Plug Power and ACCIONA Energía Launch AccionaPlug to Address Green Hydrogen Market in Spain and Portugal
November 30 2021 - 8:21AM
Plug Power and ACCIONA Energía Launch AccionaPlug to Address Green
Hydrogen Market in Spain and Portugal
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, and
ACCIONA Energía (BME:ANE), a global developer, owner, and operator
of renewable energy projects, today announced that the companies
have finalized the formation of their previously announced 50-50
joint-venture. Incorporated as AccionaPlug, the joint-venture is
headquartered in Madrid and will develop, operate, and maintain
green hydrogen projects throughout Spain and Portugal. Alan Ripa,
with 16 years track record in executive positions in ACCIONA
Energía group, his last position being Chief Executive Supervisor
at ACCIONA Energía Internacional, has been named CEO of
AccionaPlug.
AccionaPlug also plans to provide storage, transportation, and
delivery services to its customers, initially targeting the
industrial and mobility business segments. Targeting hydrogen
production facilities co-located directly with industrial customers
and stand-alone plants that produce hydrogen for regional
distribution, AccionaPlug expects its first plants to be online in
2023. The new venture aims for substantial market share of the
green hydrogen business in Spain and Portugal by 2030, with medium
term plans to have over 100 tons of green hydrogen production per
day.
The joint venture combines Plug Power’s best in class PEM
electrolyzer technology and ACCIONA Energía’s proven leadership in
the development of renewable energy projects as a pioneer and the
largest independent 100% renewable power retailer in Spain and
Portugal.
Plug Power is an innovator and a leader in the green hydrogen
economy, with over 50,000 fuel cell systems deployed for e-mobility
and is the largest buyer of liquid hydrogen globally. ACCIONA
Energía is the largest 100% renewable energy company with no fossil
fuel legacy in the world, with more than 11GW of renewable energy
across 16 countries.
“We quickly recognized a shared mission and approach in working
with the team at ACCIONA Energía this year, and this joint venture
was the logical next step,” said Andy Marsh, CEO for Plug Power.
“Our two companies are kindred spirits and envision a decarbonized
future. Working together as AccionaPlug, we will build a robust
green hydrogen ecosystem that will help Europe deliver on its
sustainability goals, positioning Spain and Portugal as leading
global hydrogen hubs.”
“ACCIONA Energía and Plug Power are putting together the
capabilities needed to provide the market with reliable and
competitive green hydrogen solutions. AccionaPlug is the platform
that will leverage ACCIONA Energía´s presence and track record in
renewable energy and Plug Power’s technology and knowledge in the
hydrogen sector to ramp up the deployment of green hydrogen”, said
Alan Ripa, CEO for AccionaPlug. “We are delighted to start working
with stakeholders that want to join us in this exciting journey to
decarbonize the economy with renewable hydrogen. This partnership
reflects the commitment of ACCIONA Energía and Plug Power in the
fight against climate change.”
AccionaPlug is already advancing on its ambitious goal of
bringing green hydrogen to Spain and Portugal. The new venture is
actively working to develop multiple plants, including several 15
tons per day green hydrogen production plants to reliably serve
demand in the industrial and emerging mobility sectors.
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 and Portugal are 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 and
Portugal approved its hydrogen roadmap in August 2020.
About Plug PowerPlug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell 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 meeting
sustainability goals. Plug Power created the first commercially
viable market for hydrogen fuel cell technology. As a result, the
Company has deployed over 50,000 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, Ikea, 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.www.plugpower.com.
About ACCIONA EnergíaACCIONA Energía is the
largest 100% renewable energy company with no fossil legacy in the
world. It has more than 11GW of renewable energy in 16 countries.
With 30 years of experience, ACCIONA Energía offers a complete
portfolio of tailor-made energy solutions for its corporate and
institutional clients to meet their decarbonization goals. ACCIONA
Energía is committed to the highest environmental, social and
corporate governance (ESG) standards. ACCIONA S.A., a leading
global company in the provision of regenerative solutions for a
decarbonized economy, is the reference shareholder of ACCIONA
Energía.
Safe Harbor StatementThis 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 the expected
commercial release in 2022 and expected additional vehicle
prototypes. 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, 2020 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2021 and June
30, 2021. 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 Power Caitlin CoffeeAllison +
PartnersplugPR@allisonpr.com
ACCIONA EnergíaLuisa Gómez +34 (91) 91 663 01
26lmgomezg@acciona.comprensa.acciona.energia@acciona.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe3b5904-8f1d-4312-a350-4060e263bb12
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