Ineos on Monday announced a $2.3 billion investment in what the British chemical company calls green hydrogen production, while also unveiling a prototype fuel-cell version of its planned Grenadier SUV.

The investment will fund hydrogen plants in Norway, Germany, Belgium, and the U.K. to be used to produce hydrogen through electrolysis. The company already operates some electrolysis plants through its subsidiary Inovyn, and claims to be the largest operator of such plants in Europe.

Another component of the investment is a 100-MW electrolyzer in Cologne, Germany, that will produce hydrogen intended for green ammonia production. Use of green ammonia could reduce global greenhouse-gas emissions by almost 1% per year, Ineos said.

2022 Ineos Grenadier

2022 Ineos Grenadier

The fuel-cell Grenadier prototype uses Hyundai powertrain technology. The two companies signed a memorandum of understanding in 2020 to collaborate on fuel-cell projects. While Ineos has only shown the single prototype so far, a production version is now expected around 2024 .

Inspired by the original Land Rover Defender, the Grenadier is scheduled to launch in the United States in 2023. To keep things simple, Ineos plans just one powertrain for the U.S., a 3.0-liter turbocharged inline-6 sourced from BMW. It will be coupled to an 8-speed automatic transmission and a four-wheel-drive system with a two-speed transfer case. A diesel will be offered in other markets.

Ineos has indicated U.S. pricing will fall somewhere between mainstream off-roaders like the Ford Bronco and Jeep Wrangler and the more luxurious Mercedes-Benz G-Class. The Grenadier will be built at the former Smart factory in Hambach, France. Ineos has also brought in automotive supplier Magna to help with development.