International Resource News - 29 April 2022
Olin Corporation (NYSE: OLN), a US-based vertically integrated chlor alkali producer and marketer, has signed a memorandum of understanding (MOU) with Plug Power Inc. (NASDAQ: PLUG), a provider of turnkey hydrogen solutions for the global green hydrogen economy.
The MoU has been signed with the aim to create a joint venture (JV) to produce and market green hydrogen to support increasing fuel cell demand in the global hydrogen economy.
The joint venture is intended to offer reliability of supply and speed to market for green hydrogen throughout North America, establishing the foundation for broader partnership between the both firms. The first production plant in St. Gabriel, Louisiana is to produce 15 tons per day (tpd) of green hydrogen. Under the JV, Plug Power is to market the hydrogen and offer logistical support for delivery, while Olin is to provide reliable hydrogen production and operational support. The joint venture is likely to be operational in 2023.