Yahoo Finance Ineos teams up with Hyundai to develop hydrogen fuelled sports SUV
Jim Ratcliffe, the UK’s richest man, has partnered with Hyundai Motor Company (HYMTF) in an attempt to boost hydrogen fuel cell vehicles.
The billionaire tycoon’s chemicals group Ineos will work together with the Korean carmaker to explore the use of the Hyundai fuel cell system in the Ineos Grenadier sport utility vehicle.
Saehoon Kim, senior vice-president and head of fuel cell centre at Hyundai, said the 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,” he said.
The two companies have signed a memorandum of understanding to explore new opportunities in the hydrogen economy, including production and supply as well as new applications, technologies and business models.
Hyundai has been making fuel cell vehicles since 2013, largely targeting countries such as Germany and the Netherlands. It shipped its first batch of hydrogen truck to Switzerland earlier this year and aims to produce 1,600 units by 2025.
The partnership will initially seek to facilitate public and private sector projects focused on the development of a hydrogen value chain in Europe.
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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.
Its owner, who is worth $25.9bn (£19.4bn) according to the Bloomberg Billionaires Index, first outlined plans to build a hydrogen-powered SUV like the Land Rover Defender last year.
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Peter Williams, technology director at 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,” he said.
The news comes as a rising number of automotive companies are moving away from diesel and petrol cars in a bid to cut greenhouse gas emissions. The UK is aiming to reduce emissions of greenhouse gases to net zero by 2050.
Hydrogen fuel cells power electric motors with water as the only emission.
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