Plug Power and Johnson Matthey have joined forces to drive forward the growth of the green hydrogen economy. In this long-term strategic partnership, Johnson Matthey will become a key supplier of components such as catalysts, membranes, and catalyst coated membranes (CCM) to Plug Power. This agreement brings stability in terms of supply of precious metals and exclusive recycling capabilities to the table.
The collaboration between these two companies is aimed at helping Plug Power reach its revenue goals of $5 billion by 2026 and $20 billion by 2030. To achieve these targets, Plug Power and Johnson Matthey will co-invest in the creation of the world’s largest CCM manufacturing facility, which is expected to have a capacity of 5GW, scaling up to 10GW over time.
The facility will be located in the United States and is projected to begin operations in 2025. Both companies will also take advantage of government incentives like the Inflation Reduction Act in the US and REPowerEU in Europe to promote the rapid growth of the hydrogen industry.
See also: Nikola receives order for 75 Tre hydrogen fuel cell electric vehicles from Plug Power
“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 electrolyzers. 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 electrolyzers and fuel cells.”
Plug Power is the top user of liquid hydrogen, boasting the largest hydrogen fueling station network and over 60,000 fuel cell systems in operation for over a billion hours worldwide. Plug Power is working towards creating a comprehensive green hydrogen ecosystem that covers production, storage, delivery, and energy generation, to support its customers, including big names like Amazon, Carrefour, Walmart, and BMW, in meeting their sustainability goals and reducing their carbon footprint.
JM has a long history of excellence in the hydrogen industry, with its roots in platinum group metal chemistry and catalysis. It has a well-established Hydrogen Technologies division, strong customer relationships, and a manufacturing capacity of 2GW, with plans to increase it to 5GW through the construction of a 3GW gigafactory in Royston, UK. As the leading secondary refiner of PGMs, JM has established a circular business model for these valuable metals, which will also be utilized in this project. The company aims to continue exploring closed-loop solutions.
