INEOS makes eye-watering investment in green hydrogen
Multinational chemical company INEOS has announced it is investing over €2 billion in green hydrogen, making it Europe’s largest investment in electrolysis projects.
Through its INOVYN business, INEOS is already Europe’s largest operator of electrolysis, the critical technology necessary to produce green hydrogen for power generation, transportation, and industrial use.
The first hydrogen plants will be built in Norway, Germany and Belgium in the next decade with investments also planned for the UK and France.
Ineos signed a landmark deal with Hyundai in 2020 enabling the two companies to “explore new opportunities”, including hydrogen fuel cell technology for a new 4x4 set to rival the Land Rover Defender.
Europe is crying out for hydrogen
Sir Jim Ratcliffe, Chairman of Ineos and one of the UK’s richest men with a net worth of £17.5bn, said: “Green hydrogen represents one of our best chances to create a more sustainable and low carbon world. Europe is crying out for more investment in green hydrogen and INEOS’ announcement today shows our determination to play a leading role in this important new fuel.”
Ratcliffe also said that Ineos will work closely with European governments to ensure the necessary infrastructure is put in place to clear the way for hydrogen’s place in the new green economy.
Ineos’ hydrogen business will be headquartered in the UK and will build out capacity to produce hydrogen across its network of sites in Europe and partner sites elsewhere.
Image courtesy of INEOS automotive.