Mr Marsh forecast extraordinary growth in revenues over the next seven years, tipping the company would make $US5 billion of sales in 2026 and $US20 billion in 2030. Mr Marsh forecast the company would generate $US1.4 billion of revenue in 2023 with about 30 per cent of that to come from selling electrolysers. “The new products came out a little slower than we had hoped, manufacturing had a few more issues than we hoped, but we think those issues have been overcome,” he told investors. Mr Marsh said on Thursday that Plug’s 2022 revenue growth would be closer to 45 per cent when its accounts were published because of delays in manufacturing products. Plug’s revenue more than doubled between 20 and the company set a goal of increasing its revenue 80 per cent in 2022. Plug narrowed its loss in 2021 to $US171.3 million, down from the year-earlier $US469 million shortfall. As soon as we have them, we’ll start making hydrogen shortly afterwards,” he said in August 2022.Īside from making electrolysers, Plug manufactures a range of products for the transportation and storage of hydrogen, including hydrogen fuel cells, trailers for truck transportation of hydrogen and stationary tanks. “You can really run it from how quickly we complete at Gladstone, it’s the electrolyser factory. The Gladstone factory is central to Fortescue’s plans to ramp up green hydrogen production in the decade ahead, with Dr Forrest saying in August that first revenue from Fortescue’s clean energy division was largely dependent on delivery of the Gladstone factory. It was unclear on Thursday whether Plug’s withdrawal from the Gladstone project would force Fortescue to cover 100 per cent of construction costs.įortescue said in August that it had made an “initial investment” in the factory of $US83 million ($116 million), but the company had previously said the factory may require investment of up to $US650 million ($913 million) if customer demand for electrolysers is strong enough. ![]() Mr Marsh did not clarify when the changes were made to Plug’s relationship with Fortescue the changes had not previously been disclosed to the ASX. “There is no better green hydrogen plant folks in the US than us, so we really don’t need a lot of help.” “We really didn’t think that was worthwhile to move ahead, though we are still working with them on electrolysers,” said Mr Marsh. Mr Marsh said the commercial relationship between Plug and Fortescue had not been entirely severed, suggesting his company may still sell electrolysers to Fortescue even though it no longer wanted to build factories with Fortescue. In November, Dr Forrest said construction was “taking shape” and the factory would make its first electrolyser in calendar 2023. ![]() Plug was to supply the electrolyser and hydrogen fuel cell technology to the partnership, which also envisaged that Fortescue would buy 250 megawatts worth of Plug’s “electrolyser solutions”.Ĭonstruction of the Gladstone factory began in February 2022 with Fortescue executive chairman Andrew Forrest helping to turn the first sod. ![]() The electrolysers will make carbon free “green” hydrogen by using renewable power to split water into its constituent parts, and the Gladstone factory is a critical enabler of Fortescue’s plan to become one of the world’s biggest producers of green hydrogen. The original deal struck between Plug and Fortescue in October 2021 envisaged the companies would “equally” fund the construction of a “two gigawatt factory” making proton exchange membrane (PEM) electrolysers at Gladstone. The comments come after months of debate about the viability of a hydrogen industry in Australia, with energy wonk Saul Griffith famously warning that many participants had drunk the Kool-Aid on hydrogen and would be better served putting renewable power straight into the electricity grid. we decided we didn’t want to build a factory with them because we saw the economics we could do better,” he told investors. US hydrogen company Plug Power was supposed to be Fortescue’s 50:50 joint venture partner in what has been touted as the “world’s largest” electrolyser factory near Gladstone, but Plug chief executive Andrew Marsh confirmed on Thursday his company had withdrawn. Fortescue Metals has lost its partner in the $116 million hydrogen electrolyser factory that will underpin its push into clean energy because of concerns about the economics of the Queensland project.
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