The strategic partnership also serves as a framework agreement for future agreements between the parties
Fintech company Ideanomics and PetroChina have entered into a strategic partnership to develop clean energy fuel stations in China.
According to the agreement, Mobile Energy Group (MEG), a subsidiary of Ideanomics and PetroChina will establish a joint venture to build and convert existing fossil fuel gas stations into new energy fuel stations in the city of Nanjing.
The new stations will boost low emissions and clean energy generation through fuels such as mixed hydrogen and compressed natural gas (CNG) power generation, mixed methanol and hydrogen power generation, along with fast charge networks, and other related technologies offered by MEG.
Ideanomics CEO Alf Poor said: “This deal puts down a marker for the energy industry, with a major energy provider truly embracing the future adoption of EV, and the infrastructure required to meet the consumption needs of both commercial vehicle operators and consumers alike.”
“We are extremely pleased to be working with a major global energy supplier such as PetroChina on the future of energy needs for automotive transportation. Our MEG Group is focused on innovation and partnership with market leaders, and this agreement serves as the most compelling example to date of the size and scope of our capabilities as a catalyst throughout the EV value chain.”
The deal is expected to provide the critical charging infrastructure which is required to support the mass adoption of eco-friendly vehicles. It also holds the potential to be the yardstick for fossil fuel station conversions across the globe in the near future.
PetroChina Nanjing chairman Xu Xingxiang said: “We are very pleased to be working with Ideanomics’ MEG Group. They share a vision of the future with PetroChina which every energy provider should be focused on, which is a progressive transition from fossil fuels to clean energy in the years to come.”
PetroChina to upgrade and transform its existing gas station network
The agreement will enable PetroChina to upgrade and transform its existing gas station network into clean energy and new energy fuel stations, encouraging the consumption of clean energy through traditional consumer points of purchase.
Additionally, the strategic partnership will develop and deploy an electric vehicle charging network to complement the gas station conversion program.
The joint venture will also serve as a framework agreement for future agreements between the two concerned parties. The activities of the strategic partnership will begin in the fourth quarter of 2019 and will go on for several years as expansion takes place throughout China.