LONDON- Chemicals manufacturer INEOS Group said on Monday it has launched a clean hydrogen business in Britain to invest in production projects across Europe.
The new business will aim to build capacity to produce hydrogen across the group's sites in Europe, in addition to partner sites where hydrogen can accelerate the decarbonisation of energy, the company said.
The European Commission has mapped out a plan to expand the production and use of "green hydrogen" - a zero-carbon fuel made by electrolysis, using renewable power from wind and solar, that splits water into hydrogen and oxygen.
INEOS currently produces 300,000 tonnes of hydrogen a year mainly as a by-product from its chemical manufacturing operations.
Through its subsidiary INOVYN, INEOS is Europe’s largest existing operator of electrolysis, the critical technology which uses renewable energy to produce hydrogen for power generation, transportation and industrial use.
(Reporting by Nina Chestney, editing by Ed Osmond) ((nina.chestney@thomsonreuters.com; +44 (0) 020 7513 5674; Reuters Messaging: nina.chestney.thomsonreuters.com@reuters.net))
