Sanjay Shrestha, the company’s Chief Strategy Officer, expanded on that point, expanded on that point, predicting that the gross margins from green hydrogen would “approach” 0% next year before reaching approximately 30% in 2024. Moreover, “green hydrogen will become quite profitable for Plug Power,” Marsh stated. In other words, the relatively new electrolyzer and green hydrogen units are growing extremely rapidly. ![]() And in 2024, its sales of green hydrogen will also eclipse those of its material-handling unit, he predicted. In 2023, the company’s electrolyzer business will generate more revenue than its core material-handling unit, Marsh, Plug’s CEO reported. The CEO Is Very Upbeat on Plug’s Emerging Businesses Among other initiatives, it wants to develop ” 750,000 tons of carbon dioxide-free clean blue hydrogen by 2030,” subsidize “renewable hydrogen” projects, and “secure more than 40 hydrogen supply chains by 2050,” Business Standard reported at the end of November. Meanwhile, ” California is building 100 hydrogen fueling stations around the state,” and new, pro-hydrogen measures are being considered by the EU.Īnd the South Korean government appears to be a huge supporter of hydrogen. That’s because the Senate’s “swing vote,” Joe Manchin, is a hydrogen backer. ![]() The hubs are supposed to promote “the production, processing, delivery, storage, and end-use of clean hydrogen.”Īs I noted in a recent, past column, the modified version of the Democratic budget plan that will probably be passed will likely include support for hydrogen. Most importantly, the legislation appropriated the significant sum of $8 billion to launch “at least four clean hydrogen hubs across the United States,” The National Law Review reported on Nov. The infrastructure framework signed by President Joe Biden in November included many provisions meant to facilitate the increased use of hydrogen in the U.S. Government Policies Are Getting Even Friendlier Plug Power is also partnering with South Korean conglomerate SK Group, which has made a $1.6 billion investment in Plug. 16, Plug Power stated that it had made a deal with Korean EV maker Edison Motors to develop hydrogen-powered buses. ”įinally, Plug Power launched a new project in South Korea, another place where the outlook of hydrogen is quite promising, for reasons that I’ll explain below. The venture will ” develop, operate, and maintain green hydrogen projects throughout Spain and Portugal. 30 that it had completed the launch of a joint venture with Spanish renewable energy project developer and operator ACCIONA Energía. Speaking of Europe, Plug announced on Nov. Finally, Frames will extend Plug Power’s presence in Europe, where, the use of hydrogen is poised to grow quite rapidly. With its expertise in wastewater and offshore projects, Frame will also help Plug Power utilize ocean water and wastewater, as well as develop “offshore electrolyzers,” Marsh explained. ![]() Used to make hydrogen fuel, electrolyzers are becoming a key product for Plug Power. 9, CEO Andy Marsh stated that Frames would help Plug Power develop and build huge electrolyzer factories. On Plug Power’s third-quarter earnings conference call, held on Nov. Last month, Plug Power completed its acquisition of Frames Group, a European-based engineering, design and manufacturing company.
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