Plug Power Inc. and ACCIONA Energía announced that the companies have finalized the formation of their previously announced 50-50 joint-venture. Incorporated as AccionaPlug, the joint-venture is headquartered in Madrid and will develop, operate, and maintain green hydrogen projects throughout Spain and Portugal. Alan Ripa, with 16 years track record in executive positions in ACCIONA Energía group, his last position being Chief Executive Supervisor at ACCIONA Energía Internacional, has been named CEO of AccionaPlug.

AccionaPlug also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and mobility business segments. Targeting hydrogen production facilities co-located directly with industrial customers and stand-alone plants that produce hydrogen for regional distribution, AccionaPlug expects its first plants to be online in 2023. The new venture aims for substantial market share of the green hydrogen business in Spain and Portugal by 2030, with medium term plans to have over 100 tons of green hydrogen production per day.

The joint venture combines Plug Power's best in class PEM electrolyzer technology and ACCIONA Energía's proven leadership in the development of renewable energy projects as a pioneer and the independent 100% renewable power retailer in Spain and Portugal. Plug Power is an innovator and a leader in the green hydrogen economy, with over 50,000 fuel cell systems deployed for e-mobility and is the buyer of liquid hydrogen globally. ACCIONA Energía is the 100% renewable energy company with no fossil fuel legacy in the world, with more than 11GW of renewable energy across 16 countries.