hillips 66 and Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced last week 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 US 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 electrolysers. 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 t/d 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 US 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 Electrolysers Solutions at Plug Power. “Phillips 66 stands to help us meet our goal of producing 1000 t/d 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 fuelling opportunities for the mobility sector.
- 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.”
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 US$57 billion of assets as of 30 June 2021.
Read the article online at: https://www.worldpipelines.com/business-news/18102021/philips-66-and-plug-power-inc-sign-mou-on-low-carbon-hydrogen/