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TotalEnergies SE (NYSE:TTE) entered into an agreement with German developer RWE to supply 30,000 tons of green hydrogen annually to the Leuna refinery in Germany for fifteen years, starting in 2030.
RWE will construct and operate a 300 MW electrolyzer in Lingen to produce green hydrogen, which will be stored locally.
The hydrogen will then be transported via a 600 km pipeline to the Leuna refinery, where it will reduce CO2 emissions by around 300,000 tons per year starting in 2030.
This agreement represents the largest volume of green hydrogen ever contracted from an electrolyzer in Germany.
Patrick Pouyanné, chairman and CEO of TotalEnergies said, ”This long-term contract for green hydrogen marks an important milestone to reducing our CO2 emissions at our Leuna refinery. It will be made possible thanks to the completion of the H2 backbone by German authorities and their efficient support to green H2 customers like our Leuna refinery,"
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Markus Krebber, CEO of RWE stated, ”Six months after the investment decision for the construction of the 300-megawatt electrolysis plant in Lingen, we have acquired an important anchor customer in TotalEnergies. This shows that hydrogen works with the right incentives for customers."
In March, the company partnered with L'Air Liquide SA to develop two green hydrogen projects in the Netherlands with a total investment of around 600 million euros ($627.85 million).
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).
Price Action: TTE shares are up 0.16% at $61.61 premarket at the last check Wednesday.
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