Monday, October 18, 2021

Phillips 66, Plug Power Team Up for Low Carbon Hydrogen Business

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The refiner had said in late-September it would cut such emissions by 30% from its operations by 2030, through investments in lower-carbon business platforms including renewable fuels, lithium-ion batteries, carbon capture, and hydrogen. read more Oct 13 (Reuters) – Phillips 66 (PSX.N) and clean energy provider Plug Power Inc (PLUG.O) will collaborate to develop low-carbon hydrogen businesses, the companies said on Wednesday, a month after the U.S. refiner announced a target to cut greenhouse gas emissions.

Under the agreement, the companies said they will explore ways to deploy Plug Power’s technology within Phillips 66’s operations.

“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,” Plug Power said in a statement.

Most hydrogen used today is extracted from natural gas in a process that produces carbon emissions, which defeats the object for many policymakers. Green hydrogen, on the other hand, is a zero-carbon fuel made by electrolysis, using renewable power from wind and solar to split water into hydrogen and oxygen.

Reporting by Rithika Krishna in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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