As per reports, Plug Power Inc. (PLUG) a global leader in hydrogen fuel cell systems and fueling solutions, and ACCIONA S.A, a global leading supplier of sustainable infrastructure solutions have entered a 50-50 joint-venture to be headquartered in Madrid.
The Joint Venture will be a leading green hydrogen platform serving clients in Spain and Portugal, providing cost-efficient and competitive green hydrogen to multiple end markets. It is expected to develop, operate, and maintain green hydrogen projects, serving the growing demand in the Iberian Peninsula. The goal is to achieve a 20% market share of the green hydrogen business in Spain and Portugal by 2030, which will entail an initially planned investment of over €2 billion.
Plug Power will contribute as the preferred supplier of electrolyzer technology to the JV, and ACCIONA as the preferred clean electricity provider. The combined company will also use ACCIONA’s GreenH2Chain® blockchain platform to provide guarantees of renewable origin for the hydrogen supplied.
“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,”, “As we pursue our goal to produce 1,000 tons of green hydrogen on a global basis by 2028, we are thrilled to partner with ACCIONA to build the robust, cost-efficient green hydrogen ecosystem chain envisioned by the EU’s hydrogen roadmap.” stated Andy Marsh, CEO of Plug Power.
The joint venture benefits from Plug Power’s best-in-class technology and ACCIONA’s position as the largest 100% renewable power retailer in Spain. The joint venture company is subject to regulatory and definitive documentation and is expected to be launched by the first half of 2021.
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