Plug Power and Acciona have today (16th Feb) unveiled plans for a 50-50 joint venture to provide cost-efficient and competitive green hydrogen to multiple end markets in Spain and Portugal.
To be headquartered in Madrid, the joint venture will develop, operate and maintain green hydrogen projects to serve growing market demands in the Iberian Peninsula, with a goal to reach a 20% market share of the green hydrogen business in Spain and Portugal by 2030.
The new company will also provide storage, transportation and delivery services.
Plug Power will serve as the preferred supplier of electrolyser technology to the venture, with Acciona as the preferred clean electricity provider. Combining both of their expertise, the companies hope to launch the company by the end of the first half of 2021.
Commenting on the announcement, Andy Marsh, CEO of Plug Power, said, “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.”
“As we pursue our goal to produce 1,000 tonnes of green hydrogen on a global basis by 2028, we are thrilled to partner with Acconia to build the robust, cost-efficient green hydrogen ecosystem chain envisioned by the EU’s hydrogen roadmap.”
José Manuel Entrecanales, Chairman and CEO of Acciona, added, “Acciona is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonisation goals and deliver economic growth.”
“We are proud to partner with Plug Power to position Spain and Portugal as global leading hydrogen hubs.”