Plug Power and Johnson Matthey (JM) announced a long-term strategic partnership to accelerate the green hydrogen economy. JM will become an important strategic supplier of MEA components, providing a substantial portion of Plug’s demand for catalysts, membranes, and catalyst coated membranes (CCM).
Importantly, JM brings security of supply of precious metals, and unique recycling capabilities.
This strategic partnership between Plug and JM will support Plug in delivering its targeted revenue of US$5 billion and US$20 billion by 2026 and 2030 respectively. To help achieve these targets, Plug and JM will co-invest in what is expected to be the largest (5GW scaling to 10GW over time) CCM manufacturing facility in the world.
The facility will be built in the United States and likely begin production in 2025. Plug and JM will also continue to leverage government incentives from the “Inflation Reduction Act” in the US and REPowerEU in Europe to push for growth across the hydrogen industry.
Plug Power is the leading user of liquid hydrogen with the world’s largest fueling station footprint, as well as more than 60,000 fuel cell systems, operating more than one billion hours across the globe. Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers—including Amazon, Carrefour, Walmart and BMW—meet their business goals and decarbonize the economy.
JM has been a leader in hydrogen for many years, founded on its core competencies in platinum group metal (PGM) chemistry and catalysis. It has an established Hydrogen Technologies business, with long-standing customer relationships and manufacturing capability of 2GW, with plans to expand to 5GW through a new 3GW gigafactory in Royston, UK.
As the world’s leading secondary refiner of PGMs, JM has pioneered a circular business model for the scarce metals that will also be employed for this contract, and it will look to develop further closed-loop solutions.