Collaborative Venture Between Plug Power and Johnson Matthey to Boost Hydrogen Economy Rapidly
Plug Power and Johnson Matthey Form Strategic Partnership to Accelerate Green Hydrogen Economy
In a significant move towards the green hydrogen economy, Plug Power and Johnson Matthey have announced a long-term strategic partnership. This collaboration positions Plug Power to be a global leader in the green hydrogen economy.
The partnership aims to create volume and scale for green hydrogen that didn't previously exist. Plug Power, a company operating over 60,000 fuel cell systems, running more than one billion hours globally, is building an end-to-end green hydrogen ecosystem, including production, storage, delivery, and energy generation.
Johnson Matthey, the world's leading secondary refiner of platinum group metals (PGMs), brings security of supply of precious metals and unique recycling capabilities to the partnership. The company has pioneered a circular business model for the scarce PGMs that will be employed for this partnership.
The partnership will support Plug in achieving its targeted revenue of $5 billion and $20 billion by 2026 and 2030 respectively. Plug and Johnson Matthey will co-invest in a 5GW (scaling to 10GW over time) CCM manufacturing facility in the United States. Johnson Matthey will become a significant supplier of MEA components for Plug.
Johnson Matthey has an established Hydrogen Technologies business with a manufacturing capability of 2GW, planning to expand to 5GW through a new 3GW gigafactory in Royston, UK. The facility is expected to begin production in 2025.
Liam Condon, CEO of Johnson Matthey, characterizes the partnership as a game-changer for the hydrogen economy. He stated, "This partnership will accelerate the hydrogen economy by providing the scale and volume that is needed to make green hydrogen commercially viable."
Andy Marsh, CEO of Plug, stated that the partnership with Johnson Matthey will help strengthen Plug's supply chain. He added, "This partnership will enable us to tap into Johnson Matthey's expertise in the production of catalysts, membranes, and catalyst coated membranes, which are crucial components for our fuel cells."
The partnership was announced on January 30, 2023. While the company named as a key strategic partner of Plug Power for the supply of MEA components is not directly identified in the provided search results, none of the results explicitly mention a specific firm as Plug Power's strategic partner for MEA components.
The partnership underscores both companies' commitment to accelerating the green hydrogen economy and positions them as key players in the global transition towards clean energy solutions.
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