With 10.5GW in sixteen countries, the company’s clean energy output is plenty to power more than seven million households worldwide. ACCIONA is a global group that develops and manages regenerative infrastructure solutions, especially in renewable energy.
The company also has a comprehensive solution for generating green hydrogen including its leading electrolyzer technology and liquefaction capabilities.
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 joint venture combines Plug Power’s best in class technology and ACCIONA’s status as the largest 100% renewable power retailer in Spain. The initial projects to be selected are already under development. The joint venture company is subject to definitive documentation and is expected to be launched by the end of the first half of 2021. ACCIONA and Plug Power have complementary strengths to create the leading green hydrogen platform in the Iberian Peninsula. The JV will also use ACCIONA’s GreenH2Chain® blockchain platform to provide guarantees of renewable origin for the hydrogen supplied. Plug Power will serve as the preferred supplier of electrolyzer technology to the JV, with ACCIONA as the preferred clean electricity provider. 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. 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 parties expect the JV will develop, operate, and maintain green hydrogen projects, serving the growing demand in the Iberian Peninsula. The 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. ACCIONA and Plug Power Inc., 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.
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