai Motor Group is strengthening alliances with global comprehensive chemical companies in the hydrogen energy business, following strategic collaboration with Saudi Aramco in June last year and now pursuing the MOU with INEOS. This is because securing hydrogen charging infrastructure and hydrogen fuel supply chains is crucial for promoting the spread of hydrogen electric vehicles.

Se-hoon Kim, Executive Vice President and Head of Hyundai Motor's Fuel Cell Business Division, said, "It is significant that traditional chemical companies like INEOS are seeking to enter the hydrogen ecosystem," adding, "We expect that the synergy between INEOS's commitment to entering the hydrogen business and Hyundai Motor's technological capabilities will be realized."