The previously announced 50-50 joint venture between Plug Power and ACCIONA Energa has been completed.
The joint-venture, known as AccionaPlug, is based in Madrid and will build, run, and maintain green hydrogen projects in Spain and Portugal.
Alan Ripa has been chosen CEO of AccionaPlug. He has a 16-year track experience in executive positions within the ACCIONA Energa group, his most recent post being Chief Executive Supervisor at ACCIONA Energa Internacional.
AccionaPlug also intends to provide its clients storage, transportation, and delivery services, with an initial focus on the industrial and mobility sectors. AccionaPlug plans to open its first plants in 2023, with hydrogen production facilities co-located directly with industrial clients and stand-alone plants producing hydrogen for regional distribution.
By 2030, the new enterprise hopes to establish a significant market share in the green hydrogen sector in Spain and Portugal, with medium-term goals of producing over 100 tons of green hydrogen per day.
Plug Power’s best-in-class PEM electrolyzer technology is combined with ACCIONA Energa’s established experience in the development of renewable energy projects as a pioneer and the largest independent 100% renewable power reseller in Spain and Portugal in this joint venture.
Plug Power is a pioneer and a leader in the green hydrogen economy, having installed more than 50,000 fuel cell devices for e-mobility and being the world’s largest importer of liquid hydrogen. With more than 11GW of renewable energy spanning 16 nations, ACCIONA Energa is the world’s biggest 100% renewable energy firm with no fossil fuel heritage.
“Working with the team at ACCIONA Energa this year, we soon saw a similar vision and strategy, and this joint venture was the natural next step,” said Andy Marsh, CEO of Plug Power. “Our two firms have similar visions for a decarbonized future. We will establish a robust green hydrogen ecosystem like AccionaPlug, allowing Europe to meet its environmental targets while promoting Spain and Portugal as global hydrogen centres.”
“ACCIONA Energa and Plug Power are combining their skills to provide the market reliable and cost-effective green hydrogen solutions. “ACCIONA Energa’s presence and track record in renewable energy, together with Plug Power’s technology and understanding in the hydrogen industry, will accelerate the adoption of green hydrogen,” stated Alan Ripa, CEO of AccionaPlug.
“We are ecstatic to begin engaging with stakeholders that want to be a part of this exciting path to decarbonize the economy using renewable hydrogen.” This collaboration demonstrates ACCIONA Energa and Plug Power’s commitment to the battle against climate change.”
AccionaPlug is well on its way to achieving its lofty ambition of supplying green hydrogen to Spain and Portugal. The new company is working hard to build a number of facilities, including numerous 15-tonne-per-day green hydrogen reactors, to meet demand in the industrial and rising mobility sectors.
Green hydrogen economy is a priority for the EU and member state governments in their climate and economic recovery initiatives. The European Union’s Hydrogen Strategy, announced in July 2020, calls for the installation of at least 6 gigawatts (GW) of renewable hydrogen electrolyzers in the EU and the production of one million tons of renewable hydrogen by 2024.
With the greatest levels of renewable resources, Spain and Portugal are poised to take the lead in the European economy’s decarbonization route. In October 2020, the Spanish government presented its own hydrogen strategy, and Portugal’s hydrogen roadmap was authorized in August 2020.
