The companies signed an MOU to collaborate on the development of low-carbon hydrogen business opportunities.

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 U.S. and Europe.

The companies’ MOU provides a framework for working together on three key objectives:

• integrating and scaling low-carbon hydrogen in the industrial sector;
• advancing hydrogen fueling opportunities for the mobility sector; and
• developing hydrogen-related infrastructure to support the build-out of the hydrogen value chain.

Phillips 66, which has 13 wholly owned and joint venture refineries in the U.S. 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 has recently begun construction on state-of-the-art green hydrogen production facilities in California, New York, Tennessee and Georgia that will ultimately supply 500 tpd of liquid green hydrogen by 2025.

"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."