ACCIONA and Plug Power have signed a memorandum of understanding (MOU) to launch a 50-50 joint-venture (JV) headquartered in Madrid.
This JV will be a leading green hydrogen platform serving clients in Spain and Portugal, providing cost-efficient and competitive green hydrogen to multiple end markets.
The parties expect the JV will develop, operate, and maintain green hydrogen projects, serving the growing demand in the Iberian Peninsula.
The new company also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and the mobility business segments.
The goal is to reach a 20% market share of the green hydrogen business in Spain and Portugal by 2030, which will entail an initially planned investment of over €2 billion.
Plug Power will serve as the preferred supplier of electrolyzer technology to the JV, with ACCIONA as the preferred clean electricity provider.
The JV will also use ACCIONA’s GreenH2Chain blockchain platform to provide guarantees of renewable origin for the hydrogen supplied.
The joint venture company is subject to definitive documentation and is expected to be launched by the end of the first half of 2021.
“This joint venture marks another important milestone and continued execution on its strategic properties to establish Plug Power’s strong presence in the fast-growing European hydrogen economy,” said Andy Marsh, CEO of Plug Power. “As we pursue our goal to produce 1,000 tons 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.”
“ACCIONA is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonization goals and deliver economic growth. We’re proud to partner with Plug Power to position Spain and Portugal as global leading hydrogen hubs.”The EU and member state governments are prioritizing the green hydrogen economy in their climate and economy recovery strategies.José Manuel Entrecanales, chairman & CEO of ACCIONA.
The Spanish government put forward its own hydrogen roadmap in October 2020 as part of the country’s efforts to achieve climate neutrality and a 100% renewable electricity system by 2030.