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Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has announced a new agreement with Spanish hydrogen production and distributor Compañía Logística de Hidrocarburos (CLH). Through the agreement, CLH will develop hydrogen production assets and downstream markets in Spain, in the industrial, mobility and power production/storage sectors for distribution to Plug Power customers throughout Europe.
The CLH Group is a leading international company in the transport and storage fuel products in Europe. Through zero emission hydrogen fuel cell system applications commercialized by Plug Power, including industrial material handling, on road commercial fleet vehicles and port applications (air, marine, and rail) where CLH has a strong presence, both partners expect to impact the growth of the renewable hydrogen market in Spain and Europe. The agreement provides opportunity for both companies to identify opportunities and customers in the space.
“Finding and accelerating adoption opportunities in the Spanish material handling market is pivotal to the greater success of adopting clean energy mobility solutions,” said Andy Marsh, CEO of Plug Power. “Like Plug Power, CLH shares a value to sustainability, safety and collaboration. Our partnership is already providing fruitful work and we look forward to finding areas of collaboration in the future.”
Already a leader in the United States in fuel cell deployment and hydrogen dispensing, Plug Power’s European business is expected to grow by more than 60% per year for the next five years. Plug Power customers are currently the largest users of liquid hydrogen in the United States – and soon enough, the world. The Company continues to invest in hydrogen supply and generation methods to support current and expected growth.
The CLH Group is the leading company engaged in the transport and storage of oil products in the Spanish market and the second largest logistics operator in Europe in terms of the extension of its pipeline network and storage capacity. In Spain, it has a pipeline network over 4,000 kilometers in length and 39 storage facilities with capacity for 8 million cubic meters, as well as being present at the main Spanish airports. At the international level, the company is developing an ambitious expansion plan and conducts its business in the UK, Oman, Ireland, Panama and Ecuador.
CLH has an international presence in logistics, fuel storage and delivery in markets including motor, aviation and marine. Together, Plug Power and CLH intended to explore other potential areas of collaboration related to the development of hydrogen solutions for airports, goods transportation and delivery networks – markets where high-asset utilization is important, and the value proposition of fuel cells makes tremendous sense.