Plug Power's (NASDAQ: PLUG) stock price is rallying on Wednesday following the announcement of an MoU with sustainable technologies firm Johnson Matthey.
Under the MoU, the companies will develop a roadmap to accelerate the joint development of high-performance electrolyser technology with improved durability, increased performance, and greater energy efficiency than systems available today.
In a statement, the companies said they will focus on developing, validating, and incorporating JM's advanced materials in Plug Power's leading electrolyser systems and investigating the development of a closed-loop recycling system for the critical platinum group metals.
“We're excited to take our relationship with Plug Power, a leader in electrolyser systems, to the next level, working together to drive the development of world-leading technologies with significantly improved performance and an integrated plan for recycling key materials,” commented Eugene McKenna, Managing Director of Green Hydrogen at Johnson Matthey.
Rick Mason, VP of Operations at Plug Power, said they are “excited to collaborate with JM on driving the integration of leading electrolyser component technology that will bring another vital element to reach a fully sustainable green hydrogen economy.”
Plug Power's share price is up 5.5% on Wednesday at $29.34.
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