Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Johnson Matthey (JM), a global leader in sustainable technologies, have announced a long-term strategic partnership to accelerate the green hydrogen economy.
JM will become an important strategic supplier of membrane electrode assembly components, providing a substantial portion of Plug’s demand for catalysts, membranes, and catalyst coated membranes (CCM). Importantly, JM brings security of supply of precious metals, and unique recycling capabilities.
This strategic partnership will support Plug in delivering its targeted revenue of US$5 billion and US$20 billion by 2026 and 2030, respectively. To help achieve these targets, Plug and JM will co-invest in what is expected to be the largest (5 GW scaling to 10 GW over time) CCM manufacturing facility in the world. The facility will be built in the US and likely begin production in 2025. Plug and JM will also continue to leverage government incentives from the Inflation Reduction Act in the US and REPowerEU in Europe to push for exponential growth across the hydrogen industry.
“Plug is proud to expand our relationship with JM, a highly respected and skilled supply partner with a proven track record,” said Plug CEO, Andy Marsh. “This partnership will help us strengthen our supply chain and underpin our ability to deliver on the growing demand for our fuel cells and electrolysers. With a partner like JM, Plug is in a strong position to be the global leader of the green hydrogen economy.”
Liam Condon, CEO of Johnson Matthey, added: “For the rapidly developing hydrogen economy, this partnership is a game-changer. By bringing together one of the largest green hydrogen and fuel cell companies in the world with JM’s technology and manufacturing capabilities, we’re creating volume and scale for green hydrogen that hasn’t existed until now. This partnership confirms JM’s world class position in catalyst coated membranes, the key performance-defining components of electrolysers and fuel cells.”