JM will become an important strategic supplier of MEA components, providing a substantial portion of Plug's demand for catalysts, membranes, and catalyst coated membranes (CCM). Importantly, JM brings security of supply of precious metals, and unique recycling capabilities.
This strategic partnership between Plug and JM will support Plug in delivering its targeted revenue of $5 billion and $20 billion by 2026 and 2030 respectively. To help achieve these targets, Plug and JM will co-invest in what is expected to be the largest (5 GW scaling to 10 GW over time) CCM manufacturing facility in the world. The facility will be built in the United States and likely begin production in 2025. Plug and JM will also continue to leverage government incentives from the Inflation Reduction Act in the US and REPowerEU in Europe to push for exponential growth across the hydrogen industry.
“Plug is proud to expand our relationship with JM, a highly respected and skilled supply partner with a proven track record,” said Plug CEO, Andy Marsh. “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. With a partner like JM, Plug is in a strong position to be the global leader of the green hydrogen economy.”
Liam Condon, CEO of Johnson Matthey, added that by bringing together one of the largest green hydrogen and fuel cell companies in the world with JM's technology and manufacturing capabilities, the partnership is creating volume and scale for green hydrogen that hasn't existed until now .
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