Plug Power Joins With Johnson Matthey To Push Hydrogen Economy

Plug Power Inc PLUG has entered into a long-term strategic partnership with sustainable technologies provider Johnson Matthey Plc JMPLF JMPLY to boost the green hydrogen economy.
JM will become an important supplier of MEA components, providing for Plug's demand for catalysts, membranes, and catalyst coated membranes (CCM).
PLUG expects the partnership to strengthen its supply chain and help meet the growing demand for fuel cells and electrolyzers.
The partnership will support Plug in delivering its targeted revenue of $5 billion and $20 billion by 2026 and 2030, respectively.
Plug and JM will co-invest in what is expected to be the largest (5GW scaling to 10GW over time) CCM manufacturing facility globally.
The facility will be built in the U.S. and likely begin production in 2025.
"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," said Plug CEO Andy Marsh.
Price Action: PLUG shares are trading lower by 0.32% at $15.66 in premarket on Tuesday.