Plug, Olin Corporation Launch Joint Venture for 15-Ton-Per-Day Hydrogen Plant
October 19 2022 - 8:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, and Olin
Corporation (NYSE: OLN), a leading vertically integrated chlor
alkali producer and marketer, announced today the launch of a joint
venture to begin with the construction of a 15-ton-per-day hydrogen
plant in St. Gabriel, Louisiana.
The joint venture, named Hidrogenii, will support
reliability of supply and speed to market for green hydrogen
throughout North America, setting the foundation for broader
collaboration between the two companies.
The partnership brings together Plug, the company
behind the end-to-end green hydrogen ecosystem, and Olin, North
America’s largest producer of electrolytic hydrogen. Plug will be
the exclusive marketer of the joint venture’s hydrogen and provide
logistical support for delivery, while Olin will provide reliable
hydrogen supply and operational expertise.
“Plug is working rapidly to meet the increasing
demand of green hydrogen in North America and in the rest of the
world,” Andy Marsh, CEO of Plug, said. “By partnering with
like-minded companies, such as Olin, we’ll make the transition to
hydrogen easy and affordable.”
The plant will benefit from state and local tax
subsidies. The construction of the plant will create 160 jobs in
2022 and 215 jobs in 2023. The plant is then expected to create
more than 25 permanent full-time jobs in Louisiana.
“The Hidrogenii venture advances our commitment to
transform Olin’s hydrogen business into a value stream as we seek
to grow the value of our 150,000 metric tons of annual hydrogen
production capacity,” Scott Sutton, Olin Chairman, President, and
Chief Executive Officer, said. “We are excited to partner with
Plug, a leader in sustainable hydrogen, to serve the growing demand
for green hydrogen.”
The Louisiana plant joins Plug’s growing national
network of hydrogen plants in various planning and construction
phases in New York, Tennessee, Georgia, Texas and California. By
2025, Plug expects to produce 500 tons per day of liquid green
hydrogen, which will prevent 4.3 million metric tons of carbon
dioxide emissions in North America. By 2028, Plug expects to
produce 1,000 tons per day of liquid green hydrogen.
About Plug
Plug is building an end-to-end green hydrogen
ecosystem, from production, storage and delivery to energy
generation, to help its customers meet their business goals and
decarbonize the economy. In creating the first commercially viable
market for hydrogen fuel cell technology, the company has deployed
more than 50,000 fuel cell systems and over 165 fueling stations,
more than anyone else in the world, and is the largest buyer of
liquid hydrogen. With plans to build and operate a green hydrogen
highway across North America and Europe, Plug is building a
state-of-the-art Gigafactory to produce electrolyzers and fuel
cells and multiple green hydrogen production plants that will yield
500 tons of liquid green hydrogen daily by 2025. Plug will deliver
its green hydrogen solutions directly to its customers and through
joint venture partners into multiple environments, including
material handling, e-mobility, power generation, and industrial
applications. For more information, visit www.plugpower.com.
Plug Power 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 about Plug Power Inc. (“PLUG”), including, but not
limited to, statements about PLUG’S plans to build a 15-ton-per-day
green hydrogen plant; expectations regarding its collaboration with
its joint venture, Hidrogenii, including the expectation that
partnering with the joint venture will make the adoption of green
hydrogen easy and affordable; PLUG’s plans to build an end-to-end
green hydrogen ecosystem and operate a green hydrogen highway
across North America and Europe; the expected production of liquid
green hydrogen by 2025 and 2028; and expectations regarding its
joint venture partners and the uses and applications of its
hydrogen solutions. 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 (the “SEC”), including the "Risk
Factors'' section of PLUG’s Annual Report on Form 10-K for the year
ended December 31, 2021 and any subsequent filings with the SEC.
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.
About Olin Corporation
Olin Corporation is a leading vertically
integrated global manufacturer and distributor of chemical products
and a leading U.S. manufacturer of ammunition. The chemical
products produced include chlorine and caustic soda, vinyls,
epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric
acid. Winchester's principal manufacturing facilities produce and
distribute sporting ammunition, law enforcement ammunition,
reloading components, small caliber military ammunition and
components, and industrial cartridges.
Visit www.olin.com for more information on
Olin.
MEDIA CONTACTS:
PlugCaitlin
CoffeeAllison+PartnersplugPR@allisonpr.com
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