May 2 (Renewables Now) - Electrolysers and fuel cells supplier Plug Power Inc (NASDAQ:PLUG) and chemical products maker Olin Corporation (NYSE:OLN) plan to set up a joint venture for the production and marketing of green hydrogen in North America.
The two companies have entered into a memorandum of understanding (MOU) that outlines their partnership. The pact calls for Olin to provide reliable hydrogen production and operational support. At the same time, Plug Power will market the hydrogen and provide logistical support for delivery.
The first production facility resulting from the partnership is planned to be built in St Gabriel, Louisiana. It will have a production capacity of 15 tonnes per day (tpd) of green hydrogen.
The JV is seen to become operational next year.
The move is part of Plug Power’s expansion of its North American green hydrogen production network. The company targets producing 70 tpd by the end of 2022 and is on track to deliver 500 tpd by 2025 and 1,000 tpd by 2028.