Ideanomics’ Mobile Energy Group and Petro China partner to develop clean energy fuel stations in Nanjing
Ideanomics Inc. and its strategic Mobile Energy Group (MEG) announced a strategic partnership with the China National Petroleum Corporation Nanjing (CNPC or PetroChina) to begin converting existing fossil fuel gas stations in the city of Nanjing. PetroChina is the world’s third-largest oil company and plays a leading role in energy distribution throughout China.
Nanjing, capital of China’s eastern Jiangsu province, and the second largest city in the East China region, is one of China’s most prosperous regions. Nanjing is home to more than 8 million residents and is a significant commercial center in the region. PetroChina operates gas stations throughout Jiangsu province.
Under the terms of the agreement, MEG and PetroChina will establish a joint venture to construct new energy fuel stations and begin converting existing gas stations into hybrid stations.
The new energy fuel stations will promote low emissions and clean energy production for electric vehicles through fuels such as mixed hydrogen and compressed natural gas (CNG) power generation, hydrogen power generation, mixed methanol and hydrogen power generation, as well as fast charge networks, and other related technologies provided by MEG.
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.—Alf Poor, CEO of Ideanomics
The deal provides critical charging infrastructure required to support the mass adoption of eco-friendly vehicles and could be the benchmark for future fossil fuel station conversions globally.
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.—Xu Xingxiang, Chairman of PetroChina Nanjing
For PetroChina, this agreement enables the upgrading and transformation of its existing gasoline station network into new energy and clean energy fuel stations, promoting the consumption of clean energy through traditional consumer points of purchase.
In addition, the joint venture will develop and deploy an electric vehicle charging network to complement the gas station conversion program.
Activities for the joint venture are expected to commence in the fourth quarter of 2019 and continue for a number of years as the program expands throughout China.