Ineos Invests more than €2 Billion in Green Hydrogen Projects
The company says the investment will be Europe’s largest-ever investment in electrolysis. Ineos is already Europe’s largest electrolysis operator through its Inovyn subsidiary.
“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 shows our determination to play a leading role in this important new fuel,” said chairman Jim Ratcliffe.
The first plant will be built at Rafnes in Norway and comprise a 20-megawatt (MW) electrolyzer to produce clean hydrogen through the electrolysis of water, powered by zero-carbon electricity. The project, Ineos said, will cut the site’s CO2 emissions by an estimated 22,000 t/y at least. The site will also serve as a hub to provide hydrogen for Norway’s transport sector.
In Germany, the company will build a larger-scale 100 MW electrolyzer at Cologne, supporting further decarbonization measures at the site. Hydrogen from this unit will be used to produce green ammonia. Other projects are under development in Belgium, France and the UK. Ineos expects to announce further partnerships with leading organizations involved in developing new hydrogen applications.
Last November, Ineos launched a new business, as part of Inovyn, to develop and build green hydrogen capacity across Europe. Additionally, in July this year, it announced it was buying 25 million shares in the initial public offering of HydrogenOne Capital Growth, representing 10% of the target fund raise of £250 million.
That company – the first London-listed fund dedicated to clean hydrogen – was set up to provide investment opportunities for the energy transition toward net-zero carbon emissions by 2050. As part of the transaction, Ineos gained the right to appoint a non-executive director to the board, as well as co-investment rights in projects identified by HydrogenOne.
Author: Elaine Burridge, Freelance Journalist