Sam Boughedda

Investing.com — Connect Power Inc (NASDAQ:) shares fell more than 6% despite its announcement that it has finalized the 50-50 joint-venture with ACCIONA Energía.

AccionaPlug was announced as the name of this joint venture earlier in year. The companies will develop, operate and maintain green hydrogen plants in Spain, Portugal, and other countries.

Plug Power has made a few deals over the last week, including the acquisition by Frames Group. Applied Cryo TechnologiesIt is moving to accelerate its efforts to position itself as the market leader in the green-hydrogen industry. This joint venture, which is also ACCIONA, aims to capture a large market share in the green hydrogen sector in Spain and Portugal by 2030. It has medium-term plans of producing over 100 tons per day.

Previously the Chief Executive Supervisor at ACCIONA Energía Internacional, Alan Ripa has been named CEO of AccionaPlug.

“AccionaPlug is the platform that will leverage ACCIONA Energía’s presence and track record in renewable energy and Plug Power’s technology and knowledge in the hydrogen sector to ramp up the deployment of green hydrogen,” commented Ripa.

Both the EU and companies will benefit from the deal. The EU has prioritized green hydrogen in its climate recovery and economic growth strategies. Hydrogen Strategy for the European Union is encouraging at least 6 gigawatts to be installed in Europe, which will produce 1 million tonnes of renewable hydrogen between 2024 and 2024.

Plug’s shares are down as much as $38.30 despite potential benefits.