Plug Power and Johnson Matthey, or JM, announced a long-term strategic partnership to accelerate the green hydrogen economy. JM will become an important strategic supplier of MEA components, providing a substantial portion of Plug‘s demand for catalysts, membranes, and catalyst coated membranes, or CCM. Importantly, JM brings security of supply of precious metals, and unique recycling capabilities. This strategic partnership between Plug and JM will support Plug in delivering its targeted revenue of $5B and $20B by 2026 and 2030 respectively. To help achieve these targets, Plug and JM will co-invest in what is expected to be the largest CCM manufacturing facility in the world. The facility will be built in the United States and likely begin production in 2025. Plug and JM will also continue to leverage government incentives from the Inflation Reduction Act in the U.S. and REPowerEU in Europe to push for growth across the hydrogen industry.
Published first on TheFly
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