Green Hydrogen: Plug Power To Supply 120-MW Electrolyzer For U.S. Gulf Coast Site
Latham, USA - Plug Power will supply New Fortress Energy with a giant electrolyzer plant for the production of green hydrogen. The plant is expected to be one of the largest green hydrogen plants in North America.
The plant, based on Plug Power's PEM electrolysis technology, is expected to produce more than 50 tons of green hydrogen per day (TPD). With the development of additional supporting infrastructure, Plug Power says the plant will be scalable to nearly 500 MW. The project is the first investment in green hydrogen for NFE.
The project is strategically located on the banks of the Neches River in Jefferson County, Texas, offering proximity to industrial end users and access to well-developed logistics, including rail, shipping and existing pipelines. The Port of Beaumont, as well as the Sabine-Neches Navigation District, is home to a number of large industrial facilities in the refining, petrochemical and other sectors that use hydrogen for desulfurization and feedstock processing.
"We are thrilled to support NFE’s first investment in green hydrogen. This facility is a model that we intend to replicate in other locations across the country", Plug Power CEO Andy Marsh said of the project. "Amid an increasingly favorable U.S. policy environment for hydrogen, we are focused on scalable solutions that have a real impact on decarbonization and believe we are uniquely positioned to be an early mover in this vast and rapidly evolving market", said New Fortress Energy CEO Wes Edens.
Plug Power is the best-performing stock in the RENIXX World renewable stock index over the past week, up 20.4 percent to €24.98 (closing price, Aug. 05, 2022, Stuttgart Stock Exchange). Also in the morning today Plug Power continues the upward trend so far. Currently, the share is trading with a plus of 2.04 percent at a price of 25.49 euros (11:26 a.m., 08.08.2022, Stuttgart Stock Exchange).
Source: IWR Online, 08 Aug 2022