- Plug Power Inc PLUG has entered into a long-term strategic partnership with providers of sustainable technologies Johnson Matthey Plc JMPLF JMPLY to boost the green hydrogen economy.
- JM becomes a key supplier of MEA components, meeting Plug’s demand for catalysts, membranes and catalyst coated membranes (CCM).
- PLUG expects the partnership will strengthen its supply chain and help meet the growing demand for fuel cells and electrolysers.
- The partnership will help Plug achieve its revenue targets of $5 billion and $20 billion by 2026 and 2030, respectively.
- Plug and JM will jointly invest in what is expected to be the largest CCM manufacturing facility in the world (5 GW scaling to 10 GW over time).
- The plant will be built in the USA and is expected to start production in 2025.
- “This partnership will help us strengthen our supply chain and underpin our ability to service the growing demand for our fuel cells and electrolyzers,” said Andy Marsh, CEO of Plug.
- price action: PLUG shares trade down 0.32% at $15.66 premarket on Tuesday.
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