Plug Power Inc., a US manufacturer of fuel cells, is also becoming active in Japan and entering the market for green hydrogen. Two months after acquiring Giner ELX Inc., an American company that makes electrolyzers, Plug Power has delivered a 25-kilowatt GenFuel electrolyzer to Nagasaki, Japan. Before taking over Giner ELX, Plug Power was known as a provider of hydrogen engines and fueling stations. According to its own statements, the company is now in a position to “produce both the engines and the green hydrogen to power them on site”. This also opens the door for further investments in Japan.
The country's Ministry of Economy, Trade and Industry noted in its draft basic hydrogen strategy for 2017 that it is necessary to "develop innovative technologies for high-efficiency water electrolysis for hydrogen production, as well as highly reliable and cost-effective fuel cells." The government is working to significantly reduce hydrogen production costs over the next few decades, Plug Power said. According to the information, the goal is three dollars per kilogram in 2030, and by 2050 it should be two dollars. The Olympic torch for the 2020 Tokyo Olympics would have been ignited with hydrogen as it passed through Japan, and the “Olympic Cauldron” would also have been powered by this gas. In addition, hydrogen would have been used at the opening and closing ceremonies, and 500 fuel cell vehicles were planned as means of transport for the games.
In addition to entering the Japanese market, Plug Power has announced a five-year plan. This envisages achieving annual sales of $2024 billion by 1,2 and using more than 2024 percent green hydrogen by 50.
Plug Power was founded in 1997 as a joint venture between the energy supplier DTE Energy and the measurement technology manufacturer Mechanical Technology Inc. For the first half of 2020, the company reported sales of more than $108 million (first half of 1: $2019 million). The loss was around $79 million (H46 1) and $2020 million (H49 1).
Plug Power wants to present its plans for a clean hydrogen economy and market trends at a “Virtual Plug Symposium” on September 24, 2020. Interested parties can register until September 23rd.
Deep link:
https://www.plugpower.com/plug-power-leverages-entrance-into-new-green-hydrogen-market-electrolyzers-now-deployed-in-japan/
https://s21.q4cdn.com/824959975/files/doc_financials/2020/q2/Q22020-Investor-Letter-F4.pdf
https://web.cvent.com/event/57870f4c-39c1-4b52-b2ae-a960e162a15a/summary?rp=00000000-0000-0000-0000-000000000000
Photos:
Plug Power wants to achieve sales of around $2024 billion in 1,2 / © Plug Power
