With a business driven by hydrogen, Plastic Omnium, released its results for the first semestre of 2023. Over this period, the automotive equipment supplier has had a 35% increase in revenue. This performance was driven by an increase in orders in the electrical and hydrogen sectors.
The backlog of orders for this first semester is far higher than a usual year’s turnover. This is true for all the Group’s activities and regions. The Clean Energy Systems division, in particular, keeps amassing exceptional orders with the help of hydrogen (see our article). This “demonstrates the relevance of the Group’s diversification strategy, which, by adapting to the challenges of sustainable mobility, is implementing its long-term growth drivers,” comments Laurent Favre, Chief Executive Officer.
The USA and China drive the market
Regarding the hydrogen market, where orders totalled €4 billion (about $4.4 billion), the first quarter saw an acceleration in sales. Plastic Omnium received a €2 billion order (around 2.2 billion) from a major American carmaker for fuel cell tanks and components for the US market. To meet this record order, Plastic Omnium will build a new plant in the United States, which will be operational in 2026.
In China, PO-Rein, a 50/50 joint venture between Plastic Omnium and Rein Hytech, the latter being a subsidiary of Shenergy Group, is now operational. This entity aims to produce and market high-pressure hydrogen storage systems for the Chinese commercial vehicle market. The creation of this subsidiary involves setting up production capacity in Shanghai. A pilot line of type IV high-pressure hydrogen tanks will be operational in 2025, while a new mega-plant with an annual capacity of 60,000 high-pressure hydrogen tanks should be operational from 2026.
Then there was the signing of a partnership between Plastic Omnium and Gaussin, a pioneer in clean, intelligent goods transport. The equipment manufacturer will supply complete hydrogen solutions for port and airport vehicles.
Article written by Laurent Meillaud and translated by Logan King