Industrial, Sourcing Renewables - July 19, 2022
Phillips 66 Starts Joint Venture For Hydrogen Stations
Phillips 66 and H2 Energy Europe 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, 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 will 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, CEO of JET H2 Energy in a statement. “We will align stakeholders’ interests along the hydrogen value chain and create a sustainable hydrogen ecosystem. Phillips 66 has a successful retail presence in Europe with its JET® brand. 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.”
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.