Amazon inks green hydrogen deal with Plug Power

Plug Power, a hydrogen tech outfit linked to Australian billionaire Andrew Forrest has inked a supply deal with online retail giant Amazon.

The new deal will see Plug Power provide liquid green hydrogen starting in 2025, to help Amazon decarbonise its operations in line with its commitment to be net-zero carbon by 2040.

The deal calls for the supply of 10,950 tonnes a year of liquid green hydrogen to fuel Amazon operations, using electrolysers, liquefaction capabilities and cryogenic tankers.

As part of this, Plug has granted Amazon a warrant to acquire up to 16,000,000 shares of Plug ‘s common stock. Amazon will vest the warrant in full if it spends $US2.1 billion over the seven-year term of the deal across Plug products.

For Amazon, the green hydrogen supply deal builds on its joint efforts with Plug to expand the applications of green hydrogen. Since 2016, Plug has helped Amazon deploy more than 15,000 fuel cells to replace batteries in forklifts across 70 distribution centers.