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(Alliance News) - Johnson Matthey PLC on Tuesday said it has agreed a long-term strategic partnership with Plug Power Inc for hydrogen fuel cells.
The London-based speciality chemicals company said the partnership with Latham, New York-based Plug Power brings together Johnson Matthey's hydrogen technologies with Plug's fuel cell and electrolyser solutions. Johnson Matthey will supply Plug with a "substantial portion" of Plug's demand for materials used in these offerings.
The supply and joint development agreement will last until at least 2030, covering both existing products and new generations of technology for fuel cells and electrolysers.
The two partners will co-invest in new manufacturing capacity in the US, which is expected to begin production in 2025. The plant is expected to be the largest catalyst coated membrane production facility in the world, the UK company said. The money for this is included within Johnson Matthey's existing GBP1 billion capital expenditure guidance to 2025.
Chief Executive Liam Condon said: "For the rapidly developing hydrogen economy, this is a game-changer. By bringing together one of the largest fuel cell and green hydrogen companies in the world with JM's technology and manufacturing capabilities, we're creating volume and scale for green hydrogen that hasn't existed until now."
Johnson Matthey said the partnership underpins its target for sales from its Hydrogen Technologies division of GBP200 million by the end of financial 2025.
Plug CEO Andy Marsh commented: "This partnership will help us strengthen our supply chain and underpin our ability to deliver on the growing demand for our fuel cells and electrolysers."
Johnson Matthey shares were down 0.5% at 2,158.00 pence each early Tuesday in London.
By Tom Waite, Alliance News editor
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