Plug Power has today said it is pursuing transactions to acquire United Hydrogen and an electrolyser technology platform to enhance its capabilities in hydrogen generation, liquefaction and logistics business.
The New York-based company is in advanced negotiations to acquire United Hydrogen, and currently owns a convertible bond the company, which could represent over 30% equity ownership on a converted basis. If successful, the acquisition is expected to be accretive immediately.
United Hydrogen current produces 6.4 tonnes of hydrogen daily and has plans to increase this to 10 tonnes per day in the near future. The produced hydrogen has a low carbon footprint and uses by-product hydrogen from chlor alkali plants.
“Plug Power will continue to work with its existing suppliers and also look to build more strategic partnerships as the company’s demand for hydrogen is expected to increase sustainability,” said Andy Marsh, Plug Power CEO.
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