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Plug Power and Acciona Plan Hydrogen Joint Venture

Madrid, Spain / Latham, USA - Plug Power and Spain's Acciona have announced plans for a hydrogen joint venture. The joint venture is specifically targeting hydrogen supply on the Iberian Peninsula. Plug Power shares are slipping.

JV aims for 20 percent hydrogen market share in Spain and Portugal

Spanish Acciona Group, which is specialized in sustainable building, civil engineering, infrastructure and real estate projects, and fuel cell company Plug Power plan to establish a 50-50 hydrogen joint venture. The joint venture will develop, operate and maintain green hydrogen projects to meet growing demand in the Iberian Peninsula. The new company also plans to provide storage, transportation and delivery services for its customers, initially targeting the industrial and mobility business segments. The goal is to achieve a 20 percent market share in the green hydrogen business in Spain and Portugal by 2030, which will initially entail a planned investment of more than €2 billion, according to the companies.

Joint venture to be established by the end of the first half of 2021

Plug Power will serve as the preferred supplier of electrolyzer technology under the JV, while Acciona will be the preferred supplier of clean electricity. The JV will also use Acciona's GreenH2Chain® blockchain platform to provide guarantees of the renewable origin of the hydrogen supplied. The joint venture company is subject to final confirmation and is expected to be established by the end of the first half of 2021. The first projects to be selected are already under development.

"This joint venture marks another important milestone and continued execution on its strategic properties to establish Plug Power’s strong presence in the fast-growing European hydrogen economy," said Plug Power CEO Andy Marsh. "Acciona is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonization goals and deliver economic growth", added Acciona CEO José Manuel Entrecanales. "We’re proud to partner with Plug Power to position Spain and Portugal as global leading hydrogen hubs", Entrecanales added.

Plug Power is one of the global players in the hydrogen sector, with more than 40,000 fuel cell systems, 150 fueling stations installed worldwide, and a daily delivery of more than 40 tons of hydrogen. Plug Power's portfolio also includes a comprehensive green hydrogen generation solution, including electrolyzer technology and liquefaction capabilities. As Acciona points out, the group has renewable energy plants (including onshore wind, photovoltaic and biomass) in 16 countries with a capacity of 10,500 MW. The energy they produce is enough to power more than 7 million homes, Acciona said.

Plug Power stock turns red after turbo start in January

Plug Power's stock has been on a steep growth trajectory since November last year (2020). In the first weeks of 2021, the RENIXX Group share price rose by more than 120 percent to an annual high of 61.88 euros (Jan. 26, Stuttgart Stock Exchange). Since then, the share price has fallen. After a loss of 3.9 percent to 46.85 euros on yesterday's trading day (Feb. 17, 2021), the share has lost 8 percent so far in today's trading to 43.11 euros (Feb. 18, 2021, 12:21 p.m., Stuttgart Stock Exchange).

Source: IWR Online, 18 Feb 2021