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Plug Power Joins With Johnson Matthey To Push Hydrogen Economy

  • Plug Power Inc (NASDAQ: PLUG) has entered into a long-term strategic partnership with sustainable technologies provider Johnson Matthey Plc (OTC: JMPLF) (OTC: JMPLY) to boost the green hydrogen economy.

  • JM will become an important supplier of MEA components, providing for Plug's demand for catalysts, membranes, and catalyst coated membranes (CCM).

  • PLUG expects the partnership to strengthen its supply chain and help meet the growing demand for fuel cells and electrolyzers.

  • The partnership will support Plug in delivering its targeted revenue of $5 billion and $20 billion by 2026 and 2030, respectively.

  • Plug and JM will co-invest in what is expected to be the largest (5GW scaling to 10GW over time) CCM manufacturing facility globally.

  • The facility will be built in the U.S. and likely begin production in 2025.

  • "This partnership will help us strengthen our supply chain and underpin our ability to deliver on the growing demand for our fuel cells and electrolyzers," said Plug CEO Andy Marsh.

  • Price Action: PLUG shares are trading lower by 0.32% at $15.66 in premarket on Tuesday.

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This article originally appeared on Benzinga.com

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