JET H2 Energy combines companies’ retail and
hydrogen expertise to form a leading player in hydrogen
mobility
Phillips 66 (NYSE: PSX) and H2 Energy Europe (“H2 Energy”) today
announced they have closed on a 50-50 joint venture to set up and
operate a network of hydrogen refueling retail sites in Germany,
Austria and Denmark.
JET H2 Energy Austria GmbH (JET H2 Energy), the joint venture
between subsidiaries Phillips 66 Limited and H2 Energy Europe SA,
will combine the retail expertise of Phillips 66 and the hydrogen
expertise of H2 Energy and be well positioned to boost the
development of hydrogen in Europe. The new company plans to develop
approximately 250 hydrogen refueling stations by 2026.
“We will make hydrogen a leading energy solution for
emission-free mobility,” said Olaf Borbor, Chief Executive Officer
of JET H2 Energy. “We will align stakeholders’ interests along the
hydrogen value chain and create a sustainable hydrogen
ecosystem.”
JET H2 Energy’s network of hydrogen refueling stations for
heavy- and light-duty and passenger vehicles will comprise existing
JET® branded retail stations as well as new locations on major
transport routes and at customer sites. JET H2 Energy will require
governmental funding, where applicable, for the development of the
refueling network.
The company intends to supply its sites with green hydrogen and
build relationships with customers and original equipment
manufacturers. Green hydrogen is a zero-carbon energy carrier and
fuel that is produced by splitting water into hydrogen and oxygen
using renewable electricity. In vehicles, hydrogen is converted to
electricity in fuel cells that power cars and trucks, with water
being its only emission.
JET H2 Energy will benefit from its close ties with Hyundai
Hydrogen Mobility, the exclusive European reseller of the Hyundai
Xcient hydrogen fuel cell truck.
“Phillips 66 has a successful retail presence in Europe with its
JET® brand,” Borbor said. “H2 Energy has a proven track record in
creating a successful green hydrogen ecosystem in Switzerland. The
parties’ competencies complement each other ideally for the next
stage in building up the hydrogen economy.”
The JET H2 Energy management team is represented by Borbor,
Chief Financial Officer Markus Wolf and Commercial Manager Jonas
Erdmann.
Phillips 66 Limited is a U.K.-based, wholly owned subsidiary of
Phillips 66, a diversified energy manufacturing and logistics
company. Phillips 66 has more than 1,000 JET® branded stations in
Europe and a growing hydrogen refueling network in Switzerland
through its participation in the Coop Mineraloel AG joint venture.
Through its Emerging Energy organization, Phillips 66 is building a
lower-carbon business and pursuing opportunities in the areas of
hydrogen, renewable fuels, batteries and carbon capture.
Swiss-headquartered H2 Energy Europe is a joint venture between
commodity trading firm Trafigura Pte Ltd. and H2 Energy Holding AG,
a leading hydrogen provider in Europe with investments in the
production, distribution and utilization of green hydrogen. Through
its affiliated companies, H2 Energy was the first to develop and
deliver hydrogen fuel cell trucks to commercial users and create a
green hydrogen fueling ecosystem in Switzerland.
H2 Energy is developing a 1-gigawatt electrolysis plant in
Denmark capable of generating roughly 100,000 metric tons a year of
green hydrogen from electricity sourced from offshore wind to
supply the transportation and energy sector in northern Europe.
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets
products that drive the global economy. The diversified energy
company’s portfolio includes Midstream, Chemicals, Refining, and
Marketing and Specialties businesses. Headquartered in Houston,
Phillips 66 has employees around the globe who are committed to
safely and reliably providing energy and improving lives while
pursuing a lower-carbon future. For more information, visit
phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.
About H2 Energy
H2 Energy was established in Zurich, Switzerland, in 2014 with
the vision to play an active role in fighting climate change. The
company wants to make hydrogen from renewable energy a cornerstone
of the energy system by expanding the entire value chain across
production, distribution and consumption in a sustainable and
economic way. H2 Energy is involved in the entire hydrogen value
chain, offering know-how and engineering each step of the way. The
company draws on many years of experience, particularly in creating
hydrogen production plants, establishing hydrogen refueling
stations and in the engineering of hydrogen fuel cell applications.
In 2020, Trafigura and H2 Energy announced a commercial
collaboration to develop the production, storage and distribution
of green hydrogen for refueling stations and industrial customers.
Under the joint venture H2 Energy Europe, the two companies will
invest in green hydrogen ecosystems across Europe. Visit:
www.h2energy.ch
About Trafigura
Founded in 1993, Trafigura is one of the largest physical
commodities trading groups in the world. At the heart of global
supply, Trafigura connects the world with the vital resources it
needs. Through our Oil & Petroleum Products, Metals and
Minerals, and Power and Renewables divisions, we deploy
infrastructure, skills and a global network to move commodities
from where they are plentiful to where they are needed most,
forming strong relationships that make supply chains more
efficient, secure and sustainable.
Trafigura also owns and operates a number of industrial assets
including a majority share of global multi-metals producer Nyrstar
and fuel storage and distribution company Puma Energy; and joint
ventures Impala Terminals, a port and logistics provider, and Nala
Renewables, a power and renewable energy investment and development
platform. With over 1,000 shareholders, Trafigura is owned by its
employees and employs over 13,000 people working in 48 countries.
Visit: https://www.trafigura.com
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/20220718005789/en/
Phillips 66 Jeff Dietert, 832-765-2297 (investors)
jeff.dietert@p66.com
Shannon Holy, 832-765-2297 (investors)
shannon.m.holy@p66.com
Thaddeus Herrick, 855-841-2368 (media)
thaddeus.f.herrick@p66.com
H2 Energy Europe Urs Breitmeier
urs.breitmeier@h2energy.ch
Trafigura Pte Ltd. Trafigura Press Office, +41 (0) 22 592
45 28 media@trafigura.com
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