ACCIONA and Plug Power partner to create a leading green hydrogen platform in the Iberian Peninsula

ACCIONA y Plug Power Inc., a world leader in hydrogen fuel cell systems and refueling solutions, have announced the signing of an agreement in principle (MOU) to launch a joint venture (JV) 50% based in Madrid which will aim to become a reference platform in the supply of green hydrogen for clients in Spain and Portugal, providing profitable and competitive products and services.

 

Both companies expect the JV to develop, operate and maintain green hydrogen projects, addressing growing demand in the Iberian Peninsula. The new company also plans to provide warehousing, transportation and delivery services to its customers, initially focusing on the industrial and mobility business segments. The objective is to achieve a 20% market share in the green hydrogen business in Spain and Portugal before 2030, which will involve an initially planned investment of more than €2.000 million.

 

Plug power will be the preferred supplier of electrolyzer technology for the JV and ACCIONA will be the preferred supplier of clean electricity. The joint venture also will use ACCIONA's GreenH2Chain® blockchain platform to offer guarantees of renewable origin for the hydrogen supplied. ACCIONA and Plug Power have complementary strengths to create the leading green hydrogen platform in the Iberian Peninsula. The closing of the constitution of the joint company is scheduled for the end of the first half of 2021. The initial projects of the new company are already in the development phase.

 

The JV combines the best Plug Power technology and ACCIONA's status as the main distributor of 100% renewable energy in Spain. Plug Power is an innovator and leader in the green hydrogen economy, with more than 40.000 fuel cell systems, 150 fueling stations deployed around the world, and dispensing more than 40 tons of hydrogen per day. The company also has a comprehensive solution for green hydrogen generation that includes 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 production is enough to power more than seven million homes worldwide.

 

“This JV marks another important milestone in establishing the Plug Power presence in the European hydrogen economy, which is growing rapidly,” said Andy Marsh, CEO of Plug Power. “As we pursue our goal of producing 1.000 tonnes of green hydrogen globally by 2028, we are delighted to partner with ACCIONA to build a robust and profitable green hydrogen ecosystem chain, envisaged in the EU hydrogen roadmap. ”.

 

“ACCIONA is committed to creating a solid green hydrogen ecosystem that contributes to meeting European decarbonization objectives in an environment of economic growth,” he said. José Manuel Entrecanales, president of ACCIONA. “We are very satisfied with this agreement with Plug Power that will allow us to position Spain and Portugal as green hydrogen centers of international reference.”

 

La European Union (EU) and Member States have decided to prioritize the green hydrogen economy in their climate and economic recovery strategies. Announced in July 2020, the EU Hydrogen Strategy UE supports the installation of at least 6GW of renewable hydrogen electrolyzers and the production of one million tons by 2024. Spain, in particular, is called to play a leading role in the path of decarbonization of the European economy, since it has high levels of renewable resources. The Spanish government presented 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 acts as Plug Power's sole financial advisor.