Plug Power, a US-based energy company, has committed to construct three hydrogen electrolysers with a total capacity of 2.25 GW in Finland by 2030. The Finnish government’s goals to become carbon neutral by 2035 will benefit from this. The Kokkola South facility will have 1 GW of electrolytic capacity erected for the generation of 85 tpd of green hydrogen and 700 kilotonnes of green ammonia per year. These will be both imported and used locally and across Europe.
Meanwhile, the Kristinestad facility will create a further 1 GW of electrolytic capacity. Based in the vicinity of a decommissioned coal plant, the green hydrogen produced will be earmarked for use in the production of green steel. The 100 tpd Porvoo project will be centred around using hydrogen for local mobility, for example, in hydrogen-based fuel cells for transport. When compared to similar-capacity fossil burning, Plug asserts that the combined effect of the Kristinestad and Kokkola South plants will avoid five to six million tonnes of carbon dioxide emissions annually.
In May 2023, Plug Power Inc and South Korea’s SK E&S pledged to spend KRW 1 trillion to build a gigafactory for hydrogen facilities and a research facility in South Korea. As per the statement, it would inject KRW 510 billion into the project, while US-based turnkey hydrogen solutions provider Plug Power would cover the remaining KRW 490 billion. The investment would be made by the duo’s SK Plug Hyverse joint venture.
REGlobal’s Views: Plug Power has been focusing on setting up green hydrogen facilities across the world including the US, South Korea, as well as various markets across Europe. In doing so, the company expects to establish a strong position in the global green hydrogen space as this segment is expected to witness significant opportunities in export as well.