21.06.2024 13:00:52 - dpa-AFX: GNW-Adhoc: Plug Secures 25 MW PEM Electrolyzer Deal for Major European Customer
LATHAM, N.Y., June 21, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG),
a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, secured an order for 25 megawatts (MW) of proton exchange membrane
(PEM) electrolyzer systems for a customer in Europe. The project will employ
five of Plug's 5 MW containerized PEM electrolyzers, to reduce the carbon
footprint of the company by using green hydrogen.
"The selection of Plug's technology for this project serves as a clear example
of our established industry expertise and proven technology," stated Plug CEO
Andy Marsh. "Industry experts have highlighted the immense market potential for
green hydrogen in Europe as being a key factor for reaching European Union
decarbonization targets. This presents a significant opportunity for Plug, and
we have the market knowledge and technology readily available to make a
substantial impact."
Plug will leverage its extensive experience in green hydrogen industry, backed
by 35 years of engineering and expertise following the acquisition of Frames in
2021. Among other, the company is currently advancing on a 100 MW PEM
electrolyzer deployment with Galp, an oil and gas company in southern Europe,
and commissioning multiple 5 MW electrolyzer systems for industries including
glass manufacturing, aluminum recycling, and steel manufacturing processes. The
company is also currently executing on 7.5 gigawatts (GW) of Basic Engineering
and Design Package (BEDP) contracts.
Plug's experience in deploying and operating PEM electrolyzer systems globally,
highlighted by operating the largest system at its 15 ton per day (TPD) Georgia
hydrogen production plant, underscores its ability to provide proven PEM
electrolyzer technology for this project.
Moreover, Plug's state-of-the-art Gigafactory in Rochester, N.Y., one of the
largest PEM manufacturing facilities in the U.S., further demonstrates the
company's capacity to deliver on this project. Together, the Georgia plant and
the Gigafactory are evidence of Plug's successful track record with PEM
electrolyzer technology.
This deal marks the beginning of a long-term partnership and is the first step
in decarbonizing the customer's operations. The project will be developed in
phases, with the potential expansion of up to two GW of electrolyzer capacity.
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
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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's capacity to deliver on proton exchange
membrane (PEM) electrolyzer systems to a customer in Europe and reduce its
carbon footprint and the development phases and potential expansion of
electrolyzer capacity of such project; Plug's expectations with respect to its
other electrolyzer deployments and execution of Basic Engineering and Design
Package (BEDP) contracts, and Plug's expectations with respect to its track
record with PEM electrolyzer technology. 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, Plug's Quarterly Report on Form 10-Q for the quarter ended March
31, 2024 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
Fatimah Nouilati
Allison
plugPR@allisonpr.com (mailto:plugPR@allisonpr.com)
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