Formalising the agreement on Thursday (Oct 15), Plug Power said the acquisition will strengthen the company’s hydrogen ecosystem and further grow the business.
Specifically, ACT’s expertise will strengthen Plug Power’s liquid hydrogen delivery network and fleet, liquid hydrogen storage and hydrogen mobility fuelling.
On the acquisition, Andy Marsh, CEO of Plug Power, said, “With ACT’s cryogenic technologies, Plug Power will enhance its ability to deliver and storage green hydrogen from our growing footprint of plants throughout the world.
“ACT has been delivering excellence to the industrial gas and energy markets since 2012, and we’re thrilled to welcome their incredible team to the Plug Power family.
“In the months ahead, we’ll work together to rapidly scale ACT’s cryogenic solutions and capabilities throughout the green hydrogen ecosystem, bringing us one step close to a decarbonised future.”
It is believed the transaction will close during the fourth quarter of 2021.
Bob Ernull, President and CEO of ACT, said, “We’re excited about the road ahead with Plug Power. Any and his team have a vision for a future of green hydrogen that aligns perfectly with everything we’ve built here at ACT.
“With our capabilities and expertise in hydrogen delivery and storage, together we have an unprecedented opportunity to build a robust green hydrogen ecosystem that serves business and industries throughout the world, helping build a more sustainable future.”
US DOE, General Motors, Microsoft and Plug Power
What does the US Department of Energy (DOE), General Motors, Microsoft and Plug Power have in common? They’re all speaking at H2 View’s North American Virtual Hydrogen Event in October. Will you be joining us on October 19?
North America is in a prime position to lead efforts in decarbonisation, but it still has great distances to travel. The region has been giving chase in a race to green hydrogen dominated by Europe and Asia-Pacific. If policymakers and industry can work together and take the right steps to realise a hydrogen vision, the region is perfectly placed to expand its global energy leadership at scale and speed.
What lessons can be learned from Europe’s policymakers? What are the challenges to be overcome? What are the strengths and opportunities? How can North America go from giving chase to taking a lead in hydrogen? These are all questions our virtual event will address across H2 View’s four pillars of Mobility, Power, Policy and Technology.
Further information on the event, agenda and confirmed speakers can be found here.
To book your virtual delegate pass, click here.