Phillips 66, Plug Power Sign Agreement to Advance Green
Hydrogen
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.
CONTACTS |
Phillips 66 |
|
Plug
Power: |
Jeff Dietert, 832-765-2297 (investors)jeff.dietert@p66.com |
|
Caitlin Coffee (media)Allison +
PartnersplugPR@allisonpr.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 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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