- Ineos will invest $2 billion on building green hydrogen plants in various locations across Europe
- It will comprise a 20 MW electrolysis plant in Norway, and a 100 MW facility in Germany
- Other projects are being planned for Belgium, UK and France where it may enter partnerships with other companies
Ineos, the UK headquartered petrochemicals and hydrogen producer, has announced its plans to invest over €2 billion in green hydrogen production, which would make it ‘Europe’s largest’ ever investment in electrolysis projects. Ineos will invest this money through a new business as part of its green hydrogen subsidiary Inovyn.
While initial plants will be located in Norway, Germany and Belgium and come up within next decade, later the company will also invest in the UK and France. The 1st unit will be built in Norway with 20 MW electrolyzer capacity powered by zero-carbon electricity. It will help the company reduce the carbon footprint of its chemical manufacturing plant at Rafnes while also supplying it to Norway’s transport sector.
Another 100 MW electrolyzer capacity will come up in Germany to enable decarbonization efforts of Ineos at its Cologne site. Green hydrogen produced here will also be used to produce green ammonia.
Ineos said it is developing other projects in Belgium, France and the UK, possibly in partnerships with companies involved in the development of new hydrogen applications.
The new business will be headquartered in the UK and will build capacity to produce hydrogen across the Ineos network sites in Europe and also partner sites. Ineos said it is willing to work closely with European governments to ensure the necessary infrastructure is in place to facilitate green hydrogen’s role in the mainstream economy.
Ineos Chairman Jim Ratcliffe said Europe is ‘crying out’ for more investment in green hydrogen. Inovyn CEO Geir Tuft added that the company sees demand driven by ‘affordable, low-carbon energy sources, combined with our existing capabilities in operating large-scale electrolysis’.
European Union’s Hydrogen Strategy sees potential for up to 120 GW solar and wind energy capacity to power green hydrogen through electrolyzers. By 2030, it targets to have at least 40 GW of renewable hydrogen powered electrolysis to produce up to 10 million tons of renewable hydrogen (see European Commission Launches Hydrogen Strategy).