U.S.-based Hydrogen fuel cell company Plug Power Inc. (NASDAQ:PLUG) will use German Chemical Company BASF‘s (OTCQX:BASFY) purification solutions in its Hydrogen liquefaction plants.
What Happened: Plug Power will utilize BASF’s Private Pd15 DeOxo catalysts as well as implement BASF’s Oxygen and water removal solutions, Offshore Energy reported on Thursday.
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The collaboration will primarily focus on hydrogen liquefaction plants with capacities of 30, 60, and 90 tons per day, according to the report.
“We are proud to have also earned the approval of other leading players in the green hydrogen sector,” BASF’s Senior Vice President Detlef Ruff said.
“We believe this collaboration will provide our clients with proven and reliable end-to-end solutions that enhance the economic viability of liquid hydrogen plants,” Plug Power’s Vice President Daniel Kennedy shared in the statement.
Why It Matters: Plug Power recently announced a $525 million debt facility deal with Yorkville Advisors as the company looks to implement its turnaround plan successfully.
The company also launched its Hydrogen liquefaction facility in Louisiana as part of a joint venture with Olin Corporation. The plant is capable of liquifying over 15 metric tons of Hydrogen on a daily basis.
Plug Power had shared the company’s Q4 earnings, which showcased a revenue of $191.5 million, falling well below analyst estimates of $263.2 million. The company also posted a gross margin loss of 122%.
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This article Plug Power Partners Up With BASF: Will Use German Company’s Purification Tech To Liquify Hydrogen originally appeared on Benzinga.com
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