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(Alliance News) - Johnson Matthey PLC on Monday said it is building a GBP80 million gigafactory at its existing site in Royston, England.
The London-based speciality chemicals said the factory will be capable of producing 3 gigawatts of proton exchange membrane fuel cell components yearly for hydrogen vehicles.
It will help the company scale up its production of hydrogen cell components, in line with its strategy to reach GBP200 million in hydrogen technologies sales by end of 2024 and 2025.
The site could also be expanded in the future, Johnson Matthey noted.
The factory is expected to be in operation in the second half of 2024.
"Decarbonising freight transportation is critical to help societies and industries meet their ambitious net zero emission targets - fuel cells will be a crucial part of the energy transition. For more than two decades, JM has been at the forefront of fuel cell innovation. The fuel cell market has now reached a pivotal moment with the increasing urgency to decarbonise transportation and today marks the next step of the journey to a low-carbon future in the UK," Chief Executive Liam Condon said.
Johnson Matthey shares were trading 1.5% higher at 2,101.47 pence each in London on Monday morning.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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