Amazon Signs Green Hydrogen Supply Deal With Plug Power
1 mins read
Published on December 1, 2022
Plug Power Inc has signed a deal with Amazon.com Inc to supply liquid green hydrogen, the companies said on Thursday, sending the hydrogen fuel cell maker's shares up over 12% in early trade.
Green hydrogen is often touted as the future of energy, as the flexible and zero-emission fuel can be used for transportation and electricity generation.
Amazon said Plug Power will supply 10,950 tons of green hydrogen every year starting 2025 that it will use to replace grey hydrogen, diesel, and other fossil fuels. The companies, however, did not divulge the supply pricing specifics.
Grey hydrogen is made from natural gas, without the carbon sequestration, and makes up the bulk of the 90 million tonnes of hydrogen produced globally every year.
The green hydrogen deal will provide enough annual power for 30,000 forklifts or 800 heavy-duty trucks, Amazon said.
The world's largest online retailer said that it uses hydrogen to power over 15,000 fuel-cell propelled forklifts, and plans to increase that number to 20,000 units in three years.
The company also has an order for 100,000 electric delivery vehicles with Rivian Automotive Inc, in which it is the largest shareholder, according to Refinitiv.
Plug said the Amazon deal will help the company grow towards its goal of $3 billion in revenue in 2025.
It also said it has granted Amazon a warrant to buy up to 16 million of its shares at an exercise price of $22.9841 a unit for the first 9 million shares.
Amazon would vest the warrant in full if it spends $2.1 billion over the seven-year term of the warrant across Plug products, it added.
(Reporting by Akash Sriram and Ruhi Soni in Bengaluru; Editing by Shinjini Ganguli)
Great Deals on Used CarsView All Used Cars
- 8,000 km
- 88,000 km
- 53,763 km
- 24,110 km
- 72,000 km
- 20,156 km
- 64,000 km
- 65,000 km
- 85,000 km
- 70,123 km
-14611 second ago
The brand is offering free service support through its dealer network in Chennai and other affected areas.
-11817 second ago
Toyota and its dealer partners have set up a special emergency helpline number and have a deployed the Hilux pickup for rescue and movement of submerged vehicles
-1497 second ago
Starting from December 8, 2023 customers affected by the flash floods can avail free RSA, engine check-ups and other service benefits at the Yamaha service centers
16 minutes ago
MG Motor India has introduced a December Fest sale with sizable benefits across its lineup with offers valid until December 31
31 minutes ago
Ducati said that the price increase was due to a rise in operational costs and will affect select motorcycles on sale
2 hours ago
The Q6 e-Tron will boast an 800-volt electrical system, a 100 kWh battery offering a range of 373 miles, and dual electric motors generating up to 510 horsepower
18 hours ago
The made-in-India sport bike is powered by a 457 cc parallel-twin engine that puts out a peak 47 bhp.
18 hours ago
The new Triumph Bonneville Stealth Editions come with special hand-painted colours that change hues depending on the light
19 hours ago
The W175 Street gets alloy wheels and tubeless tyres, aside from new paint finishes
21 hours ago
The motorcycle, finished in white, features unique mineral erosion artwork by Daniel Arsham on various body panels.
21 days ago
This collaboration allows auto dealers to sell vehicles directly on Amazon's U.S. platform, with Hyundai being the first brand available for online purchase.
26 days ago
Amazon has already deployed over 6,000 electric vehicles to deliver packages across more than 400 cities in India
2 months ago
Between July and September 2023, Tata Motors Group’s collective sales stood at 3,42,376 units, witnessing 7 per cent growth compared to what it sold during the same period in FY 2023.
3 months ago
Commercial vehicle sales rose by 2 per cent, while passenger vehicles sales saw a minor dip of 3 per cent. Notably, EV sales surged by 54.9 per cent.
3 months ago
The S-Cab Z wears an introductory price tag of Rs 15 lakh (ex-showroom)