Acciona, the Madrid green-energy-infrastructure builder, and Plug Power, the Latham, N.Y., producer of fuel-cell tech and systems, said their 50-50 joint venture would develop, operate and maintain green hydrogen projects on the Iberian Peninsula in Western Europe.
The venture is part of Plug Power's effort to establish a "strong presence in the fast-growing European hydrogen economy,” the company's chief executive, Andy Marsh, said in a statement.
Plug plans to produce 1,000 tons of green hydrogen globally by 2028.
The company will serve as the joint venture's preferred supplier of electrolyzer technology with Acciona providing clean electricity.
“Acciona is committed to driving the creation of a green hydrogen ecosystem to meet European decarbonization goals and deliver economic growth,” Acciona Chairman and CEO José Manuel Entrecanales said.
Plug shares have wavered on Tuesday, edging past $65, up 2.9% in the morning before giving up the gains. They recently traded off 7.1% at $58.71. They'd traded as low as $55.93, down more than 11%. The stock was up 86% in 2021 through Friday's close.
The new company will also provide storage, transportation and delivery services. It'll target industrial and mobility industries as customers.
Marsh last month told analysts in a conference call that the company would continue to pursue joint ventures as it has done over the past 12 months.
Earlier this year, South Korean conglomerate SK Group said it would invest $1.5 billion in Plug Power. The companies said they were forming a joint venture to provide hydrogen-fuel-cell systems in South Korea and elsewhere.