One of the world’s leading manufacturers of green hydrogen electrolysers has pulled the plug on its joint venture plans with Andrew Forrest’s Fortescue Future Industries, saying the economics of the project do not stack up.
The decision by New York based Plug Power to pull out of the joint venture is a blow to the Fortescue plans for the first stage of a green hydrogen plant in Gladstone, which it had touted as the biggest of its type in the world.
The withdrawal of Plug Power from the venture is not a surprise, as RenewEconomy reported last year that the Fortescue deal, and Australia, were not mentioned in its results and investor day presentations. Neither had it been several months earlier.
See: Is Fortescue looking for new technology partner for world’s biggest electrolyser plan?
In a business update on Thursday (Australian time), Plug Power CEO Andre Marsh confirmed…
“We could do better:” Green hydrogen leader pulls Plug on Forrest’s electrolyser factory
