- The targets set out by the UN and National Governments around the world requires concrete action. INEOS is aiming not only to contribute by decarbonising energy for its existing operations, but also by providing hydrogen that will help other businesses and sectors to do the same.
- The new business will be based in the UK and will invest in ‘first intent’ Clean Hydrogen production across Europe.
- The production of hydrogen based on electrolysis, powered by zero carbon electricity, will provide flexibility and storage capacity for heat and power, chemicals and transport markets.
- The European Union Hydrogen Strategy, which outlines an infrastructure roadmap for widespread utilisation of hydrogen, across Europe by 2030, present new opportunities for the business.
- Geir Tuft CEO INOVYN said, “INEOS is uniquely placed to play a leading role in developing these new opportunities, driven by emerging demand for affordable, low-carbon energy sources, combined with our existing capabilities in operating large-scale electrolysis.”
INEOS has today launched a new business to develop and build Clean Hydrogen capacity across Europe, in support of the drive towards a zero-carbon future. INEOS currently produces 300,000 tonnes of hydrogen a year mainly as a co-product from its chemical manufacturing operations.
Through its subsidiary INOVYN, INEOS is Europe’s largest existing operator of electrolysis, the critical technology which uses renewable energy to produce hydrogen for power generation, transportation and industrial use. Its experience in storage and handling of hydrogen combined with its established know-how in electrolysis technology, puts INEOS in a unique position to drive progress towards a carbon-free future based on hydrogen.
The business will have its headquarters in the UK and aims to build capacity to produce hydrogen across the INEOS network of sites in Europe, in addition to partner sites where hydrogen can accelerate decarbonisation of energy.
INEOS is already involved in several projects to develop demand for hydrogen, replacing existing carbon-based sources of energy, feedstocks and fuel. It expects to develop further partnerships with leading organisations involved in the development of new applications. INEOS will also work closely with European Governments to ensure the necessary infrastructure is put in place to facilitate hydrogen’s major role in the new Green Economy.
Wouter Bleukx, Business Unit Manager Hydrogen said “Hydrogen is an important part of a climate neutral economy that has been discussed for decades. Finally, a hydrogen-fuelled economy is within reach as transportation in the UK, Germany, France and other countries begins to run on this carbon free technology. With extensive experience in electrolysis, INEOS is uniquely placed to support these new opportunities, driven by emerging demand for affordable zero-carbon energy sources.”
Formed on 1 July 2015 and part of INEOS, INOVYN is a vinyls producer that ranks among the top three worldwide. With a turnover above €3.5 billion, INOVYN has more than 4,300 employees and manufacturing, sales and marketing operations in ten countries across Europe.
INOVYN’s portfolio consists of an extensive range of class-leading products arranged across Organic Chlorine Derivatives; Chlor Alkali; General Purpose Vinyls; Specialty Vinyls; Sulphur Chemicals; Salt; and Electrochemical and Vinyls Technologies. Annual production volumes are more than 40 million tonnes. www.inovyn.com
INEOS is the world’s third largest chemicals company, employing around 22,000 people across 183 sites in 26 countries. It is a privately-owned company with sales in 2019 of $61bn. www.ineos.com