Chemicals giant INEOS and Korean car manufacturer Hyundai Motor Company have signed a Memorandum of Understanding (MoU) to explore new opportunities for the production, supply and deployment of hydrogen and related technologies.
In a joint statement, the companies said they will seek to build 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 4×4 vehicle – it is expected the manufacturer’s fuel cell technology will help INEOS’ efforts to modify the powertrain options.
Peter Williams, Technology Director at INEOS, said: “Evaluating new production processes, technology and applications, combined with our existing capabilities puts us in a unique position to meet the emerging demand for affordable, low carbon energy sources and the needs of demanding 4×4 owners in the future.”
Saehoon Kim, Senior Vice President and Head of Fuel Cell Center at Hyundai Motor Company, commented: “INEOS’ move into the development of a fuel cell electric vehicle and hydrogen ecosystem marks yet another milestone towards sustainable and clean transportation. Hyundai believes this will provide an important low carbon option across a wide range of sectors.”