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Plug Power Acquires Joule Processing For $160M; Partners With Atlas Copco, Fives

Benzinga Real-time News · Feb 17, 2022 16:02

Plug Power Inc (NASDAQ:PLUG) has signed a collaboration agreement with Atlas Copco Mafi-Trench Company LLC, the turboexpander technology center within the Gas and Process division of Atlas Copco (OTC:ATLCY), and Fives, to jointly develop hydrogen liquefaction plants.
Under the agreement, Plug Power will design, manufacture, install, operate and maintain hydrogen liquefiers for its use and third parties.
Atlas Copco Gas and Process will design and manufacture custom turboexpanders and compressors related to the hydrogen liquefaction plants.
Fives will manufacture the brazed aluminum heat exchangers and optimize their integration in cold boxes.
Plug Power also revealed the acquisition of Joule Processing LLC, a process solution and engineered equipment provider, for a total consideration of up to $160 million, with $30 million upfront and $130 million of future earn-outs.
Joule's liquefaction process is being deployed in Plug Power's green hydrogen plant under development in Texas.
Plug Power held $3.85 billion of cash and equivalents as of September 30, 2021.
Price Action: PLUG shares are trading lower by 3.10% at $23.16 on the last check Thursday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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