25.06.2024 13:00:29 - dpa-AFX: GNW-Adhoc: Plug Reaches 7.5 GW in BEDP Contracts for Global Electrolyzer Projects
LATHAM, N.Y., June 25, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG),
a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, has achieved a significant milestone reaching 7.5 gigawatts (GW) in
global Basic Engineering and Design Package (BEDP) contracts since introducing
the offer two years ago.
"The introduction of our BEDP has significantly propelled the growth of our
electrolyzer business," said Plug CEO Andy Marsh. "This milestone not only
highlights the increasing demand for green hydrogen but also underscores Plug's
industry leading position in PEM electrolyzer technology and driving the green
hydrogen revolution."
A BEDP provides the engineering and plant integration details to allow a full
plant front-end engineering design (FEED) study to proceed purposefully and
efficiently and to understand, in detail, the capital and operating expenditures
associated with running a potential plant.
Following the project development work and completion of BEDP and FEED
activities, customers select suppliers and look to secure a Final Investment
Decision (FID). The maturity and track record of the technologies and suppliers
involved contributes to any green hydrogen project reaching FID.
The general timeline for these projects to move from BEDP and FEED to FID is
approximately 6-18 months. At that point, the BEDP funnel could translate into
electrolyzer sales, with each GW representing up to $0.5B to $0.75B in potential
revenue.
Most recently, Plug closed a 3 GW BEDP contract with Allied Green Ammonia for an
electrolyzer project in Australia. The company has an additional 4.5 GW of BEDP
contracts spanning the U.S. and Europe.
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.
For more information about Plug's BEDP contracts, please see our detailed blog
post on this subject: https://www.plugpower.com/plugs-7-5-gw-basic-engineering-
and-design-package-contracts-bedp/
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).
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 expectations with respect to BEDP projects,
including timeline to FID, funnel into potential electrolyzer sales and
potential revenue. 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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