Ideanomics' Mobile Energy Group ("MEG") subsidiary and PetroChina Nanjing will establish a joint venture to begin re-purposing fuel stations into clean energy fuel stations in the city of Nanjing, China
Partnership will result in fuel stations that are among the first to provide clean energy fuel station conversion, as well as construction of dedicated clean energy fuel stations and an extended vehicle charging network in Nanjing
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," said Alf Poor, CEO of Ideanomics.
"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.
Our Chairman Dr. Bruno Wu's vision is coming to fruition, and this deal is a testament to his ability to bring the world's biggest players to the table to solve some of the biggest challenges to the automotive value chain in a cohesive and meaningful manner."
This landmark deal provides the critical charging infrastructure required to support the mass adoption of eco-friendly vehicles and holds the potential to be the benchmark for future fossil fuel station conversions globally.
For PetroChina, this agreement enables the upgrading and transformation of its existing gas 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.