Hydrogen and fuel cell systems company Plug Power Inc. PLUG, -4.34% and chlor alkali producer Olin Corp. OLN, -1.27% announced Wednesday a joint venture, Hidrogenii, that will kick off with the building of a 15 ton-per-day hydrogen plant in St. Gabriel, Louisiana. The company’s said construction will create 160 jobs in 2022 and 215 jobs in 2023, and when completed, the plant is then expected to create more than 25 full-time jobs. The companies said the plant will benefit from state and local tax subsidies. “By partnering with like-minded companies, such as Olin, we’ll make the transition to hydrogen easy and affordable,” said Plug Power Chief Executive Andy Marsh. Plug expects to produce 500 tons per day of liquid green hydrogen by 2025, and 1,000 tons per day of liquid green hydrogen by 2028. Plug’s stock has rallied 10.5% over the past three months through Tuesday, while Olin shares have eased 0.2% and the S&P 500 SPX, -0.37% has dropped 5.5%.
