Hydrogen players Plug Power, Johnson Matthey to invest in US factory

US hydrogen company Plug Power (NASDAQ:PLUG) and UK sustainable technologies specialist Johnson Matthey Plc (LON:JMAT), or JM, today unveiled a long-term strategic partnership, under which JM will be supplying a substantial part of Plug’s demand for catalysts, membranes and catalyst coated membranes (CCM).

As part of the tie-up, the companies plan to co-invest in a CCM manufacturing facility in the US, expected to be the world’s largest with a capacity of 5 GW, increasing to 10 GW over time. The plant could start production in 2025.

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Catalyst coated membranes are a key component of electrolysers and fuel cells.

“This partnership will help us strengthen our supply chain and underpin our ability to deliver on the growing demand for our fuel cells and electrolysers,” said Plug chief executive Andy Marsh.

Johnson Matthey chief executive Liam Condon commented that the partnership will help scale up the hydrogen economy. “By bringing together one of the largest green hydrogen and fuel cell companies in the world with JM’s technology and manufacturing capabilities, we’re creating volume and scale for green hydrogen that hasn’t existed until now,” said Condon.

Plug seeks to create a green hydrogen ecosystem, from production, storage and delivery to energy generation and targets revenue of USD 5 billion (EUR 4.6bn) by 2026 and USD 20 billion by 2030.

Plug and JM will be taking advantage of government incentives in the Inflation Reduction Act in the US and REPowerEU in Europe to support their growth plans.

(USD 1 = EUR 0.917)