Investment plan

INEOS expands its € 2 billion investment plan in the UK

LONDON (ICIS) – British chemicals company INOVYN, a subsidiary of INEOS, on Wednesday announced plans to invest in green hydrogen production at its Runcorn site near Manchester. The investment follows INEOS ‘broader € 2 billion spending plan released earlier in the week.

INEOS announced on October 18 its intention to set up green hydrogen production projects in Norway, Belgium and Germany as part of its € 2 billion commitment. Wednesday’s announcement marks the chemical company’s first spending in the UK as part of this broader European hydrogen investment plan.

Hydrogen production at Runcorn amounts to 7,000 tonnes / year, or approximately 233 GWh of lower calorific hydrogen.

The objective of the investment at the Runcorn site is to support on-site facilities for the purification and compression of existing low-carbon electrolytic hydrogen for distribution to service stations across the UK.

The announcement also indicated that the ramp-up in hydrogen production could be used to support power generation.

The current 7,000 tonnes of hydrogen are enough to fuel 2,000 trucks per day.

INOVYN also said it aims to increase hydrogen production in the UK to further support transport decarbonization.

HYDROGEN STORAGE

INOVYN is also leading a hydrogen storage project in the Mersey region, aiming to support the HyNet cluster, a 3.7 GW blue hydrogen production project recently selected for the funding of Track 1 of the sequencing program of UK government cluster.

The hydrogen storage facilities consist of 19 newly constructed salt caverns capable of storing a total of 1.3 TWh of hydrogen.

The potential capacity of the storage site is greater than that of the Stublach site of Storengy and the Aldbrough site of SSE Thermal combined.

LARGER INVESTMENT

On October 18, INEOS announced its intention to spend € 2 billion across Europe to increase its production of green hydrogen.

The announced investment was initially intended for Germany, Belgium and Norway for projects, but also indicated that spending would be extended to the UK and France.

On Monday, two key electrolysis projects were included in the plan. First, a 20 MW electrolysis unit supplied with zero carbon electricity in Norway, and a 100 MW electrolyser at the INEOS site in Cologne, Germany.

The hydrogen produced by the 100MW Koln project can also be used in the transport sector.


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