By Sam Boughedda
Investing.com — Plug Power Inc (NASDAQ:PLUG) shares fell more than 6% despite its announcement that it has finalized the 50-50 joint-venture with ACCIONA Energía.
The JV, announced earlier this year, is named AccionaPlug and will see the companies develop, operate, and maintain green hydrogen projects in Spain and Portugal.
Plug Power, which has announced a number of deals in the past few weeks, including the acquisition of Frames Group and Applied Cryo Technologies, is accelerating its push to become the dominant player in the green hydrogen industry. The joint venture with ACCIONA aims to have a substantial market share of the green hydrogen industry in Spain and Portugal by 2030, with medium-term plans to produce over 100 tons of green hydrogen per day.
Previously the Chief Executive Supervisor at ACCIONA Energía Internacional, Alan Ripa has been named CEO of AccionaPlug.
"AccionaPlug is the platform that will leverage ACCIONA Energía's presence and track record in renewable energy and Plug Power's technology and knowledge in the hydrogen sector to ramp up the deployment of green hydrogen," commented Ripa.
The deal will boost both the companies and the EU, which prioritized the green hydrogen economy in their climate and economy recovery strategies. The European Union's Hydrogen Strategy is encouraging the installation of at least 6 gigawatts of renewable hydrogen electrolyzers in the EU, producing 1 million tons of renewable hydrogen by 2024.
Despite the potential positives for Plug, its shares have fallen as low as $38.30 so far on Tuesday.