Plug Power Plans North America’s Largest Green Hydrogen Plant
(Bloomberg) -- Plug Power Inc. will build the continent’s biggest green hydrogen plant in New York state, as the company once known for selling forklifts aggressively moves into producing the clean-energy fuel.
Plug plans to spend $290 million building the plant and an electrical substation in the town of Alabama, situated about 35 miles east of Buffalo, the company reported Thursday. The facility will produce 45 metric tons of liquid hydrogen per day, using electrolyzers to strip the hydrogen from water. The electricity will come from hydropower, making the manufacturing process greenhouse gas-free.
The facility is one of several Plug plans across the country, as the company aims to produce 500 tons per day of green hydrogen by 2025 and 1,000 tons per day by 2028. On the company’s quarterly earnings call Thursday, Chief Executive Officer Andy Marsh said the company already owns the land for a facility in California, and he mentioned Texas as another likely location.
Founded in 1997, Plug built its business supplying forklifts and other warehouse gear powered by fuel cells, which generate electricity through an electrochemical reaction rather than combustion. Last year, Plug bought a hydrogen supply company as well as a business that makes electrolyzers, aiming to become a major producer of the fuel. The company also recently announced a joint venture with Renault SA to build hydrogen-fueled delivery vans.
©2021 Bloomberg L.P.