Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion
02 Mai 2024 - 1:00PM
Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, announced that
it has been awarded contracts to supply cryogenic equipment to a
multinational industrial gas company and a statewide electric
utility company. Additionally, the company is in the final stages
of completing an agreement to supply cryogenic equipment to another
leading industrial gas company.
Through a strategic partnership with the
multinational industrial gas company, Plug is set to supply five
cryogenic trailers for the Canadian market to facilitate the
transport of essential cryogenic industrial gasses like nitrogen,
argon, and oxygen. Deliveries for this equipment are expected in
early 2025.
In a separate agreement with a statewide
electricity utility company, Plug received a purchase order for
Liquefied Natural Gas (LNG) cryogenic mobile storage equipment,
designed for the storage and dispensing of cryogenic LNG. Delivery
of the equipment is scheduled to begin in Q4 of 2024.
Plug has been tapped by another leading
industrial gas company to supply eight cryogenic trailers to the
U.S. and Canadian market for the transportation of industrial
gasses such as nitrogen, argon, and oxygen. Deliveries for this
equipment are slated to commence in the latter half of 2025.
Plug CEO Andy Marsh: “With extensive expertise
designing and manufacturing cryogenic solutions, including liquid
storage tanks, delivery trailers, vaporizers, portable equipment,
and integrated control systems, we are successfully building long
term strategic partnership with customers and supporting their need
to get their gas products to market through liquefaction and truck
trailer transportation.”
Plug is also focused on expanding its cryogenic
equipment services internationally. As a follow on to the company
securing the first international PEM electrolyzer certification in
Korea, Plug has achieved Korean Gas Safety (KGS) certification for
ASME Section XII and ASME Section VIII Div. 1 required to build
bulk liquid hydrogen storage tanks and transport trailers to serve
the growing demand in the South Korean market.
To date, three liquid hydrogen bulk storage
tanks have arrived in South Korea and Plug is preparing to ship its
first liquid hydrogen trailer to South Korea this month. The
storage tanks and transport trailers were manufactured in Houston,
TX and have been tailored to meet Korean regulations.
In 2021, Plug acquired Applied Cryo
Technologies, Inc., adding the technology, equipment and services
for the transportation, storage, and distribution of liquefied
gases.
Today, Plug is a leading manufacturer of
advanced cryogenic equipment. The company’s cryogenic trailers are
the lightest on the market, allowing for superior over the road
payloads. The trailers are optimized to transport liquid gasses
across North American highways.
To learn more about Plug’s cryogenic solutions,
visit:
https://www.plugpower.com/learn-more-about-plugs-portable-refueler/
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.
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 ability to execute supply contracts with
industrial gas companies and/or statewide electric utility
companies; Plug’s ability to fulfill its contractual obligations
relating to cryogenic equipment; Plug’s ability to deliver
cryogenic equipment by expected dates in 2024 and 2025; the extent
of Plug’s expertise designing and manufacturing cryogenic
solutions, including liquid storage tanks, delivery trailers,
vaporizers, portable equipment, and integrated control systems;
Plug’s ability to successfully build long term strategic
partnerships with customers through its liquefaction and truck
trailer transportation activities; Plug’s ability to ship a liquid
hydrogen trailer to South Korea as expected; Plug's storage tanks’
and transport trailers’ continued compliance with applicable
regulations; and Plug’s cryogenic trailers’ weight and road
payloads versus competitors’ comparable products’ weight and road
payloads on the market. 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 ContactFatimah
NouilatiAllisonPlugPR@allisonworldwide.com
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