Australia's top fuel supplier Ampol to spend at least $77 mln on clean energy (updated)

Fusion Fuel Green

20/05/2021 01:08

* Ampol to work with Tesla on virtual power plant
    * Working with Fusion Fuel Green on hydrogen plant
    * Ampol to test hydrogen in microgeneration to replace
diesel

 (Adds Ampol comments)
    MELBOURNE, May 20 (Reuters) - Australia's biggest fuel
supplier, Ampol Ltd  ALD.AX , said on Thursday it would invest
at least A$100 million ($77 million) on developing new fuels
over the next five years and aimed to reach net zero carbon
emissions at its operations by 2040.
    The company said it will achieve its target by looking for
alternatives for oil-derived fuel, including a mix of
electricity, hydrogen, gas and biofuels.
    Ampol outlined its decarbonisation strategy after securing a
lifeline from the Australian government on Monday worth up to
A$1.1 billion over nine years, protecting it from refining
losses and helping it upgrade its Lytton refinery.  urn:newsml:reuters.com:*:nL2N2N30K2
    Ampol Chief Executive Matt Halliday said the company had a
strong competitive advantage to be able to develop new energy
opportunities to help the country cut carbon emissions.
    "The flexibility to repurpose our market leading
infrastructure and distribution networks for multiple uses will
support the most efficient pathway for our customers'
decarbonisation ambitions," Halliday said in a statement.
    At its own operations, the company plans to cut carbon
emissions by 25% from 2021 levels by 2025, 50% by 2030 and hit
net zero by 2040.
    It said it would work with Tesla Inc  TSLA.O  to trial a
virtual power plant, initially setting up solar panels and Tesla
batteries at three of its petrol stations.
    It also plans to work with Fusion Fuel Green plc  HTOO.O  to
develop a green hydrogen production plant at the Lytton site in
Queensland, and work with an early-stage Australian developer of
hydrogen-based microgeneration and storage technology.
    The microgeneration technology could replace diesel
generators for some of Ampol's diesel customers.  
    Ampol nevertheless said it expects "traditional liquid fuels
to play a key role in Australia's energy mix for years to come
and for demand to remain resilient until at least 2030."
        
($1 = 1.2947 Australian dollars)

 (Reporting by Sonali Paul in Melbourne; Additional reporting by
Anushka Trivedi in Bengaluru; Editing by Shailesh Kuber and
Richard Pullin)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))