Plug Power’s European clean energy businesses is expected to grow 60 percent over the next five years as the company expands internationally.
Plug Power (NASDAQ:PLUG), a hydrogen technology company has partnered with Compañía Logística de Hidrocarburos (CLH), based in Spain. CLH is a hydrogen distributor and producer that will be working with Plug Power to bring hydrogen energy to Plug Power’s European client base.
As quoted in the press release:
“Finding and accelerating adoption opportunities in the Spanish material handling market is pivotal to the greater success of adopting clean energy mobility solutions,” said Andy Marsh, CEO of Plug Power. “Like Plug Power, CLH shares a value to sustainability, safety and collaboration. Our partnership is already providing fruitful work and we look forward to finding areas of collaboration in the future.”
Already a leader in the United States in fuel cell deployment and hydrogen dispensing, Plug Power’s European business is expected to grow by more than 60% per year for the next five years. Plug Power customers are currently the largest users of liquid hydrogen in the United States – and soon enough, the world. The Company continues to invest in hydrogen supply and generation methods to support current and expected growth.
The CLH Group is the leading company engaged in the transport and storage of oil products in the Spanish market and the second largest logistics operator in Europe in terms of the extension of its pipeline network and storage capacity. In Spain, it has a pipeline network over 4,000 kilometers in length and 39 storage facilities with capacity for 8 million cubic meters, as well as being present at the main Spanish airports. At the international level, the company is developing an ambitious expansion plan and conducts its business in the UK, Oman, Ireland, Panama and Ecuador.