Shares of Plug Power Inc. (NASDAQ:PLUG) surged over 1% in pre trading session on Thursday after 6.27% jumped in last session to settle at $27.47 after renewable green hydrogen firm Lhyfe (EURONEXT: LHYFE) has placed an order for ten 5 megawatt (MW) European manufactured PEM (proton exchange membrane) electrolyzer systems with Plug Power Inc. (NASDAQ:PLUG) for production of green hydrogen across multiple plants in Europe. This is the largest electrolyzer order placed by a French company.
Lhyfe aims to produce renewable green hydrogen using primarily wind and solar-power for various mobility applications in Europe, including forklifts and light commercial vehicles, such as the Master Van from Hyvia, Plug’s joint venture with Renault, with hydrogen deliveries as early as 2023, using these electrolyzers with a total capacity of 50 MW (equivalent to up to 20 tons per day). Lhyfe and Plug, who formed a strategic partnership in October 2021, will also collaborate to build 300MW of renewable green hydrogen plants across Europe by 2025.
CEO of Plug, Andy Marsh stated that they are moving swiftly to meet a common goal with Lhyfe of reducing carbon emissions in Europe’s transportation industry on a large scale. Renewable green hydrogen demand will only grow as the business and governmental sectors work to decarbonize operations in order to meet sustainability targets and improve energy security. He added, “In addition to high-performance electrolyzers, we are introducing deep mobility prospects to Lhyfe through our joint venture with Renault and our expertise implementing hydrogen-powered forklift solutions for companies such as Amazon and Walmart.”
Each hydrogen plant will be developed by Lhyfe to achieve excellent performance. Lhyfe will also run each facility, manage renewable energy, and commercialize and provide renewable green hydrogen.
Whereas, Lhyfe’s founder and CEO, Matthieu Guesné, stated, “This achievement reflects the rapid development of Lhyfe’s manufacturing unit initiatives. We have now proved our capacity to generate renewable green hydrogen from renewable sources, as well as the importance of our goal to establish several production sites for ecologically friendly and accessible hydrogen across Europe. It is now time to put our plans into action. Expectations are high, but thanks to our excellent relationship with Plug Power, we can confidently meet them.”
Bernie Grady is a technology and business journalist who writes about trending topics in the world of technology, entertainment, and business. She has a keen eye for spotting new trends and loves to share her insights with her readers. Bernie has been writing professionally for over 10 years and has experience covering a wide range of topics. When she’s not writing, she enjoys spending time with her family and friends.