Economic news

Amazon Signs Green Hydrogen Supply Deal with Plug Power

Aug 25 (Reuters) - Hydrogen fuel cell maker Plug Power Inc has signed a deal with Inc to supply liquid green hydrogen, the companies said on Thursday.

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 green hydrogen deal will provide enough annual power for 30,000 forklifts or 800 heavy-duty trucks, Amazon said.

Grey hydrogen is made from natural gas, without the carbon sequestration, and black and brown hydrogen from coal.

Plug 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.

Reporting by Akash Sriram and Ruhi Soni in Bengaluru; Editing by Shinjini Ganguli

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree