November 24, 2020 10:13
Hyundai said Monday that it signed a memorandum of understanding with chemicals multinational Ineos Group to develop a hydrogen SUV.
Headquartered in the U.K., Ineos focuses on the production of petrochemicals, specialty chemicals and other petroleum-based products. But the company has recently been expanding its hydrogen business and can produce 300,000 tons annually.
The two companies plan to mount Hyundai's hydrogen-fuel power system onto the Grenadier SUV currently being developed by Ineos Automotive. They will seek to bolster hydrogen fuel use in Europe by targeting the European public and private sectors.
Ineos will handle the production, supply and storage of hydrogen fuel through its subsidiary Inovyn while Hyundai will supply the fuel cells. The Korean automotive group plans to boost its annual fuel cell production capacity to 700,000 units by 2030.
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