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.
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 also 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 tonnes of green hydrogen production per day.
Alan Ripa, with a 16-year track record in executive positions in ACCIONA Energía, being his last position Chief Executive Supervisor at ACCIONA Energía Internacional, will become CEO of AccionaPlug.
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 to 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 plant to serve reliably industrial and emerging mobility demand.
The EU and member state governments are prioritizing the green hydrogen economy in their climate and economic recovery strategies. The European Union’s Hydrogen Strategy, launched in July 2020, backs the installation of at least 6GW of renewable hydrogen electrolyzers in the EU and the production of one million tons of renewable hydrogen by 2024.
Spain and Portugal are ready to play a leading role in the pathway to decarbonization in the EU thanks to their high 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.
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