ACCIONA Energía and Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced today the establishment of a 50% joint venture. The new company, ACCIONAPLUG, is based in Madrid and will develop, operate, and maintain green hydrogen projects in Spain and Portugal.

ACCIONAPLUG also plans to provide storage, transportation, and distribution services to its customers, initially focusing on the industrial and mobility business segments.

ACCIONAPLUG, which will have both hydrogen production facilities developed directly for its industrial customers and independent production plants for regional distribution, expects its first facilities to be operational in 2023. The company aims to achieve a substantial market share in the green hydrogen business in Spain and Portugal by 2030, with a production of more than 100 tons per day.

Alan Ripa, with 16 years of executive experience at ACCIONA Energía and until now Chief Executive Supervisor of ACCIONA Energía Internacional, will become the CEO of the new entity.

The joint venture combines Plug Power’s best electrolyzer technology with ACCIONA’s position as the leading distributor of 100% renewable energy in Spain and Portugal.

Plug Power is an innovative leader in the green hydrogen economy, with over 50,000 fuel cell systems deployed for electric mobility, and the world’s largest purchaser of liquid hydrogen. ACCIONA Energía is the largest 100% renewable energy company in the world with no legacy of fossil fuels, with over 11GW of renewable energy in 16 countries.

COMPETITIVE SOLUTIONS

“Working with the ACCIONA Energía team over the past year, we quickly saw that we share a vision and a common business approach. Establishing this joint venture is the next logical step,” says Andy Marsh, CEO of Plug Power. “Our two companies are kindred spirits and envision a decarbonized future. Working together as AccionaPlug, we will build a robust green hydrogen ecosystem that will help Europe meet its sustainability goals, positioning Spain and Portugal as leading hydrogen hubs globally.”

“ACCIONA Energía and Plug Power bring together the necessary capabilities to provide reliable and competitive green hydrogen solutions to the market. This new platform will leverage ACCIONA Energía’s presence and track record in renewable energies and Plug Power’s technology and knowledge in the hydrogen sector to accelerate the deployment of green hydrogen,” points out Alan Ripa, CEO of AccionaPlug. “We are delighted to start working with stakeholders who want to join us on this exciting journey to decarbonize the economy with renewable hydrogen. This partnership reflects ACCIONA Energía and Plug Power’s commitment to the fight against climate change.”

The new company is already advancing in its ambitious challenge to implement green hydrogen in Spain and Portugal. AccionaPlug is actively working to develop multiple plants, including two capable of producing up to 15 tons of green hydrogen each day to meet the demand for industrial and emerging mobility.

EUROPEAN PRIORITY

The EU and the governments of member states are prioritizing the green hydrogen economy in their climate and economic recovery strategies. Announced in July 2020, the European Union’s Hydrogen Strategy supports the installation of at least 6GW of renewable hydrogen electrolyzers in the EU and the production of one million tons of renewable hydrogen by 2024.

Spain and Portugal are poised to play a leadership role in the European economy’s path to decarbonization, benefiting from the highest levels of renewable resources. The Spanish government presented its own hydrogen roadmap in October 2020, and Portugal approved its hydrogen roadmap in August 2020.