Ampol announces hydrogen refuelling partnership

The news: Ampol will team up with US hydrogen fuel equipment company OneH2 to offer hydrogen refuelling at its service stations.

The numbers: The number of hydrogen fuel cell electric vehicles (FCEVs) jumped by 40% in 2022, totalling more than 72,000 worldwide, according to International Energy Agency figures. China accounts for more than 95% of the world's hydrogen trucks, which are favourable for their quick refuelling times and lack of carbon emissions. Ampol shares were trading more than 3% higher at $34.76 at 3:20pm AEST.

The context: Ampol's announcement came a little over a week after BP opened its first hydrogen refuelling station in Queensland, which marked the first hydrogen refuelling application aimed at consumers. Two hydrogen cars are approved for sale in Australia —Toyota Mirai and the Hyundai Nexo — but they are only available on special order. The Australian Capital Territory government bought 20 hydrogen cars for its fleet in 2021.

Korea is home to nearly half of fuel cell cars globally, helped in part by supportive government policy. The United States and China hold the second and third highest stocks of FCEVs, but in 2022 China's stocks grew at 60% compared to 20% in the US.