Reportedly, Power Inc. (PLUG) has expanded its partnership with Universal Hydrogen Co., a pioneer in hydrogen aviation. Both the companies had previously announced a partnership to develop a fuel cell-based hydrogen powertrain for regional aircraft. The recent investment addition by Plug Power will allow Universal Hydrogen to complete the construction of a subscale aircraft powertrain by the second quarter of 2021. The companies have further agreed to work, pushing green hydrogen to become cost-competitive with jet fuel by 2025.
“When you think about renewables at 4 cents per kW-hr, it’s clear that green hydrogen can be produced at prices equivalent to or below fossil fuel based hydrogen in the near term. Universal Hydrogen’s approach is a pragmatic, near-term plan to bring green hydrogen to one of the hardest to decarbonize sectors—air travel.” stated Andy Marsh, Chief Executive Officer, Plug Power.
Recently, Plug Power announced its plans to build five regional green hydrogen facilities in the United States. The combination of low-cost renewables, strong capital position, and in-house electrolyzer and liquefaction technology all positioned to drive Plug Power to build out this green hydrogen network.
After launching a successful ground demonstration, the teams will backfit the hydrogen fuel cell powertrain into a 40-60 passenger regional aircraft, with the first experimental flights for launch in 2023 and entry into revenue service in 2025.
Plug Power’s strategic investment is the most recent commitment to the aerospace industry following the completion of its June 2019 acquisition of EnergyOr.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.