23.08.2023 13:00:06 - dpa-AFX: GNW-Adhoc: Plug Power Hosts Analyst Day, Showcasing the World's First 15TPD Green Hydrogen Plant
LATHAM, N.Y., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG),
a global leader in comprehensive hydrogen solutions for the green hydrogen
economy, today will host its Analyst Day showcasing the accomplishments to date
of its 15 ton per day (TPD) liquid green hydrogen plant in Camden County,
Georgia. Plug will share how the Georgia plant strengthens Plug's long-term
position as the global leader in green hydrogen production and supplier of
electrolyzers. The day's agenda will include a tour of the hydrogen plant.
The event will start with opening remarks by Andy Marsh, CEO of Plug. During the
event, Sanjay Shrestha, EVP, GM of Energy Business and Plug's Chief Strategy
Officer, will discuss the benefits and the learnings to date from this plant.
The plant was constructed in 12 months and has 40MW of Plug PEM electrolyzers.
The plant is grid-connected, which should ensure a steady supply of power that
is critical for a liquid hydrogen plant.
The insights Plug gained designing and constructing this plant are expected to
result in design optimization and lower capital expenditure for the company's
other plants currently under construction. As the Georgia plant's hydrogen
production ramps up, it is anticipated to improve Plug's fuel margin
meaningfully from Q2 to Q4 2023.
"This is a momentous event. The construction of this plant brings together more
than 40 years of expertise in electrolysis," says Andy Marsh. "This hydrogen
plant reinforces Plug's dominance in green hydrogen. Congratulations to the Plug
team for yet another pioneering milestone."
Sanjay Shrestha adds, "The valuable insights gained from our Georgia facility
combined with our expanded electrolyzer manufacturing capacity gives Plug an
unmatched competitive edge. Plug is excited to showcase the plant that will help
ensure demand as customers expedite adoption of green hydrogen and decarbonize
multiple different industries.
Slides from the event may be accessed via the investor relations section of the
company's website at https://www.ir.plugpower.com/events-and-
presentations/default.aspx.
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 belief that the Georgia plant will strengthen
its long-term position as the global leader in green hydrogen production; Plug's
belief that its fuel margin loss will be cut meaningfully as the Georgia plant
produces at full capacity and its belief that the Georgia plant will provide a
steady supply of clean energy to meet customer demands; Plug's ability to
realize its expansion plans that are underway in the Georgia plant; Plug's
belief that the insights gained from its Georgia plant will provide the company
with a unique and competitive edge and result in design optimization and lower
capital expenditure for its other plants; ; Plug's ability to execute on its
strategies to build an end-to-end green hydrogen ecosystem and expedite customer
adoption of green hydrogen; Plug's ability to meet its anticipated hydrogen
network and outputs by 2025; Plug's ability to continue to expand manufacturing
capabilities and improve supply chain issues; Plug's ability to continue to
deliver on expanding its green hydrogen network and capacity; and the
scalability of Plug's hydrogen plants. You can identify the forward-looking
statements by forward-looking words such as "anticipate," "believe," "could,"
"continue," "estimate," "expect," "forecast," "intend," "may," "should," "will,"
"would," "plan," "projected," "target" or the negative of such words or other
similar words or phrases. Plug believes that it is important to communicate its
future expectations to investors. Such statements should not be read as a
guarantee of future performance or results. Such statements are subject to risks
and uncertainties that could cause actual performance or results to differ
materially from those expressed in these statements, including that Plug
continues to incur losses and might never achieve or maintain profitability,
that Plug will need to raise additional capital to fund its operations and such
capital may not be available to the company, global economic uncertainty,
including inflationary pressures, fluctuating interest rates, bank failures, and
supply chain disruptions, ensuring timely construction and completion of
hydrogen generation projects, which may be delayed due to the Company's
inexperience with these project types, supply chain issues, and federal, state,
and local permitting and regulatory issues and that Plug's lack of extensive
experience in manufacturing, and marketing of certain of its products may impact
its ability to manufacture and market products on a profitable and large-scale
commercial basis. 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, Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2023 and June 30,2023, 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 except as may be required by law.
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 (http://www.plugpower.com).
MEDIA CONTACT
Kristin Monroe
Allison+Partners
plugPR@allisonpr.com (mailto:plugPR@allisonpr.com)
Â