Plug Power has today (Nov 23) completed the acquisition of Applied Cryo Technologies (ACT) – a move that will expand both the company’s hydrogen delivery and storage abilities.
A provider of technology, equipment and services for the transportation, storage and distribution of liquefied cryogenic gases, ACT will enable Plug Power to expand its green hydrogen ecosystem and lower the cost of infrastructure and logistics networks.
The purchase will also see Plug Power welcome more than 200 new employees in Houston, Texas.
Andy Marsh, CEO of Plug Power, said, “This is a natural fit for Plug Power, and our new team members. We all share a vision to build and grow the green hydrogen economy.”
“Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realise our ambitious goal of producing over 1,000 tonnes per day of green hydrogen by 2028.”