Olin Corporation and Plug Power Inc. announced the signing of a memorandum of understanding (MOU) with the intention to create a joint venture (JV) to produce and market green hydrogen to support growing fuel cell demand in the global hydrogen economy.
The JV will provide the reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration between the two companies.
Under the JV, Plug Power will market the hydrogen and provide logistical support for delivery while Olin will provide reliable hydrogen production and operational support.
Plug Power has been investing heavily in green hydrogen production, the future of clean energy. This JV activity will expand Plug Power’s existing work to build a “first of a kind” green hydrogen generation network in North America to help customers achieve their sustainability goals of net-zero carbon emissions. Plug Power is targeting 70 tpd by the end of this year and is on track to deliver 500 tpd of green hydrogen production by 2025 and 1,000 tpd by 2028.
The joint venture is expected to be operational in 2023.
