Plug Power Stock Jumps After Agreement with Phillips 66 to Advance Green Hydrogen
Oct 13, 2021 By MarketDepth
Plug Power Inc. (NASDAQ: PLUG) stock up about 10% after the company announced that the companies have signed a memorandum of understanding to collaborate on the development of low-carbon hydrogen business opportunities.
State of the Art Facility
Phillips 66, which has 13 wholly owned and joint venture refineries in the U.S. and Europe, owns extensive hydrogen-related infrastructure and uses hydrogen in the manufacturing of transportation fuels. With over 20 years of history, and customers like Amazon, Walmart and Home Depot, Plug Power is a leader in hydrogen fuel cells and electrolyzers. The company has begun construction on state-of-the-art green hydrogen production facilities in California, New York, Tennessee and Georgia that will ultimately supply 500 tons per day of liquid green hydrogen by 2025.
“We are excited to team up with Phillips 66 to take advantage of its rich history in the energy industry and forward momentum in the energy transition. Phillips 66 stands to help us meet our goal of producing 1,000 tons per day of green hydrogen while deploying cost-efficient solutions within the renewable fuels sector.”David Bow, Executive Vice President of Electrolyzers Solutions at Plug Power
As part of this agreement, the companies will explore ways to deploy Plug Power’s technology within Phillips 66’s operations, leveraging Plug Power’s experience as a full value chain provider within the hydrogen economy. Plug Power will benefit from Phillips 66’s capabilities as a developer of large-scale energy infrastructure, operator of industrial-scale hydrogen production facilities, and presence in the fuels marketing segment in the U.S. and Europe.