Plug Power joins large Aussie electrolyser production plan, buys cryogenic tech co
Plug Power hydrogen delivery truck. Source: Plug Power Inc.
Turnkey hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) on Thursday continued its series of partnership announcements, unveiling its involvement in a huge electrolyser factory plan in Australia and its acquisition of a cryogenic technologies company in the US.
As announced by Fortescue Future Industries (FFI) earlier in the week, the green energy business of Australian iron ore company Fortescue Metals Group Ltd (ASX:FMG) intends to build an electrolyser factory with an initial annual capacity of 2 GW as part of an ambitious green manufacturing project at Gladstone in the Australian state of Queensland.
Plug Power announced on Thursday that it will create a 50/50 joint venture with FFI to construct a Gigafactory of that scale in Queensland to manufacture large-scale proton exchange membrane (PEM) electrolysers and possibly expand into fuel cell systems and other hydrogen-related refuelling and storage infrastructure in the future. The US company said it will supply the electrolyser and fuel cell technology, while FFI contributes advanced manufacturing capabilities. The latter will be the primary customer of the products made by the JV.
“Australia and New Zealand will be a big market opportunity for our green hydrogen ecosystem of electrolysers, fuel cells, and green hydrogen,” said Andy Marsh, Plug Power’s president and CEO. “This year, we will do megawatts of deployment in these markets, and gigawatts in the coming years,” he added.
The two parties have also agreed for FFI to purchase 250 MW of electrolysers from Plug Power for use at its own Australian projects. Plug Power said it will ship those products from its Gigafactory in New York and deliver them in the second half of 2022.
Also on Thursday, Plug Power announced it has signed a deal to take over Applied Cryo Technologies Inc (ACT) to expand 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.
The transaction will provide the buyer with a liquid hydrogen delivery network and fleet, as well as liquid hydrogen storage and hydrogen mobility fueling capabilities.
Subject to regulatory clearance, the acquisition should close by the end of the year.
Plug Power’s objective is to produce over 1,000 tonnes of green hydrogen per day by 2028.