|Friday, 19 May 2017, 14:16 HKT/SGT|
|New Company to Be Considered for Supporting Strategic Construction and for Achieving Wider Use of FCVs and Independence of Hydrogen Station Business|
Toyota City, Japan, May 19, 2017 - (JCN Newswire) - Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., JXTG Nippon Oil & Energy, Idemitsu Kosan Co., Ltd., Iwatani Corporation, Tokyo Gas Co., Ltd., Toho Gas Co., Ltd., Air Liquide Japan Ltd., Toyota Tsusho Corporation and Development Bank of Japan Inc. have signed a memorandum of understanding on collaboration toward the large-scale construction of hydrogen stations for fuel cell vehicles (FCVs).
The memorandum of understanding is aimed at achieving the acceleration of the construction of hydrogen stations in the current early stage of FCV commercialization using an "all Japan" approach centered on collaboration among the 11 companies. It stems from the Japanese government's "Strategic Roadmap for Hydrogen and Fuel Cells"(1) (revised on March 22, 2016), which targets a total of 160 operational hydrogen stations and 40,000 in-use FCVs by fiscal 2020.
Recognizing the challenges facing the hydrogen station business in early-stage commercialization of FCVs, the memorandum of understanding is based on the idea that the companies concerned should cooperate and fulfill their respective roles(2) to achieve the strategic development of hydrogen stations for maximizing FCV demand and to contribute to the steady popularization of FCVs.
As a specific form of such cooperation, the 11 companies will consider establishing a new company within 2017. The new company would aim to: 1) achieve steady construction of hydrogen stations by implementing measures to support hydrogen-station construction and operation, and 2) achieve wider use of FCVs and the independence of the hydrogen station business through activities for reducing costs, including governmental review of regulations, and activities for improving operational efficiencies, thus contributing to the realization of a hydrogen society in Japan.
The 11 companies will consider ways for broad participation by other companies in the future and will disseminate information appropriately.
(1) Compiled by Japan's Ministry of Economy, Trade and Industry and announced on June 23, 2014
(2) Role of each company
Infrastructure Companies: Construction and operation of hydrogen stations FCV OEMs: Spread of FCVs, operational support for hydrogen stations Financial institutions: Financial support, etc.
Supported by people around the world, Toyota Motor Corporation (TSE: 7203; NYSE: TM), has endeavored since its establishment in 1937 to serve society by creating better products. As of the end of December 2013, Toyota conducts its business worldwide with 52 overseas manufacturing companies in 27 countries and regions. Toyota's vehicles are sold in more than 170 countries and regions. For more information, please visit www.toyota-global.com.
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
May 19, 2017 14:16 HKT/SGT
Topic: Press release summary
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