Phillips 66 and H2 Energy Europe (“H2 Energy”) 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.