INEOS and Hyundai have signed a memorandum of understanding to explore opportunities to accelerate the global hydrogen economy.
Announced on 22 November, it will see the pair jointly investigate opportunities for the production and supply of hydrogen as well as the worldwide deployment of hydrogen applications and technologies. Both companies will, at first, seek to facilitate public and private sector projects focused on the development of a hydrogen value chain in Europe.
The agreement also covers the evaluation of Hyundai’s proprietary fuel cell system for the recently announced INEOS Grenadier 4×4 vehicle. INEOS said the cooperation marks an important step in its efforts to diversify its powertrain options at an early stage. It highlighted how Hyundai’s fuel cell system has already proven reliable and effective in Hyundai’s NEXO SUV, which is the world’s first dedicated hydrogen-powered SUV and has the longest driving range among hydrogen-powered vehicles in the market.