Sinopec establishes hydrogen subsidiary; Plug Power acquires Frames
As part of China’s 14th Five-Year Plan, Sinopec added ‘clean’ in the company vision for the first time.
Sinopec Corp (China’s second-largest oil and gas company) has established a new subsidiary Sinopec Xiong’an New Energy Co., Ltd., dedicated to the hydrogen business.
The new subsidiary will mainly work in the construction of hydrogen energy infrastructure, hydrogen refuelling station, storage and transportation, and the construction of the hydrogen pipeline. It will also engage in hydrogen energy technology R&D. The new company has registered capital of 100 million yuan.
Sinopec aims to invest $4.6 billion in hydrogen energy by 2025 as it shifts towards producing natural gas and hydrogen as a part of the plan to become a carbon-neutral energy provider by 2050. Sinopec previously unveiled its plan of building 1,000 hydrogen refuelling stations by 2025.
Meanwhile, Plug Power Inc. has completed the acquisition of Frames Group following the definitive agreement announced on early 9th November 2021. The acquisition of Frames Group adds engineering, process, and systems integration expertise to Plug Power, enabling the company to scale the delivery of green hydrogen solutions.
Andy Marsh, CEO for Plug Power, said, “The Frames Group’s process and control systems integration expertise, combined with Plug Power’s world-class electrolyzer stack technology, will help us attain our goal of producing over 1,000 tons per day of green hydrogen by 2028.”
Recently, Plug Power has selected the port of Duisburg (North Rhine-Westphalia, Germany) as location for its European headquarters. Duisburg is the world’s largest inland port and will offer Plug Power direct maritime supply chain connections to Antwerp, Belgium and Rotterdam, Netherlands.
