Acciona and Plug Power to develop Green Hydrogen Platform for Spain and Portugal

Acciona SA, (a Spanish conglomerate developing and managing infrastructure and renewable energy), and Plug Power Inc. (a global leader in hydrogen fuel cell systems and fuelling solutions), has signed today (16th February) a memorandum of understanding (MOU) to launch a 50-50 joint-venture (JV). It is expected to be launched in H1:2021, subject to approval.

The JV company will be based in Madrid, Spain, and will lead a green hydrogen platform serving clients in Spain and Portugal. It will provide cost-efficient and competitive green hydrogen to various end-users. Some initial projects on which the partners would be working are already under development.

The parties expect the JV to develop, operate, and maintain green hydrogen projects, serving the Iberian Peninsula’s growing demand. The new company also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and the mobility business segments.

Plug Power will be the preferred supplier of electrolyser technology to the JV, with Acciona as the electricity provider. The aim is to gain 20% market share in Spanish and Portugal green hydrogen market by 2030, translating to over €2 billion investment.

Plug Power has over 40,000 fuel cell systems, 150 fueling stations deployed globally, and dispensing more than 40 tonnes of hydrogen daily. Acciona has 10.5 GW  installed power capacity in sixteen countries.

Andy Marsh, CEO of Plug Power said, “As we pursue our goal to produce 1,000 tonnes of green hydrogen on a global basis by 2028, we are thrilled to partner with Acciona to build the robust, cost-efficient green hydrogen ecosystem chain envisioned by the EU’s hydrogen roadmap.”

José Manuel Entrecanales, Chairman & CEO of Acciona, said its company is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonisation goals and deliver economic growth.