Phillips 66, H2 Energy close on JV for hydrogen refueling network in Europe

US energy company Phillips 66 (NYSE:PSX) and Switzerland-based hydrogen specialist H2 Energy on Tuesday said they have closed on a joint venture to create a network of hydrogen refueling retail stations in Germany, Austria and Denmark.

The initiative, unveiled in early 2022, will aim to develop about 250 hydrogen refueling stations by 2026.

The 50:50 joint venture is benteen subsidiaries Phillips 66 Ltd and H2 Energy Europe SA, which is a joint venture between commodity trading firm Trafigura Pte Ltd and H2 Energy Holding AG. It is called JET H2 Energy Austria GmbH and will benefit from the respective retail and hydrogen expertise of its owners.

The planned network of hydrogen refueling sites for heavy- and light-duty and passenger vehicles will encompass existing stations under Phillips 66’s JET brand, as well as new sites on key transport routes and at customer locations. The sites are set to be supplied with green hydrogen.

The partners said JET H2 Energy will also be aided by its ties with Hyundai Hydrogen Mobility, the exclusive European reseller of the Hyundai Xcient hydrogen fuel cell truck.

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