LATHAM, N.Y., Oct. 11, 2023 (GLOBE NEWSWIRE) -- Arcadia eFuels has selected Plug
Power Inc.
(https://www.globenewswire.com/Tracker?data=N7u4iL8H_OyRKHa__3eZ1SZvYNk66s1KJIh8
qRnzTfgRbYaY14gh53iRXrK5BYr7AqfMYmFD4beaJDv3rovNHQ==) (NASDAQ: PLUG), a
comprehensive provider of turnkey hydrogen solutions for the global green
hydrogen economy, to provide a 280 MW (megawatt) proton exchange membrane
(PEM) electrolyzer system to Arcadia's Vordingborg plant for the production
of sustainable aviation fuel (SAF). Arcadia eFuels CEO Amy Hebert and Plug CEO
Andy Marsh held a ceremony commemorating the deal at Plug's annual Symposium.
Harnessing Denmark's plentiful wind power, Arcadia eFuels Vordingborg site will
utilize Plug's electrolyzer technology to produce approximately 120 tons per
day (TPD) of green hydrogen. The green hydrogen will then
be combined with biogenic CO2 to produce syngas. Further processing of the
syngas will generate carbon-neutral sustainable aviation fuel that meets
the requirements of RFNBO (Renewable Fuels of Non-Biological Origin) in
preparation for the European Mandates on aviation fuel.
Demand for sustainable aviation fuel is driven by European
Commission requirements
(https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2389) to supply 70
percent of fuel consumption at EU (European Union) airports by 2050 with the
first mandates starting in 2025.
Arcadia eFuels has commenced a Front-End Engineering and Design (FEED) study to
support a Final Investment Decision (FID) and move the project to execution
phase, expected by mid-2024. Arcadia eFuels projects a commercial operation
date towards the end of 2026.
"This contract with Arcadia eFuels establishes us as the preferred provider for
green hydrogen solutions that decarbonize the hydrocarbon fuel sector," noted
Andy Marsh, CEO of Plug. "We look forward to continuing our partnership with
Arcadia eFuels as they pursue plans for rapid growth and expansion."
"The global demand for eFuels continues to grow, and in order to meet these
demands, we must build production plants at commercial scale," said Amy Hebert,
CEO of Arcadia eFuels. "Our partnership with Plug is crucial to ensuring that
our commercial facilities will be able produce clean, green, decarbonized fuel
for the aviation and logistics verticals."
For more information about Plug's electrolyzer products,
please visit plugpower.com (https://www.plugpower.com/electrolyzer-101-growing-
green-hydrogen/).
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production,
storage, and delivery to energy generation, to help its customers meet their
business goals and decarbonize the economy. In creating the first commercially
viable market for hydrogen fuel cell technology, the company has deployed more
than 60,000 fuel cell systems and over 180 fueling stations, more than anyone
else in the world, and is the largest buyer of liquid hydrogen.
With plans to build and operate a green hydrogen highway across North America
and Europe, Plug is building a state-of-the-art Gigafactory to produce
electrolyzers and fuel cells and multiple green hydrogen production plants that
will yield 500 tons of liquid green hydrogen daily by year end 2025. Plug will
deliver its green hydrogen solutions directly to its customers and through joint
venture partners into multiple environments, including material handling, e-
mobility, power generation, and industrial applications. For more information,
visit www.plugpower.com
(https://www.globenewswire.com/Tracker?data=DhSVpqKDquJmyEJu7YAzZiQWaN2uYRnO_OnB
49BKEIWd0PCRvr3BoFXxh__6yOHa2R2R8L_qTueF7LZKGboGFg==).
About Arcadia eFuels
Arcadia eFuels is committed to building facilities to produce the world's future
fuels. These net-zero carbon fuels will allow the transportation sector, namely
aviation and shipping, to use eFuels directly, without changes to existing
engines and infrastructure. Arcadia eFuels aims to produce eFuels around the
world to help meet the aviation industry's decarbonization goals. Please
visit www.arcadiaefuels.com (http://www.arcadiaefuels.com/) to learn more or
contact us at info@arcadiaefuels.com (mailto:info@arcadiaefuels.com).
Plug Power Safe Harbor Statement
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. ("PLUG"), including but not limited to statements about: Arcadia eFuels Vordingborg site utilizing Plug's electrolyzers to produce approximately 120 tons per day (TPD) of green hydrogen.
The green hydrogen being combined with biogenic CO2 to produce syngas and such syngas being further processed to meet RFNBO standards for aviation fuel. Timing
around a Final Investment Decision (FID) and the project moving to execution phase by mid-2024. Commercial operation date projections towards the end of 2026. Plug building multiple green hydrogen production plants that may yield up to 500 tons of liquid green hydrogen daily by year end 2025. Such statements are
subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG's public filings with the Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2022 and any subsequent filings with the SEC. Readers are cautioned
not to place undue reliance on these forward-looking statements. The forward- looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
MEDIA CONTACT:
Plug Power
Kristin Monroe
Allison+Partners
plugPR@allisonpr.com (mailto:plugPR@allisonpr.com)
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