ACCIONA and Plug Power to Partner on Establishing Leading Green Hydrogen Platform for Iberia
February 16 2021 - 7:00AM
ACCIONA S.A. (BME: ANA), a global leading supplier
of sustainable infrastructure solutions, and Plug Power Inc.
(NASDAQ: PLUG), a global leader in hydrogen fuel cell systems and
fueling solutions, announced today the signing of a memorandum of
understanding (MOU) to launch a 50-50 joint-venture (JV)
headquartered in Madrid. This JV will be a leading green hydrogen
platform serving clients in Spain and Portugal, providing
cost-efficient and competitive green hydrogen to multiple end
markets.
The parties expect the JV will develop, operate, and maintain
green hydrogen projects, serving the growing demand in the Iberian
Peninsula. The new company also plans to provide storage,
transportation, and delivery services to its customers, initially
targeting the industrial and the mobility business segments. The
goal is to reach 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 serve as the preferred supplier of electrolyzer
technology to the JV, with ACCIONA as the preferred clean
electricity provider. The JV will also use ACCIONA’s GreenH2Chain®
blockchain platform to provide guarantees of renewable origin for
the hydrogen supplied. ACCIONA and Plug Power have complementary
strengths to create the leading green hydrogen platform in the
Iberia Peninsula. The joint venture company is subject to
definitive documentation and is expected to be launched by the end
of the first half of 2021. The initial projects to be selected are
already under development.
The joint venture combines Plug Power’s best in class technology
and ACCIONA’s status as the largest 100% renewable power retailer
in Spain. Plug Power is an innovator and a leader in the green
hydrogen economy, with over 40,000 fuel cell systems, 150 fueling
stations deployed globally, and dispensing more than 40 tons of
hydrogen daily. The company also has a comprehensive solution for
generating green hydrogen including its leading electrolyzer
technology and liquefaction capabilities. ACCIONA is a global group
that develops and manages regenerative infrastructure solutions,
especially in renewable energy. With 10.5GW in sixteen countries,
the company’s clean energy output is plenty to power more than
seven million households worldwide.
“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,” said Andy Marsh, CEO of Plug Power. “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.”
“ACCIONA is committed to driving the creation of a green
hydrogen ecosystem to meet European decarbonization goals and
deliver economic growth,” said José Manuel Entrecanales, chairman
& CEO of ACCIONA. “We’re proud to partner with Plug Power to
position Spain and Portugal as global leading hydrogen hubs.”
The EU and member state governments are prioritizing the green
hydrogen economy in their climate and economy recovery strategies.
Announced in July 2020, the European Union’s Hydrogen Strategy
supports installing at least 6 gigawatts (GW) of renewable hydrogen
electrolyzers in the EU and producing one million tons of renewable
hydrogen by 2024. Spain, notably, is set to play a leading role in
the European economy pathway to decarbonization, benefiting from
the highest levels of renewable resources. The Spanish government
put forward its own hydrogen roadmap in October 2020 as part of the
country’s efforts to achieve climate neutrality and a 100%
renewable electricity system by 2030.
Santander Corporate & Investment Banking is acting as sole
Financial Advisor to Plug Power.
About ACCIONA
ACCIONA is a global group that develops and manages sustainable
infrastructure solutions, especially in renewable energy. Its
business spans the entire value chain, from design and construction
through to operation and maintenance. ACCIONA’s goal is to lead the
transition towards a low-carbon economy, bringing technical
excellence and innovation to all of its projects to design a better
planet. With a presence in more than 60 countries and sales of
€7.191 billion in 2019, the company is committed to contributing to
the economic and social development of the communities in which it
operates.
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell (HFC) turnkey
solutions. The Company’s innovative technology powers electric
motors with hydrogen fuel cells amid an ongoing paradigm shift in
the power, energy, and transportation industries to address climate
change and energy security, while providing efficiency gains and
meeting sustainability goals. Plug Power created the first
commercially viable market for hydrogen fuel cell (HFC) technology.
As a result, the Company has deployed over 40,000 fuel cell systems
for e-mobility, more than anyone else in the world, and has become
the largest buyer of liquid hydrogen, having built and operated a
hydrogen highway across North America. Plug Power delivers a
significant value proposition to end-customers, including
meaningful environmental benefits, efficiency gains, fast fueling,
and lower operational costs. Plug Power’s vertically-integrated
GenKey solution ties together all critical elements to power, fuel,
and provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.
Plug Power Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the “Private Securities Litigation Reform Act of
1995 that involve significant risks and uncertainties about Plug
Power Inc. ("PLUG"), including but not limited to statements about
PLUG's expectations regarding the planned joint venture with
Acciona, including when and if the joint venture will occur, the
scope and terms of the joint venture, the potential growth related
to the planned joint venture, and the expansion into the Spain and
Portugal markets. You are cautioned that such statements should not
be read as a guarantee of future performance or results, and will
not necessarily be accurate indications of the times that, or by
which, such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. For a further description of the
risks and uncertainties that could cause actual results to differ
from those expressed in these forward-looking statements, as well
as risks relating to the business of PLUG in general, see PLUG’s
public filings with the Securities and Exchange Commission,
including the “Risk Factors” section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2019 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June
30, 2020 and September 30, 2020. Readers are cautioned not to place
undue reliance on these forward-looking statements. The
forward-looking statements are made as of the date hereof, and PLUG
undertakes no obligation to update such statements as a result of
new information.
Media Contacts:
Plug PowerIan MartoranaThe Bulleit
Groupplugpowerpr@bulleitgroup.com
ACCIONA +34 (91) 91 663 06 57+34 (91) 31 14/ 07
53gabinetedeprensa@acciona.es
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