New York is home to massive new hydrogen fuel cell innovation centerNovember 22, 2021
The $125 million facility is the result of a partnership between Plug Power and NY utilities and government.
Plug Power (NASDAQ stock symbol PLUG) has partnered with utilities and the state government of New York to establish a massive new $125 million hydrogen fuel cell innovation center in Monroe County.
The facility will be used for manufacturing stacks and electrolyzers for powering EVs.
The hydrogen fuel cell innovation center will manufacture H2 fuel cell stacks and electrolyzers which will be used for powering electric vehicles. The facility will also be used for generating green H2 in processes powered by renewable energy.
Plug Power will receive $13 million in Excelsior Tax Credits for this project from Empire State Development. Moreover, the New York Power Authority will provide 5.1MW of low-cost clean energy capacity to the project. According to an official statement, other participants in this project include Greater Rochester Enterprise, Rochester Gas and Electric, and Monroe County.
Plug Power is calling the new hydrogen fuel cell innovation center the first PEM technology gigafactory.
According to Plug Power, the innovation center will represent the first gigafactory in the world for proton exchange membrane (PEM) technology. It will create 377 new green jobs, in a development that is expected to kickstart the state’s economy and help to ready the workforce in the state for next-generation business models.
The project “moves both the state and the nation toward a renwable future,” said New York Governor Kathy Hochul. “The state-of-the-art Innovation Center will help to further establish New York State as a green energy leader.”
The new facility’s launch is a part of Plug Powers broader efforts to boost its presence within New York’s green H2 market following its launch of a $290 million green H2 fuel production facility and power substation at Western New York Science, Technology, and Advanced Manufacturing Park.
This announcement has arrived at a time in which the world is greatly focusing on hydrogen fuel cell technology as a part of the decarbonization efforts to meet climate change targets. H2 is seen as a promising way to help reduce greenhouse gases emitted in heavily polluting industries such as shipping, aviation, ground transport, industry, chemicals and manufacturing.
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