Ampol (ASX:ALD) to spend $100m to ramp up green energy measures

Company News

by Michael Luu

Service stations operator Ampol (ASX:ALD) has joined forces with US innovation giant Tesla to accelerate its transition towards green energy.

The company has announced a $100 million decarbonisation campaign to develop sustainable power projects by 2025.

The strategy is aimed at increasing the use of renewable energy to 50 per cent of total power consumption by 2030, in a bid to achieve its carbon emissions reduction targets by 2040

The green push comprises of a cloud-based distributed power plant at three of Ampol’s petrol retail venues and an eco-friendly hydrogen-processing facility at Ampol’s oil refining project in Brisbane.

The virtual power plant will generate, store and supply solar energy to operations at three fuel retail sites for internal usage and potential electricity sales to consumers.

Ampol’s CEO Matt Halliday has pledged the $6.6 billion corporation’s support to Australia’s conversion to green energy solutions, suggesting the possibility of repurposing and converting its assets into more eco-friendly models.

A $2.3 government rescue package for the energy sector has enabled oil refinery operators Ampol and Viva Energy to keep their facilities in service, easing the challenges in these corporations’ transitions towards renewable energy.

Shares in Ampol (ASX:ALD) are trading 0.4 per cent higher at $27.93