By Samuel Indyk
Investing.com – Johnson Matthey has announced it is to partner with Plug Power (NASDAQ:PLUG) to accelerate the delivery of advanced materials for next generation electrolyser technology for green hydrogen.
Under the memorandum of understanding (MoU), the two parties will develop a roadmap to accelerate the joint development of high-performance electrolyser technology with improved durability, increased performance, and greater energy efficiency than currently available systems.
“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,” said Johnson Matthey (LON:JMAT) Managing Director Eugene McKenna.
The partnership is to focus on the development, validation, and incorporation of Johnson Matthey’s advanced materials in Plug Power’s electrolyser systems.
“The new generation of proton exchange membrane (PEM) electrolysers will require solutions that are able to meet the increasing demands on efficiency and performance,” said Plug Power VP Operations Rick Mason. “We 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.”
Johnson Matthey operational pivot
Traditionally, Johnson Matthey makes its money from catalytic converters, with 1 in 3 cars on the road using a JM catalytic converter. However, it is only a matter of time before traditional internal combustion engines are phased out. The company has recognised this and is pivoting to other technologies.
Recently, the company has agreed raw materials supply deals with Nornickel and SQM (NYSE:SQM) for battery production and the latest partnership with Plug Power looks set to be the next step in the company’s transition to cleaner vehicle technologies.
At 09:19BST, shares in Johnson Matthey were trading higher by 0.7% at 3,203 pence per share.