Phillips 66, H2 Energy to develop H2 refuelling network in Europe
Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy
February 8 (Renewables Now) - US energy manufacturing and logistics company Phillips 66 (NYSE:PSX) and Switzerland-based hydrogen specialist H2 Energy announced on Monday that their subsidiaries had formed a 50/50 joint venture (JV) to develop retail hydrogen refuelling stations across Germany, Austria and Denmark.
Phillips 66 Limited and H2 Energy Europe AG, in the new JV, will aim to install up to 250 hydrogen refuelling stations by 2026, the partners said.
The agreement hinges on regulatory approvals and customary closing conditions. The initiative will also require some government support, they said.
H2 Energy Europe is a JV between Singapore-based commodities trader Trafigura Pte Ltd and H2 Energy. H2 Energy is also a JV partner of Hyundai Motor Co (KRX:005380) in their hydrogen truck outfit Hyundai Hydrogen Mobility.
As joint venturers, Phillips 66 and H2 Energy intend to each bring their expertise to develop the new network, integrating the supply of hydrogen -- green as available -- refuelling logistics and vehicle demand. Demand is anticipated in part through the Hyundai Hydrogen Mobility JV.
The project will have at its disposal Phillips 66’s existing network of JET retail petrol stations in Germany, Austria and Denmark, and also new locations along major transport routes.
H2 Energy will be tasked with integrating hydrogen production, supply and the refuelling apparatus through its wholly-owned and affiliated entities.
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