Plug Power makes fuel cells that power electric vehicles and motors. Fuel cells use hydrogen as fuel and output only water and oxygen. It has zero emissions. Plug Power just raised $1 billion to build five green hydrogen facilities, which will use renewable energy to create the hydrogen. This is about as clean as energy gets.
Fuel cells are increasingly use to power fleet vehicles, stationary equipment, fork lifts, backup power for facilities, and even airplanes. One huge advantage is they do not have batteries, thus are safer and weigh less. Plus, reliability is higher and operational costs are lower.
Plug Power has been around for twenty years, and looks poised for huge growth.
Plug Power recently announced its plans to build five regional green hydrogen facilities in the United States. The Company will continue to work with strategic partners, including Apex Clean Energy and Brookfield Renewable, to source low-cost renewable power. The combination of low-cost renewables, strong capital position, and in house electrolyzer and liquefaction technology all uniquely position Plug Power to build out this green hydrogen network.
The first two green hydrogen plants are expected to be operational in 2022. All five plants are expected to be operational by 2024, with a total capacity of 100TPD. This would constitute the country’s first nationwide green hydrogen network. The green hydrogen generated by this network will support the mission to decarbonize the broader transportation and logistics industries.
Green hydrogen refers to hydrogen produced via the electrolysis of water, with the electricity used in the process coming from renewable sources like wind and solar.
Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport. Examples of its use in the latter include trains, airplanes, cars and buses powered using hydrogen fuel-cells.