ACCIONA and Plug Power, a global leader in hydrogen fuel cell systems and fueling solutions, announced the signing of a memorandum of understanding (MoU) to launch a 50-50 joint-venture (JV) headquartered in Madrid.
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.
The parties expect the JV will develop, operate, and maintain green hydrogen projects, serving the growing demand in the Iberian Peninsula. 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 goal is to reach a 20 percent market share of the green hydrogen business in Spain and Portugal by 2030, which will entail an initially planned investment of over €2 billion.
Plug Power will serve as the preferred supplier of electrolyzer technology to the JV, with ACCIONA as the preferred clean electricity provider. The JV will also use ACCIONA’s GreenH2Chain blockchain platform to provide 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 joint venture company is subject to definitive documentation and is expected to be launched by the end of the first half of 2021. The initial projects to be selected are already under development.
“This joint venture marks another important milestone and continued execution on its strategic properties to establish Plug Power’s strong presence in the fast-growing European hydrogen economy,” said Andy Marsh, CEO of Plug Power. “As we pursue our goal to produce 1,000 tons of green hydrogen on a global basis by 2028, we are thrilled to partner with ACCIONA to build the robust, cost-efficient green hydrogen ecosystem chain envisioned by the EU’s hydrogen roadmap.”
“ACCIONA is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonisation goals and deliver economic growth,” said José Manuel Entrecanales, chairman & CEO of ACCIONA. “We’re proud to partner with Plug Power to position Spain and Portugal as global leading green hydrogen hubs.”