- Plug Power Inc PLUG has entered into a long-term strategic partnership with sustainable technologies provider Johnson Matthey Plc JMPLF 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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.