- Plug Power Inc (NASDAQ:PLUG) has signed a collaboration agreement with Atlas Copco Mafi-Trench Company LLC, the turboexpander technology center within the Gas and Process division of Atlas Copco (OTC:ATLCY), and Fives, to jointly develop hydrogen liquefaction plants.
- Under the agreement, Plug Power will design, manufacture, install, operate and maintain hydrogen liquefiers for its use and third parties.
- Atlas Copco Gas and Process will design and manufacture custom turboexpanders and compressors related to the hydrogen liquefaction plants.
- Fives will manufacture the brazed aluminum heat exchangers and optimize their integration in cold boxes.
- Plug Power also revealed the acquisition of Joule Processing LLC, a process solution and engineered equipment provider, for a total consideration of up to $160 million, with $30 million upfront and $130 million of future earn-outs.
- Joule's liquefaction process is being deployed in Plug Power's green hydrogen plant under development in Texas.
- Plug Power held $3.85 billion of cash and equivalents as of September 30, 2021.
- Price Action: PLUG shares are trading lower by 3.10% at $23.16 on the last check Thursday.
Plug Power Acquires Joule Processing For $160M; Partners With Atlas Copco, Fives
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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