Plug Power has issued a warning about its 2023 financial performance due to supply challenges in North America, while Air Products says it is cementing its collaboration with Chengzhi in China.
Plug Power‘s stock fell more than 30% on the Nasdaq on Friday, following its report stating that its 2023 financial performance was negatively affected by unprecedented supply challenges in the North American hydrogen network, despite a more than threefold increase in electrolyzer sales. The New York-based company said it will seek additional capital to fund its activities, expressing confidence that the hydrogen supply issue is temporary, expecting full capacity production at its Georgia and Tennessee facilities by year end.
Air Products has partnered with Chinese state-owned Chengzhi, aiming to accelerate transport decarbonization in China’s Yangtze River Delta. The joint venture has launched a commercial-scale hydrogen fueling station in Changshu, Jiangsu province, fueling public transport and logistics trucks. The president of Chengzhi, Wei Junmin, expressed excitement about deepening collaboration to expedite hydrogen vehicle development and the hydrogen value chain.
Japan and South Korea are set to collaborate on a supply chain for hydrogen and ammonia, with plans to announce the initiative during the upcoming Asia-Pacific Economic Cooperation forum summit in the United States. Additionally, the two nations will create new frameworks in quantum technology and semiconductors.
Yanmar Power Technology said that it has delivered its first commercialized maritime hydrogen fuel cell system to the passenger ship Hanaria, operated by Motena-Sea. The comprehensive power system design includes two hydrogen fuel cells, batteries, and biodiesel generators, marking a milestone for the Osaka-based company.
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