Plug Power ($PLUG) Makes Deal with Nikola ($NKLA) to sell up to 125 Tons of Green Hydrogen per day
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December 15, 2022 – TheNewswire - Plug Power (NASDAQ:PLUG) and Nikola Corporation (NASDAQ:NKLA) have announced a strategic partnership to advance the hydrogen economy. Plug will supply green hydrogen to Nikola starting in January 2023, with volumes ramping up to 125 tons per day as Plug's green hydrogen production network continues to expand.
The agreement anticipates reaching 125 tons per day by the end of 2026, with 80% of the hydrogen covered by a take-or-pay contract. Nikola has also awarded Plug the contract to provide a 30 TPD hydrogen liquefaction system for the first phase of its Arizona hydrogen hub, with the potential to scale up to 150 TPD.
As part of its commitment to decarbonizing energy, Plug plans to purchase up to 75 Nikola Tre Fuel Cell Electric Vehicles (FCEVs) over the next three years to bring green hydrogen to its customers in North America. The EVs will be paired with Plug's liquid hydrogen tankers.
Sanjay Shrestha, General Manager of Energy Solutions for Plug Power stated: “Today's announcement demonstrates Plug’s leadership in the green hydrogen economy and its ability to make the adoption of hydrogen as easy as possible.”
Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy.
Nikola is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, energy storage systems, and hydrogen station infrastructure.
Shares of Plug Power trade on the NASDAQ under the ticker symbol PLUG. Shares of Nikola also trade on the NASDAQ under the ticker symbol NKLA. For more information visit www.greenstocknews.com
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