Toyota Inks Pact With Abu Dhabi National Oil Company To Test High-Speed Hydrogen Refueling Station
Portfolio Pulse from Nabaparna Bhattacharya
Toyota Motor Corporation (NYSE:TM) has partnered with Abu Dhabi National Oil Company (ADNOC) and Al-Futtaim Motors to test a high-speed hydrogen refueling station in Abu Dhabi using a fleet of hydrogen-powered vehicles. The station, built by ADNOC, will produce clean hydrogen from water using an electrolyzer powered by clean grid electricity. ADNOC has committed $15 billion to new energies and decarbonization technologies to reduce its carbon intensity by 25% by 2030 and achieve net zero by 2050.
July 18, 2023 | 11:57 am
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Toyota's partnership with ADNOC to test a high-speed hydrogen refueling station could enhance its position in the hydrogen-powered vehicle market. The news could be seen positively by investors, as it aligns with global trends towards cleaner energy.
Toyota's involvement in the testing of a high-speed hydrogen refueling station demonstrates its commitment to hydrogen-powered vehicles, a market that is expected to grow as countries aim to reduce carbon emissions. This could potentially increase Toyota's market share in this sector, which would be beneficial for its stock.
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