LATHAM, N.Y., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG),
a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, has signed a contract to deliver a Basic Engineering and Design Package
(BEDP) for a 500 megawatt (MW) electrolyzer project in Europe. The contract,
signed on January 29, 2024, increases Plug's total amount of BEDP contracts to
4.1 gigawatts (GW).
Plug started offering a Basic Engineering Design Package (BEDP) to the market in
2022. The BEDP provides the engineering and plant integration details to allow a
full plant front-end engineering design (FEED) study to proceed purposefully and
efficiently to understand, in detail, the capital and operating expenditures
associated with running a potential plant. The BEDP approach enables Plug's
customers to seamlessly integrate the electrolyzer package into the project's
broader engineering and construction plan. Customers also benefit from Plug's
experiences building its own plants and sharing lessons learned as the only
electrolyzer OEM supplier building green hydrogen plants. Plug commissioned the
largest 15TPD electrolytic liquid hydrogen production plant
(https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Power-
Starts-Production-of-Liquid-Green-Hydrogen-at-its-Georgia-Plant/default.aspx),
and largest PEM electrolyzer deployment operating in the U.S., in January 2024.
"Plug's ability to secure BEDP contracts totaling 4.1GW demonstrates that this
approach is relevant to the market," said Andy Marsh, CEO of Plug. "Moreover,
Plug's conversion rate after providing a BEDP is high. We have already been
awarded 1.1GW worth of electrolyzer supply, subject to positive FID, and 100MW
are in execution for Galp, an oil & gas company in southern Europe."
To date, no project has been lost by Plug to the competition following a BEDP,
evidenced by key customers Galp, Uniper, and Arcadia. Plug capitalizes on 35
years of oil and gas engineering and expertise coming from the Frames
acquisition (https://www.ir.plugpower.com/press-releases/news-details/2021/Plug-
Power-Completes-Acquisition-of-Frames-Group-2021-12-9/default.aspx). This is a
major benefit for customers developing large electrolyzer plants with limited
risks. To learn more about becoming a Plug BEDP customer, contact us at:
https://www.plugpower.com/learn-more-about-plugs-electrolyzer-products/.
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 operate a green hydrogen highway across North America and Europe,
Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel
cells and is developing multiple green hydrogen production plants targeting
commercial operation by year-end 2028. Plug delivers 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 (http://www.plugpower.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: Plug being awarded over 1GW worth of electrolyzer supply, which are subject to positive FID, which therefore may not convert into actual electrolyzer supply agreements; Plug's plans to operate a green hydrogen highway across North America and Europe; Plug developing multiple green hydrogen
production plants targeting commercial operation by year-end 2028. 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
Kristin Monroe
Allison+Partners
plugPR@allisonworldwide.com (mailto:plugPR@allisonworldwide.com)
Â