Phillips 66 and Plug Power Inc. announced that the companies have signed a memorandum of understanding 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' 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 fueling opportunities for the mobility sector; and developing hydrogen-related infrastructure to support the build-out of the hydrogen value chain.