Plug Power and ACCIONA Energía Launch AccionaPlug to Address Green Hydrogen Market in Spain and Portugal

The AccionaPlug Venture Aims for Substantial Market Share, Targeting to Produce more than 100 Tons of Green Hydrogen per Day in the Medium Term

LATHAM, N.Y. and MADRID, Spain, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and ACCIONA Energía (BME:ANE), a global developer, owner, and operator of renewable energy projects, today announced that the companies have finalized the formation of their previously announced 50-50 joint-venture. Incorporated as AccionaPlug, the joint-venture is headquartered in Madrid and will develop, operate, and maintain green hydrogen projects throughout Spain and Portugal. Alan Ripa, with 16 years track record in executive positions in ACCIONA Energía group, his last position being Chief Executive Supervisor at ACCIONA Energía Internacional, has been named CEO of AccionaPlug.

AccionaPlug also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and mobility business segments. Targeting hydrogen production facilities co-located directly with industrial customers and stand-alone plants that produce hydrogen for regional distribution, AccionaPlug expects its first plants to be online in 2023. The new venture aims for substantial market share of the green hydrogen business in Spain and Portugal by 2030, with medium term plans to have over 100 tons of green hydrogen production per day.

The joint venture combines Plug Power’s best in class PEM electrolyzer technology and ACCIONA Energía’s proven leadership in the development of renewable energy projects as a pioneer and the largest independent 100% renewable power retailer in Spain and Portugal.

Plug Power is an innovator and a leader in the green hydrogen economy, with over 50,000 fuel cell systems deployed for e-mobility and is the largest buyer of liquid hydrogen globally. ACCIONA Energía is the largest 100% renewable energy company with no fossil fuel legacy in the world, with more than 11GW of renewable energy across 16 countries.

“We quickly recognized a shared mission and approach in working with the team at ACCIONA Energía this year, and this joint venture was the logical next step,” said Andy Marsh, CEO for Plug Power. “Our two companies are kindred spirits and envision a decarbonized future. Working together as AccionaPlug, we will build a robust green hydrogen ecosystem that will help Europe deliver on its sustainability goals, positioning Spain and Portugal as leading global hydrogen hubs.”