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Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen solutions, together with Brookfield Renewable Partners L.P. (NYSE:BEP, TSX:BEP) ("BEP" and, together with Brookfield Renewable Corporation (NYSE, TSX: BEPC), "Brookfield Renewable"), which is, together with its institutional partners, an owner and operator of one of the world's largest publicly traded pure-play renewable power platforms, today announced plans to build a green hydrogen production plant utilizing 100% renewable energy from Brookfield Renewable's Holtwood hydroelectric facility as part of previously announced partnership. The plant will be located along the Susquehanna River in south-central Pennsylvania.
Green hydrogen from this facility will support decarbonization of the broader transportation and logistics industries in the Northeast and the mid-Atlantic. The plant is expected to be online by late 2022, with construction slated to begin by in the first quarter of 2022. Once operational, the plant is projected to produce approximately 15 metric-tons of 100% emissions-free liquid hydrogen per day. It is also expected to create more than 25 green energy jobs in Pennsylvania.
"This is another step in our quest to build the green hydrogen economy in the USA and globally thereafter," said Andy Marsh, CEO of Plug Power. "We are proud to be able to bring quality jobs and invest in the local economy in Lancaster County, PA through this green hydrogen production facility."
As one of the first industrial-scale green hydrogen facilities in North America, the plant represents a significant milestone in Plug Power's plan to establish the first North American green hydrogen network and to produce over 500 tons per day of hydrogen by 2025.
In the coming years, the hydrogen economy is expected to grow exponentially, potentially providing up to 24% of energy needs and reaching $10.0 trillion in annual revenues by 2050 as reported by Bloomberg New Energy Finance. Green hydrogen is an essential component of a zero-carbon economy and critical to the decarbonization of transportation and logistics sectors as well as hard-to-abate industrial applications like steelmaking. A McKinsey study estimated that by 2030, the US hydrogen economy could support 700,000 jobs.
Plug Power also recently announced the construction of a green hydrogen production facility and electric substation in the Western New York Science, Technology and Advanced Manufacturing Park, joining the company's existing plant in Tennessee as the initial links in its North American green hydrogen production network.
