Partnership to strengthen Plug’s supply chain and help meet growing demand for fuel cells and electrolyzers
LONDON, January 31, 2023 /PRNewswire/ — Plug Power, (NASDAQ: PLUG) (Plug), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Johnson Matthey (JM), a global leader in sustainable technologies, today announced a long-term strategic partnership to accelerate the green hydrogen economy.
JM will become a major strategic supplier of MEA components, supplying a substantial portion of Plug’s demand for catalysts, membranes and catalyst-coated membranes (CCMs). Above all, JM brings security of supply of precious metals and unique recycling capabilities.
This strategic partnership between Plug and JM will help Plug generate its targeted revenue of 5 billion US dollars and 20 billion US dollars by 2026 and 2030 respectively. To help achieve these goals, Plug and JM will co-invest in what is expected to be the largest CCM manufacturing plant (growing from 5 GW to 10 GW over time) in the world. The facility will be built in United States and will likely begin production in 2025. Plug and JM will also continue to take advantage of government incentives from the US Inflation Reduction Act and REPowerEU in the US. Europe to drive exponential growth in the hydrogen industry.
“Plug is proud to extend its relationship with JM, a highly respected and knowledgeable supply partner with a proven track record,” said Plug’s CEO, Andy Marais. “This partnership will help us strengthen our supply chain and strengthen our ability to meet the growing demand for our fuel cells and electrolysers. With a partner like JM, Plug is in a strong position to be the world leader in the green hydrogen economy. “
Liam CondonCEO of Johnson Mattheyadded: “For the rapidly developing hydrogen economy, this partnership is a game-changer. By bringing together one of the largest green hydrogen and fuel cell companies in the world with JM’s technology and manufacturing capabilities, we are creating volume and scale for green hydrogen that did not exist. so far. This partnership confirms JM’s world-class position in catalyst-coated membranes, the key performance-defining components of electrolysers and fuel cells.
Plug Power is the leading user of liquid hydrogen with the largest footprint of filling stations in the world, as well as more than 60,000 fuel cell systems, operating over one billion hours worldwide. Plug is building an end-to-end green hydrogen ecosystem, from generation, storage and delivery to power generation, to help its customers – including Amazon, Carrefour, Walmart and BMW – achieve their business goals and to decarbonize the economy.
JM has been a leader in the field of hydrogen for many years, building on its core competencies in platinum group metal (PGM) chemistry and catalysis. It has an established Hydrogen Technologies business, with longstanding customer relationships and a manufacturing capacity of 2 GW, with plans to expand to 5 GW via a new 3 GW gigafactory in Royston, UK. As MGP’s first secondary refiner in the world, JM has pioneered a circular business model for the rare metals that will also be used for this contract, and it will look to develop other closed-loop solutions.
About the plug
Plug is building an end-to-end green hydrogen ecosystem, from generation, storage and delivery to power generation, to help its customers achieve their business goals and decarbonize the economy. Creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 60,000 fuel cell systems and more than 185 fueling stations, more than anyone else in the world, and is the largest liquid hydrogen buyer. With plans to build and operate a green hydrogen highway through North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and several green hydrogen production plants that will produce 500 tons of liquid green hydrogen per day by 2025. Plug will provide its solutions for hydrogen directly to its customers and through joint venture partners in multiple environments, including material handling, electric mobility, power generation and industrial applications. For more information, visit www.plugpower.com.
About Johnson Matthey
Johnson Matthey is a global leader in sustainable technologies, driving the net zero transition. With over 200 years of sustained commitment to innovation and technological breakthroughs, we improve the performance, function and safety of our customers’ products. Our science has a global impact in areas such as low-emission transportation, energy, chemical processing, and the most efficient use of the planet’s natural resources. Today, about 13,000 Johnson Matthey professionals collaborate with our network of customers and partners to make a real difference in the world around us. For more information visit www.matthey.com
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties relating to Plug and JM, including, but not limited to, statements about: expected benefits the long-term strategic partnership between Plug and JM; the expectation that Plug’s partnership with JM will strengthen its supply chain and enable Plug to meet its growing demand for electrolysers and fuel cells; the expectation that the strategic partnership will help Plug achieve its projected revenue targets for 2026 and 2030; the expectation that JM will become an everlasting major supplier of MEA components; Plug and JM’s ability to construct the largest catalyst-coated membrane manufacturing facility in the world, as well as the expected timeline for the construction of such facility; the ability of Plug and JM to leverage government support and expand into the hydrogen industry; and Plug’s ability to continue to develop its end-to-end hydrogen ecosystem, become the global leader in the green hydrogen economy and decarbonize the economy. For a more detailed description of the risks and uncertainties that could cause actual results to differ from those expressed in such forward-looking statements, see Plug’s public filings with the Securities and Exchange Commission (the “SEC”), including including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent SEC filings. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are made as of the date hereof, and Plug and JM undertake no obligation to update such statements as a result of new information.
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