Hydrogen Fuel Cell Provider Plug Power Acquires Applied Cryo Technologies
The acquisition will help Plug Power lower the cost of hydrogen infrastructure
Plug Power, a U.S.-based hydrogen fuel cell provider, has acquired Applied Cryo Technologies, which offers technology, equipment, and services for the transportation, storage, and distribution of liquified hydrogen and other cryogenic gases.
The company said the acquisition would add capabilities, expertise, and technologies, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling. This would help the company expand its green hydrogen ecosystem and lower the cost of hydrogen infrastructure and logistic networks.
Plug Power has also developed a ‘hydrogen highway’ across the United States, including 165 refueling stations for fleets of hydrogen-powered trucks, forklifts, and electric mobility vehicles in commercial industries across the country. It has also deployed over 50,000 fuel cell systems for e-mobility.
Commenting on the acquisition, Andy Marsh, Chief Executive Officer of Plug Power, said, “Applied Cryo Technologies’ cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities, will help us realize our goal of producing over 1,000 tons per day of green hydrogen by 2028.”
In January 2021, Plug Power announced a strategic partnership with South Korean conglomerate SK Group to enhance its footprint in the Asian hydrogen market. As a part of the deal, SK Group was expected to acquire a 9.9% stake in Plug Power for $1.5 billion and form a joint venture company in South Korea. The joint venture company is expected to establish a gigafactory in Korea by 2023 to produce fuel cells and electrolyzers to supply them in broader Asian markets.
Plug Power had raised around $1 billion in one of the largest bought equity deals in the cleantech sector. It had announced that it would set up five green hydrogen facilities across the U.S., with a production capacity of around 100 tons per day. They are expected to become operational by 2024.
The company is setting up a green hydrogen plant in California with plans to produce 30 metric tons of liquid green hydrogen daily. In partnership with Lhyfe, the company will develop green hydrogen plants throughout Europe.
Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.