Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Olin Corporation (NYSE: OLN), a leading vertically integrated chlor alkali producer and marketer, announced today the launch of a joint venture to begin with the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana.
The joint venture, named Hidrogenii, will support reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration between the two companies.
The partnership brings together Plug, the company behind the end-to-end green hydrogen ecosystem, and Olin, North America’s largest producer of electrolytic hydrogen. Plug will be the exclusive marketer of the joint venture’s hydrogen and provide logistical support for delivery, while Olin will provide reliable hydrogen supply and operational expertise.
“Plug is working rapidly to meet the increasing demand of green hydrogen in North America and in the rest of the world,” Andy Marsh, CEO of Plug, said. “By partnering with like-minded companies, such as Olin, we’ll make the transition to hydrogen easy and affordable.”
The plant will benefit from state and local tax subsidies. The construction of the plant will create 160 jobs in 2022 and 215 jobs in 2023. The plant is then expected to create more than 25 permanent full-time jobs in Louisiana.
“The Hidrogenii venture advances our commitment to transform Olin’s hydrogen business into a value stream as we seek to grow the value of our 150,000 metric tons of annual hydrogen production capacity,” Scott Sutton, Olin Chairman, President, and Chief Executive Officer, said. “We are excited to partner with Plug, a leader in sustainable hydrogen, to serve the growing demand for green hydrogen.”
The Louisiana plant joins Plug’s growing national network of hydrogen plants in various planning and construction phases in New York, Tennessee, Georgia, Texas and California. By 2025, Plug expects to produce 500 tons per day of liquid green hydrogen, which will prevent 4.3 million metric tons of carbon dioxide emissions in North America. By 2028, Plug expects to produce 1,000 tons per day of liquid green hydrogen.
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