Turnkey hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) said on Tuesday it has finalised the acquisition of sector player Applied Cryo Technologies Inc (ACT), which will allow it to grow its green hydrogen ecosystem.
ACT provides technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. According to Plug Power, the acquisition will provide it with a liquid hydrogen delivery network and fleet, as well as liquid hydrogen storage and hydrogen mobility fueling capabilities, which will lower the cost of hydrogen infrastructure and logistics networks.
Plug Power and ACT signed a definitive agreement for the transaction in October. Financial details were kept under wraps.
Houston, Texas-based ACT employs over 200 people.
Commenting on the deal, Plug Power’s CEO Andy Marsh said: “This is a natural fit for Plug Power, and our new team members. He added that the move supports the company’s objective to produce over 1,000 tonnes of green hydrogen per day by 2028.
Plug Power aims to create a complete green hydrogen ecosystem with green hydrogen production, storage and transportation capabilities for the North American market. Currently, the company owns 165 hydrogen refueling stations across the US.
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