The collaboration agreement will support Plug Power’s objective to decarbonize the broader transportation and logistics industries while facilitating the anticipated growth of the hydrogen economy
Plug Power, a provider of hydrogen engines and fueling solutions enabling e-mobility, is partnering with Apex Clean Energy, a developer and operator of utility-scale wind and solar power facilities. Apex and Plug Power have established a Collaboration Agreement designed to accelerate the shift to clean energy and mutually promote the advancement of green hydrogen in the United States.
The Collaboration Agreement with Apex Clean Energy is a key milestone to advancing Plug Power’s green hydrogen strategy and shows continued dedication towards executing Plug Power’s goal to utilize over 50% green hydrogen by 2024. All green hydrogen generated from this Collaboration Agreement will support Plug Power’s objective to decarbonize the broader transportation and logistics industries while facilitating the anticipated growth of the hydrogen economy.
The network of green hydrogen facilities will be designed leveraging Apex’s development pipeline of renewable projects. The relationship is expected to grow substantially over time, leveraging each other’s capabilities in hydrogen and renewable energy infrastructure development. According to McKinsey, the global hydrogen economy could be as large as $2.5T by 2050.
“We expect the levelized cost of hydrogen produced by renewables to continue to decline while providing active returns for our investors,” said Andy Marsh, CEO for Plug Power. “Green hydrogen represents a substantial growth opportunity for the broader renewable industry that accelerates decarbonizing the electric grid and producing clean hydrogen fuel to serve many industries.”
“To accomplish the mission of a 100% clean energy economy, it is essential that we move aggressively to ramp up the green hydrogen supply chain,” said Mark Goodwin, president and CEO of Apex Clean Energy. “This partnership with Plug Power is a significant step towards achieving a carbon-free future.”
Source: Company Press Release