Plug Power and ACCIONA Energía Launch AccionaPlug to Address Green Hydrogen Market in Spain and Portugal

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) and ACCIONA Energía have established a 50-50 joint venture named AccionaPlug, headquartered in Madrid, aiming to lead the green hydrogen market in Spain and Portugal. The venture plans to develop facilities to produce over 100 tons of green hydrogen daily by 2030, with initial plants expected online in 2023. Combining Plug Power’s electrolyzer technology with ACCIONA’s renewable energy expertise, AccionaPlug seeks to provide competitive green hydrogen solutions, playing a crucial role in Europe’s sustainability goals.

Positive

• Formation of the joint venture AccionaPlug to capture the green hydrogen market.
• Targeting production of over 100 tons of green hydrogen per day by 2030.
• Initial plants expected to be operational by 2023.
• Combines Plug Power's advanced hydrogen technology with ACCIONA's renewable energy experience.

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• None.

The AccionaPlug Venture Aims for Substantial Market Share, Targeting to Produce more than 100 Tons of Green Hydrogen per Day in the Medium Term

LATHAM, N.Y. and MADRID, Spain, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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. Alan Ripa, with 16 years track record in executive positions in ACCIONA Energía group, his last position being Chief Executive Supervisor at ACCIONA Energía Internacional, has been named CEO of AccionaPlug.

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 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 tons of green hydrogen production per day.

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 in 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 plants to reliably serve demand in the industrial and emerging mobility sectors.

The EU and member state governments are prioritizing the green hydrogen economy in their climate and economy recovery strategies. Announced in July 2020, the European Union’s Hydrogen Strategy supports installing at least 6 gigawatts (GW) of renewable hydrogen electrolyzers in the EU and producing one million tons of renewable hydrogen by 2024.

Spain and Portugal are set to play a leading role in the European economy pathway to decarbonization, benefiting from the highest 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.

About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 50,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, Ikea, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.
www.plugpower.com.

About ACCIONA Energía
ACCIONA Energía is the largest 100% renewable energy company with no fossil legacy in the world. It has more than 11GW of renewable energy in 16 countries. With 30 years of experience, ACCIONA Energía offers a complete portfolio of tailor-made energy solutions for its corporate and institutional clients to meet their decarbonization goals. ACCIONA Energía is committed to the highest environmental, social and corporate governance (ESG) standards. ACCIONA S.A., a leading global company in the provision of regenerative solutions for a decarbonized economy, is the reference shareholder of ACCIONA Energía.

Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc.(“PLUG”), including but not limited to statements about the expected commercial release in 2022 and expected additional vehicle prototypes. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.

Media Contacts:

Plug Power
Caitlin Coffee
Allison + Partners
plugPR@allisonpr.com

ACCIONA Energía
Luisa Gómez
+34 (91) 91 663 01 26
lmgomezg@acciona.com
prensa.acciona.energia@acciona.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe3b5904-8f1d-4312-a350-4060e263bb12

FAQ

What is the purpose of the AccionaPlug joint venture?

The AccionaPlug joint venture aims to develop green hydrogen projects in Spain and Portugal, targeting to produce over 100 tons of green hydrogen daily by 2030.

When will the first AccionaPlug plants be operational?

The initial plants of AccionaPlug are expected to be online in 2023.

What technology does Plug Power bring to the joint venture?

Plug Power contributes its best-in-class PEM electrolyzer technology to AccionaPlug.

How will AccionaPlug impact the green hydrogen market in Europe?

AccionaPlug aims to provide competitive green hydrogen solutions, supporting Europe's sustainability goals and helping position Spain and Portugal as leading hydrogen hubs.

What industries will AccionaPlug target initially?

AccionaPlug will initially target the industrial and mobility business segments.