US hydrogen giant Plug Power no longer wants to partner Fortescue in a Gladstone electrolyser factory because the economics aren’t attractive enough.
that will underpin its push into clean energy because of concerns about the economics of the Queensland project.
The original deal struck between Plug and Fortescue in October 2021 envisaged the companies would “equally” fund the construction of a “two gigawatt factory” makingThe electrolysers will make carbon free “green” hydrogen by using renewable power to split water into its constituent parts, and the Gladstone factory is a critical enabler of Fortescue’s plan to become one ofPlug was to supply the electrolyser and hydrogen fuel cell technology to the partnership, which also envisaged that Fortescue...
“There is no better green hydrogen plant folks in the US than us, so we really don’t need a lot of help.” “Fortescue remains on track to produce Australian-made electrolysers from our Gladstone facility in 2023, and product testing and validation is on schedule.” “You can really run it from how quickly we complete at Gladstone, it’s the electrolyser factory. The world is short of electrolysers. As soon as we have them, we’ll start making hydrogen shortly afterwards,” he said in August 2022.
“The new products came out a little slower than we had hoped, manufacturing had a few more issues than we hoped, but we think those issues have been overcome,” he told investors. “We are trying to make green hydrogen economical, ubiquitous and easy. With that in mind we want to make sure we are getting a return on our plants so the return on invested capital is attractive but ... we are also not here to maximise what that price is going to be,” he said.
The partnership is based on the notion that Nikola could be a big customer for green hydrogen in future. Nikola now has a $US1.3 billion market capitalisation, having lost 96 per cent of its value since June 2020.published a scathing report that raised doubts over Nikola’s technology and progress.
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