Ramping up The Hydrogen Economy: Plug Power And Johnson Matthey Launch Comprehensive Strategic Partnership
Latham, USA - Fuel cell and hydrogen company Plug Power and fuel cell component specialist Johnson Matthey have announced a long-term strategic partnership.
The strategic partnership between the two companies is expected to help Plug Power achieve its revenue targets of 5 billion USD by 2026 and 20 billion USD by 2030. Plug and John Matthey will do this by investing in what is expected to be the largest CCM Gigafactory to date, with an initial capacity of 5,000 megawatts (5 GW), scaling up to 10,000 MW (10 GW) over time. The plant is to be built in the US and is expected to start production in 2025.
Plug Power says it is the leading user of liquid hydrogen, with the world's largest number of refuelling stations and over 60,000 fuel cell systems. The RENIXX Group is building a comprehensive green hydrogen ecosystem, from production to storage, delivery and power generation, to help its customers decarbonise the economy.
Johnson Matthey has been active in hydrogen for many years, with core competencies in platinum group metals (PGMs) and catalysis. The company has an established hydrogen technologies business with long-standing customer relationships and a production capacity of 2 GW with plans to expand to 5 GW.
Plug Power's shares had risen 12.6 per cent to 16.40 euros by yesterday evening (closing price, 02.02.2023, Stuttgart stock exchange).
Source: IWR Online, 03 Feb 2023