UK chemical manufacturing giant Ineos has announced a £1.67 billion plan to build green hydrogen plants, which the company claims is the largest single investment in green hydrogen so far in Europe.
According to a press release, the €2 billion investment has been earmarked for electrolysis projects at sites across Europe, and there are plans to locate electrolysers at multiple production sites beginning in Norway.
As well as Norway, the company plans to build renewable hydrogen plants in Germany and Belgium, and there is unspecified further investment planned for the Uk and France too,
The Norwegian plant will be the first, with Ineos building a 20MW electrolyser that it claims will help cut the carbon footprint of its petrochemical complex at Rafnes by at least 22,000 tonnes of CO2 per annum.
Following that, the company will turn its attention to a 100MW electrolyser project in Germany to further decarbonise its operation in Cologne by more than 120,000 tonnes-per-annum of CO2.
“Green hydrogen represents one of our best chances to create a more sustainable and low carbon world,” said Ineos chairman Jim Ratcliffe.
“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.”
Ineos claims to be the largest electrolysis operator in Europe via its Inovyn subsidiary, and already has a long history of storing and handling hydrogen, with the company producing more than 300,000 tonnes of hydrogen per annum, mostly as a by-product from its chemical manufacturing operations.
The announcement of the investment in green hydrogen follows news that the company plans of spending £1 billion to reduce emissions from its Grangemouth refinery and petrochemical plant in Scotland.
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