Olin Corporation, a chlor alkali producer and marketer, and Plug Power Inc., a provider of turnkey hydrogen offerings for the global green hydrogen economy, sign a memorandum of understanding (MOU) with the intention to create a joint venture (JV) to produce and market green hydrogen to support growing fuel cell demand. The JV reportedly will provide reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration between the two companies. The first production plant in St. Gabriel, Louisiana will produce 15 tons per day (tpd) of green hydrogen.
Under the JV, Plug Power will market the hydrogen and provide logistical support for delivery while Olin will provide reliable hydrogen production and operational support. The joint venture is expected to be operational in 2023.
"This JV is a key step for Olin as we seek to recognize the full potential of Olin's untapped hydrogen supply capabilities across North America. We are excited to partner with Plug Power, a true leader in sustainable hydrogen, to serve the fuel cell market," says Scott Sutton, chairman, president and CEO of Olin.
The JV activity will expand Plug Power's existing work to build a "first of a kind" green hydrogen generation network in North America to help customers achieve their sustainability goals of net-zero carbon emissions, according to the companies. Plug Power is targeting 70 tpd by the end of this year and reportedly is on track to deliver 500 tpd of green hydrogen production by 2025 and 1,000 tpd by 2028.
"We believe widespread availability of green hydrogen will create a flywheel effect by making green hydrogen ubiquitous and economical, helping accelerate the proliferation of numerous fuel cell applications," says Andy Marsh, CEO of Plug Power.
For more information, visit: www.olin.com
