Ineos to invest US $ 2.3 billion in renewable hydrogen in Europe

UK based chemicals company, Ineos, announced its plans to invest over 2 billion euros (US $2.3 billion) in hydrogen production across Europe over the next 10 years, the company said in a statement on Monday.

These investment will include a 100-MW plant in Germany which will be for the development to support decarbonisation of INEOS operations at the site. Hydrogen from the unit will be used in the production of green ammonia, the company added.

The company said in the statement that its first plants will be built in Norway, Germany, Belgium with further investment also planned in the UK and France.   

“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 today shows our determination to play a leading role in this important new fuel," said Jim Ratcliffe, Ineos Chairman.

According to the statement, the first unit to be built will be a 20MW electrolyser to produce clean hydrogen through the electrolysis of water, powered by zero-carbon electricity in Norway. 

"This project will lead to a minimum reduction of an estimated 22,000 tonnes of CO2 per year by reducing the carbon footprint of INEOS’ operations at Rafnes and serving as a hub to provide hydrogen to the Norwegian transport sector," the company said.