25.04.2024 13:00:06 - dpa-AFX: GNW-Adhoc: Plug Signs Additional BEDP Contracts for a Total of 4.5GW of Electrolyzers Across Europe and the United States
LATHAM, N.Y., April 25, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG),
a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, has signed two additional contracts to deliver Basic Engineering and
Design Packages (BEDP) for projects in Europe and the U.S. with a combined
capacity of up to 350 megawatts (MW) of electrolyzers. These agreements enhance
Plug's overall BEDP portfolio, bringing the company's total amount of global
BEDP contracts to 4.5 gigawatts (GW).
Since introducing the BEDP offer just two years ago, Plug's electrolyzer
business has experienced continued growth. Earlier this year, Plug finalized a
500MW contract in Europe, and with the addition of this 350MW contract, the
company has now closed 850MW of BEDP contracts in just four months. Plug's
ability to scale its electrolyzer business demonstrates its expertise in Proton
Exchange Membrane (PEM) technology and liquid hydrogen plants, being the sole
electrolyzer OEM supplier constructing green hydrogen plants. Plug has
commissioned the largest 15TPD electrolytic liquid hydrogen production plant and
the largest PEM electrolyzer deployment in the U.S.
"Drawing from over 50 years of experience in our electrolyzer business, our
industry expertise stands unrivaled," said Plug CEO Andy Marsh. "Within just
three years, we've significantly scaled our business and have successfully
shipped and deployed electrolyzers across five continents. This rapid expansion
is strong evidence of our engineering, manufacturing, and execution
capabilities."
"Electrolyzer sales present a substantial business opportunity for us," said
Plug General Manager of Energy Solutions and Chief Strategy Officer Sanjay
Shrestha. "Our impressive BEDP growth in just two years underscores our strong
industry positioning and market growth."
Capitalizing on its state-of-the-art PEM stack manufacturing facility in
Rochester and a global system manufacturing network spanning four continents,
Plug is currently delivering and installing electrolyzers in Europe, Middle
East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa. In each
region, Plug factors in specific compliance and regulatory requirements.
To date, Plug has already delivered 25 electrolyzer systems to third-party
customers. Over the course of 2024, it plans to deliver an additional 40 systems
for a cumulated total of 189MW. These systems include containerized
electrolyzers of 1MW and 5MW deployed worldwide for various applications such as
refineries, industrial processes, and mobility.
On top of that, Plug continues to advance on large scale projects, with the
execution of a 100MW electrolyzer supply contract for a European refinery,
securing over 1.2GW of projects awarded subject to Final Investment Decision
(FID), and progressing with the execution of the remaining 4.5GW of BEDP signed
to date.
Currently, 50MW of Plug's electrolyzers have been put into operations, and by
the end of this year, Plug is expected be the largest provider of PEM technology
operating in the world.
Plug's electrolyzer technology delivers high purity hydrogen at an operating
pressure of 40bar. The integrated approach for the 1MW and 5MW systems yield
rapid installation and commissioning, while maximizing value and reducing risk.
To learn more about becoming a Plug BEDP customer, contact us at:
https://www.plugpower.com/learn-more-about-plugs-electrolyzer-products/
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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 69,000 fuel cell systems and over 250 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/).
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: plans to deliver an additional 40 Electrolyzer
systems for a cumulated total of 189 MW over the course of 2024; progressing
execution of 4.5GW of BEDP signed to date; Plug becoming the largest provider of
PEM technology operating in the world; The integrated approach for the 1MW and
5MW Electrolyzer systems yielding rapid installation and commissioning, while
maximizing value and reducing risk; 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, 2023 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.
Plug Media Contact
Fatimah Nouilati
Allison
PlugPR@allisonworldwide.com (mailto:PlugPR@allisonworldwide.com)
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