Collaboration to scale green hydrogen
throughout industrial and mobility sectors, while advancing
development of key hydrogen infrastructure and fueling
capabilities
Phillips 66 (NYSE: PSX) and Plug Power Inc. (NASDAQ: PLUG), a
leading provider of turnkey hydrogen solutions for the global green
hydrogen economy, today announced that the companies have signed a
memorandum of understanding to collaborate on the development of
low-carbon hydrogen business opportunities.
Phillips 66, which has 13 wholly owned and joint venture
refineries in the U.S. and Europe, owns extensive hydrogen-related
infrastructure and uses hydrogen in the manufacturing of
transportation fuels. With over 20 years of history, and customers
like Amazon, Walmart and Home Depot, Plug Power is a leader in
hydrogen fuel cells and electrolyzers. The company has begun
construction on state-of-the-art green hydrogen production
facilities in California, New York, Tennessee and Georgia that will
ultimately supply 500 tons per day of liquid green hydrogen by
2025.
As part of this agreement, the companies will explore ways to
deploy Plug Power’s technology within Phillips 66’s operations,
leveraging Plug Power’s experience as a full value chain provider
within the hydrogen economy. Plug Power will benefit from Phillips
66’s capabilities as a developer of large-scale energy
infrastructure, operator of industrial-scale hydrogen production
facilities, and presence in the fuels marketing segment in the U.S.
and Europe.
“We are excited to team up with Phillips 66 to take advantage of
its rich history in the energy industry and forward momentum in the
energy transition,” said David Bow, Executive Vice President of
Electrolyzers Solutions at Plug Power. “Phillips 66 stands to help
us meet our goal of producing 1,000 tons per day of green hydrogen
while deploying cost-efficient solutions within the renewable fuels
sector.”
The companies’ memorandum of understanding provides a framework
for working together on three key objectives:
- integrating and scaling low-carbon hydrogen in the industrial
sector;
- advancing hydrogen fueling opportunities for the mobility
sector; and
- developing hydrogen-related infrastructure to support the
build-out of the hydrogen value chain.
“We believe hydrogen is an important pathway for
hard-to-electrify industries in a lower-carbon energy landscape,“
said Heath DePriest, Vice President of Phillips 66’s Emerging
Energy group, which is focused on building lower-carbon business
platforms. “Hydrogen is a key component of our diversified Emerging
Energy portfolio strategy.”
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company’s master limited partnership, is
integral to the portfolio. Headquartered in Houston, the company
has 14,000 employees committed to safety and operating excellence.
Phillips 66 had $57 billion of assets as of June 30, 2021. For more
information, visit www.phillips66.com or follow us on Twitter
@Phillips66Co.
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell turnkey solutions. The
Company’s innovative technology powers electric motors with
hydrogen fuel cells amid an ongoing paradigm shift in the power,
energy, and transportation industries to address climate change and
energy security, while meeting sustainability goals. Plug Power
created the first commercially viable market for hydrogen fuel cell
technology. As a result, the Company has deployed over 40,000 fuel
cell systems for e-mobility, more than anyone else in the world,
and has become the largest buyer of liquid hydrogen, having built
and operated a hydrogen highway across North America. Plug Power
delivers a significant value proposition to end-customers,
including meaningful environmental benefits, efficiency gains, fast
fueling, and lower operational costs. Plug Power’s
vertically-integrated GenKey solution ties together all critical
elements to power, fuel, and provide service to customers such as
Amazon, BMW, The Southern Company, Carrefour, and Walmart. The
Company is now leveraging its know-how, modular product
architecture and foundational customers to rapidly expand into
other key markets including zero-emission on-road vehicles,
robotics, and data centers. Learn more at www.plugpower.com.
PLUG POWER SAFE HARBOR STATEMENT
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc.(“PLUG”), including but not limited to statements about PLUG’s
expectations regarding its multi-year investment and growth, PLUG’s
clean hydrogen technology and fuel cell solutions playing a
critical role in achieving climate and decarbonization goals,
deepening of relationships with key stakeholders, and acceleration
of demand and adoption of hydrogen technology. You are cautioned
that such statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate
indications of the times that, or by which, such performance or
results will have been achieved. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission, including the
“Risk Factors” section of PLUG’s Annual Report on Form 10-K for the
year ended December 31, 2020 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2021 and June 30, 2021. Readers are
cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
PHILLIPS 66 CAUTIONARY STATEMENT FOR THE
PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbors created
thereby. Forward-looking statements may be identified by the use of
words like “plans,” “expects,” “will,” “anticipates,” “believes,”
“intends,” “projects,” “targets,” “estimates” or other words of
similar meaning. Forward-looking statements are based on certain
assumptions and expectations of future events which may not be
accurate or realized, and involve risks and uncertainties, many of
which are beyond Phillips 66’s control, including but not limited
to regulatory approvals and market conditions. A discussion of
factors that may affect future results is included in Phillips 66’s
filings with the Securities and Exchange Commission. Phillips 66
disclaims and does not undertake any obligation to update or revise
any forward-looking statement, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211013005538/en/
Phillips 66 Jeff Dietert, 832-765-2297 (investors)
jeff.dietert@p66.com Shannon Holy, 832-765-2297 (investors)
shannon.m.holy@p66.com Bernardo Fallas, 855-841-2368 (media)
bernardo.e.fallas@p66.com Plug Power: Caitlin Coffee (media)
Allison + Partners plugPR@allisonpr.com
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