![]() ![]() And indeed, according to Evercore ISI analyst James West, all of this is very good news for Plug Power, with the Olin partnership in particular looking like "the beginning of a beautiful friendship." As the analyst explains, Olin already produces hydrogen as a by-product of its chlor alkali production business. Like the MOL venture, the Olin project is expected to begin operations in 2023. Gabriel, Louisiana that can produce 15 tons per day (tpd) of green hydrogen - and to put that in context, 15 tpd is about 5,500 tons per annum, or more than 3x what the MOL refinery can do. ![]() Together, the companies will establish a production plant in St. chemicals company Olin Corporation on a second joint venture to produce and market green hydrogen. Just one day later came Plug's second announcement: Plug has signed a memorandum of understanding preparatory to teaming up with U.S. MOL will use this unit to produce green hydrogen at its Danube Refinery - and also to produce "up to 25,000 tons of carbon dioxide" reduction credits to offset about one-sixth of its carbon footprint. Plug will contribute a 10-megawatt electrolysis unit to the joint venture, capable of producing "approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually" once it begins operation in 2023. Plug's first big news of the week arrived Wednesday morning, when the company announced it's teaming up with Hungarian oil and gas giant MOL Group "to build one of Europe's largest-capacity green hydrogen production facilities at MOL's Danube Refinery in Százhalombatta, Hungary." It's been a busy week for hydrogen fuel cell company Plug Power ( PLUG), and at least one analyst is taking notice. ![]()
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