Plug Power Reported Earlier It Is Preferred Supplier Of 550 MW PEM Electrolyzers To Fortescue For Proposed Gibson Island Project; Fortescue To Take Up To 40% Equity In Texas Plant And Plug To Take Up To 25% Equity In Proposed Phoenix Plant
Portfolio Pulse from Benzinga Newsdesk
Plug Power has been selected as the preferred supplier of 550 MW PEM Electrolyzers for Fortescue's proposed Gibson Island Project. Additionally, Fortescue is set to take up to a 40% equity stake in Plug's Texas hydrogen plant, while Plug is to take up to a 25% equity stake in Fortescue's proposed Phoenix hydrogen plant. The two companies are also exploring co-investment opportunities in green hydrogen production projects in North America.
October 11, 2023 | 12:27 pm
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POSITIVE IMPACT
Plug Power's partnership with Fortescue and the potential equity stakes in each other's hydrogen plants could lead to increased revenues and market presence for Plug Power.
The partnership with Fortescue and the potential equity stakes in each other's hydrogen plants could provide Plug Power with increased revenues and a stronger market presence. This could potentially lead to a positive impact on the company's stock price in the short term.
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