Phillips 66 (NYSE: PSX) and H2 Energy Europe (“H2 Energy”) announced their commitment to develop up to 250 retail hydrogen refueling stations across Germany, Austria and Denmark by 2026 through a 50-50 joint venture between their subsidiaries, Phillips 66 Limited and H2 Energy Europe AG. The agreement is subject to regulatory approvals and customary closing conditions.
Phillips 66 Limited is a U.K.-based, wholly owned subsidiary of Phillips 66, a diversified energy manufacturing and logistics company. Phillips 66 has a strong retail presence with 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.
Swiss-headquartered H2 Energy 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.
“We consider hydrogen and fuel cell technology an enabler of the energy transition,” said Rolf Huber, founder of H2 Energy. “It buffers excess electricity production, and stores and distributes energy that has been produced by renewables.”
The European subsidiaries of Phillips 66 and H2 Energy will leverage their capabilities to develop a retail network, bringing together hydrogen supply, refueling logistics and vehicle demand. The parties aim to supply the retail refueling network with green hydrogen, as available. Demand is anticipated in part through H2 Energy’s ownership in Hyundai Hydrogen Mobility, a retail and distribution partner in Europe for Hyundai’s commercially available heavy-duty fuel cell electric truck.
“At Phillips 66, we believe that expanding access to hydrogen is critical to achieving a lower-carbon future,” said Brian Mandell, Phillips 66 Executive Vice President, Marketing and Commercial. “We’re excited to join forces with H2 Energy, which has demonstrated success in developing technology assets across the hydrogen value chain.”
The joint venture’s future network of hydrogen refueling stations in Germany, Austria and Denmark will comprise existing JET®-branded retail stations as well as new locations on major transport routes. H2 Energy will be responsible for integrating hydrogen production, supply and the refueling apparatus through its wholly owned and affiliated entities. Government support will be required for the implementation of the refueling network.
H2 Energy recently unveiled activities to build a 1-gigawatt electrolysis plant in Denmark capable of generating up to 90,000 metric tons a year of green hydrogen from electricity sourced from offshore wind.