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.
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