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Plug Power Selected as Tech Provider for 100MW Electrolyzer in Egypt

Stock MarketsNov 24, 2021 01:58PM ET
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© Reuters

By Sam Boughedda

Investing.com — Plug Power Inc (NASDAQ:PLUG) announced Wednesday that it has been selected by a consortium to be the technology provider for a 100 megawatts electrolyzer in Egypt.

The group includes Fertiglobe, the strategic partnership between OCI NV and the Abu Dhabi National Oil Company, Scatec ASA, the Sovereign Fund of Egypt, and Orascom Construction.

Plug will provide the technology for the electrolyzer that will help to produce green hydrogen as feedstock for up to 90,000 tons of green ammonia production at EBIC in Ain Sokhna, Egypt.

The alternative energy technology firm said Egypt is ideal for producing green hydrogen "given its unique renewables profile."

"Plug Power congratulates the members of Egypt's Green Hydrogen Consortium, including Fertiglobe, Orascom Construction and others, on their plans to develop the country's first green hydrogen production facility," said Andy Marsh, CEO of Plug Power.

"We are thrilled by the Consortium's exciting move to put Egypt and the MENA region on the green hydrogen map," he added.

In a separate announcement, Plug also said it has selected Germany's Port of Duisburg for its European headquarters. The company is accelerating its investment in Europe to help develop the green hydrogen economy on the continent.

The two updates follow Tuesday's announcement that Plug has completed the acquisition of Applied Cryo Technologies.

The company's shares are up 1.25% at the time of writing.

Plug Power Selected as Tech Provider for 100MW Electrolyzer in Egypt
 

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