Linde plc (NYSE: LIN) has bought the 24MW Electrolyzer from ITM Power. The firm has disclosed that it is preparing to build, own and run the biggest PEM (Proton Exchange Membrane) electrolyzer plant at the Leuna Chemical Complex in Germany. As per the joint venture between Linde and ITM Power, ITM Linde Electrolysis GmbH, ITM Power will be assigned to build an electrolyzer plant.
It is projected that the plant will start production in the second half of 2022. Linde disclosed that the 24MW electrolyzer will produce green hydrogen to supply the industrial consumers of the firm using its current pipeline. Additionally, LIN will also deliver liquefied green hydrogen to refueling stations & other industrial customers in the area.
Furthermore, the overall green hydrogen production will fuel around 600 fuel cell buses and save up to 40,000 tons of carbon dioxide emissions annually. The result is a 40-million-kilometer trip. Clean hydrogen is the motto of German and also the main foundation of EU strategies to tackle climate change issues.
Shares Linde Plc (NYSE: LIN) traded down -0.89% during the pre-market trading session of Wednesday. In the past 52-weeks of trading, its share experienced the change of $146.71 from its 52-weeks low range and $274.58 from its 52-weeks high range. Its share moved up 81.73% from its 52-weeks low and moved down to -2.90% from its 52-weeks high. This company has Return on Assets, Equity, and Investment of 2.60%, 4.80%, and 3.40%, respectively. Linde Plc has a total market capitalization of $139.94 billion at the time of writing.
Linde is the prominent leader in the production, processing, and storage of Hydrogen. It is recognized for its biggest liquid hydrogen capability and distribution network in the globe. The firm also runs the first high-purity hydrogen storage reservoir in the world and also provides its consumers with an unbeatable piping system of about 1.000 km.