(Madrid, Spain / Latham, USA) – The Spanish conglomerate Acciona SA and the US fuel cell manufacturer Plug Power Inc. intend to establish a joint venture based in Madrid. The aim is to create a “leading green hydrogen platform” to supply customers in Spain and Portugal with cost-effective green hydrogen. There are also storage, transport and delivery services, initially for the industry and mobility segments.
20 percent market share
The goal is a market share of 20 percent in the green hydrogen business on the Iberian Peninsula by 2030. The investment volume is initially estimated at two billion euros. The new company is expected to be founded by the end of the first half of 2021.
Plug Power supplies technology, Acciona supplies green electricity
According to the information, Plug Power will supply the electrolyzer technology, while Acciona will provide electricity from renewable energies. The joint venture will also use Acciona’s “GreenH2Chain” platform. This guarantees that the electricity used to produce hydrogen comes from renewable sources. According to its own information, Acciona is the largest provider of renewable electricity in Spain. The installed capacity is around 10,5 gigawatts in 16 countries.
Plug Power has sold more than 40.000 fuel cell systems, installed 150 filling stations worldwide and produces more than 40 tons of hydrogen every day. The group wants to put its foot in the door with the joint project in order to “create a strong presence in the rapidly growing European hydrogen economy,” says Plug Power managing director Andy Marsh. The aim is to produce 2028 tons of green hydrogen per year worldwide by 1.000 and to build a cost-efficient hydrogen supply chain. Just a few days ago, the company announced that after a completed capital increase it now has more than five billion dollars for further expansion (we reported).
The European Union's hydrogen strategy, announced in July 2020, supports the installation of at least six gigawatts of renewable hydrogen electrolysers in the EU and the production of one million tonnes of renewable hydrogen by 2024. The Spanish government presented and declared a hydrogen roadmap in October 2020 , the country wants to cover its electricity needs entirely from renewable energies by 2030.
deep link
https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/ACCIONA-and-Plug-Power-to-Partner-on-Establishing-LeadingGreen-Hydrogen-Platform-for-Iberia/default.aspx
Photos
Acciona administration building in Pamplona / © Acciona
