Plug Power, Nikola announce collaboration to push hydrogen economy forward

Plug Power (PLUG) and Nikola Corporation (NKLA) announced a strategic relationship focused on moving the hydrogen economy forward. Plug and Nikola have executed a Green Hydrogen Supply Agreement. Plug will be supplying green hydrogen to Nikola starting January 1, 2023, with volumes ramping up to 125 tons per day as Plug’s green hydrogen production network continues to come online. The agreement anticipates 125 TPD volume by the end of 2026, with 80% under a take-or-pay contract. Nikola has awarded Plug the contract to provide one 30 TPD hydrogen liquefaction system for Nikola’s recently announced Arizona hydrogen hub. The Plug designed, engineered and manufactured liquefaction system is for the first phase of Nikola’s Arizona hydrogen hub, with a potential to scale up to 150 TPD. Nikola plans to provide access of up to 300 TPD of hydrogen supply and up to 60 hydrogen dispensing stations by 2026. Nikola’s Arizona hub is currently going through the permitting and rezoning process, and procurement of long-lead equipment is underway. As part of Plug’s commitment to advancing the decarbonization of energy, up to 75 Nikola Tre Fuel Cell Electric Vehicle will be purchased over the next three years to bring green hydrogen to Plug customers in North America, with the first trucks being delivered in 2023. The acquired FCEVs will be paired with Plug’s liquid hydrogen tankers.