A long-term strategic agreement between Plug Power and Johnson Matthey (JM) was announced in order to advance the hydrogen economy.
JM will grow to be a crucial strategic supplier of MEA parts, meeting a sizeable share of Plug’s need for catalysts, membranes, and membranes with catalyst coatings (CCM). Importantly, JM offers secure precious metal supply as well as distinctive recycling capabilities.
With the help of this strategic alliance, Plug and JM will be able to achieve their respective revenue goals of $5 billion and $20 billion by 2026 and 2030, respectively. Plug and JM will jointly invest in what is anticipated to be the largest (5GW scaling to 10GW over time) CCM manufacturing plant in the world in order to aid in the achievement of these goals.
The facility will be constructed in the US, and production will probably start in 2025. In order to promote exponential growth throughout the hydrogen industry, Plug and JM will also keep utilizing government incentives from the Inflation Reduction Act in the US and REPowerEU in Europe.