Plug and Amazon signs ‘Green Agreement’
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy signed a hydrogen supply deal with Amazon (NASDAQ: AMZN)
In order to provide liquid green hydrogen starting in 2025 to help decarbonize Amazon’s operations as part of its commitment to be net-zero carbon by 2040, Plug and Amazon announced
Tweet on the green-agreement with Plug and Amazon
Plug and @amazon sign green hydrogen agreement
A leading provider of turnkey hydrogen solutions, today signed a hydrogen supply deal with Amazon to provide liquid green hydrogen starting in 2025 to help decarbonize Amazon’s operations.https://t.co/yGTfN0VCeu
— The_Journalbiz (@the_journalbiz) August 26, 2022
This deal with Amazon marks a growth opportunity for Plug and is expected to help the company toward its 2025 $3 billion revenue goal.
This deal attests to Plug’s strategy to build an end-to-end green hydrogen ecosystem and provide integrated hydrogen solutions for its global customers.
- Green Hydrogen Can Help Amazon Meet 2040 Net-Zero Carbon Commitment
“Landing a green hydrogen supply deal with a customer like Amazon validates our multi-year investment and strategic expansion into green hydrogen. Plug officially stated
“Amazon is proud to be an early adopter of green hydrogen given its potential to decarbonize hard-to-abate sectors like long-haul trucking, steel manufacturing, aviation, and ocean shipping,” said Kara Hurst, vice president of Worldwide Sustainability at Amazon.
The green hydrogen supply deal is a continuation of joint efforts between Amazon and Plug to expand the applications of green hydrogen beyond material handling.
- Amazon and Plug have signed a deal for Plug to supply 10,950 tons per year of liquid green hydrogen to fuel Amazon operations.
- Plug has granted Amazon a warrant to acquire up to 16,000,000 shares of Plug ‘s common stock (Warrant Shares)
Amazon would vest the warrant in full if it spends $2.1 billion over the seven-year term of the warrant across Plug products, including, but not limited to, electrolyzers, fuel cell solutions, and green hydrogen.
