Plug Power Inc (PLUG)

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Under pressure, Johnson Matthey seeks profit in hydrogen
April 26, 2023

Johnson Matthey had a trickier time in the pandemic than most chemical firms. Faced with setbacks in late 2021 and into 2022, the company ditched its long-term growth plan and sold its pharmaceutical ingredients, glass technology, and battery materials businesses.
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“We now see extremely accelerated growth in fuel cells and electrolyzers,” van Tol says. The PGM chemistry in CCMs for proton-exchange membrane (PEM) electrolyzers is not so different from that developed by JM for fuel cells, he notes. “We have this extremely long history in fuel cells that we can now use to help bring this nascent, almost artisanal electrolyzer industry to full industrial scale.”
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Although JM has near-term woes, it also has grounds for optimism, Charles Bentley, a stock analyst at the investment firm Jefferies, told clients in an April 2 research note. Bentley flags an increase in JM’s pipeline of catalyst technology project opportunities to 100 from 70, three recent contract wins, and a major collaboration with the US fuel cell and hydrogen producer Plug Power.
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https://cen.acs.org/business/specialty-chemicals/Under-pressure-Johnson-Matthey-seeks/101/i14