Plug Signs Technical Evaluation Phase Contract for 25 MW of PEM Electrolyzers with Dourogás and CapWatt for 80,000 Ton Per Year Methanol Project
12 September 2024 - 2:16PM
Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, has secured a
contract with H2DRIVEN, a project developed by Dourogás and
CapWatt, to provide Technical Evaluation Phase (TEP) support for 25
megawatts (MW) of its Proton Exchange Membrane (PEM) Electrolyzers
during the Front End Engineering Design (FEED) process for their
green methanol project in Portugal.
Building on the success of its Basic Engineering
and Design Package (BEDP) for larger-scale plants, Plug introduced
a similar offering to support the development of projects
considering multiple 5 MW PEM electrolyzer units. The TEP offering
provides customers with technical information and support to
advance their projects through the permit and funding application
phase and the plant development phase while mitigating risks and
making informed Final Investment Decisions (FID). Similar to Plug’s
BEDP offering, the TEP offering will focus on delivering critical
insights and technical expertise to support customers with their
successful project execution.
Following a soft launch of this new engineering
study and support offering, Plug is pleased to have secured a first
TEP contract with H2DRIVEN. H2DRIVEN expects its project to produce
80,000 tons of green methanol annually by combining synthesis gas
from biomass gasification with green hydrogen generated through
water electrolysis powered by solar energy. This sustainable
methanol will be utilized in heavy industry and mobility
applications, contributing to a cleaner energy future.
The FEED process for the project will be led by
collaborating closely with Plug to leverage its expertise in PEM
technology. During the TEP, Plug will provide essential support and
detailed information on its PEM electrolyzer technology, guiding
the client through the FEED process.
“This agreement underscores our leadership and
expertise in PEM electrolyzer technology,” said Plug CEO Andy
Marsh. “With the world’s largest PEM electrolyzer plant and
extensive real-world experience, we are well-positioned to provide
the technical support needed to advance this project.”
H2DRIVEN aims to bolster the national economy
and resilience by driving R&D and innovation, diversifying the
production system, and reducing reliance on external markets. The
initiative will aim to increase exports, support the EU’s
technological sovereignty, and stimulate investment in R&D,
leading to technical and scientific advancements. Additionally,
H2DRIVEN is targeting development of two new high-tech production
systems and a reduction in emissions by 105 kilotons of CO2 (carbon
dioxide) annually by 2027.
Once the TEP is successfully executed, the
H2DRIVEN project will proceed to the next phase of the project, the
Final Investment Decision (FID). H2DRIVEN expects the project to be
operational by the end of 2026.
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 expectations about its Technical Evaluation Phase (TEP)
offering, including its ability to support customers in mitigating
risks, making informed final investment decisions and executing
projects; Plug’s expectations about its contract with H2DRIVEN,
including its role in providing essential support and detailed
information to guide the client through the Front End Engineering
Design (FEED) process and expectations that the project will
produce 80,000 tons of green methanol annually and will be
operational by the end of 2026; and H2DRIVEN’s target to develop
two new high-tech production systems and a reduction in emissions
by 105 kilotons of CO2 (carbon dioxide) annually by 2027. 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 Reports on Form 10-Q for the quarters ended March 31,
2024 and June 30, 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 NouilatiAllisonplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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