PLUN Plug Power Inc

Plug 1MW Electrolyzer Commissioned at World’s First Floating Offshore Green Hydrogen Production Site
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Lhyfe, one of the world’s pioneers in the production of green and renewable hydrogen, announced yesterday the world’s first production of hydrogen at sea on a floating platform with a Plug state-of the-art 1-megawatt electrolyzer on an offshore green hydrogen production site in Saint-Nazaire, France. Plug’s electrolyzer will be directly powered by off-shore wind turbines.

Plug’s marinized EX-425D 1-megawatt electrolyzer product will be the first electrolyzer operating on a floating platform under extreme conditions. The electrolyzer system has been marinized to meet acceleration, tilt and other marine specifications.

The project, named “Sealhyfe,” paves the way for leveraging offshore wind assets being built globally, and specifically, around the North Sea in Europe. The project will be operated for 6 months at the pier, then for 12 months off the coast of Le Croisic at the offshore testing site SEM-REV by French engineering school Centrale Nantes.

Lhyfe and Plug, having initiated a strategic relationship in October 2021, have also executed an MoU to jointly develop 300 megawatts of green hydrogen plants across Europe by 2025. In September, Plug announced a deal with Lhyfe to provide 50 megawatts of PEM electrolyzers for green hydrogen production, the company’s largest multi-site order in Europe.

“Today’s inauguration of Sealhyfe marks a pivotal moment for Plug and Lhyfe, demonstrating that green hydrogen is possible, not just in onshore projects, but offshore too,” Andy Marsh, CEO of Plug, said. “We’re proud to be instrumental in creating the world’s first offshore green hydrogen project, another first for Plug, Lhyfe, and the world.”

Sealhyfe is supported by the French energy and environment agency ADEME and the Pays de la Loire Region. The project was developed by a consortium, led by Lhyfe, who has managed all the engineering studies and will operate the production site, and includes Chantiers de L’Atlantique, GEPS Techno, Eiffage Énergie Systèmes, the Port of Saint-Nazaire and Kraken Subsea Solutions.The Plug-Lhyfe partnership expects to work together on future commercial off shore electrolyzer plants.

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 50,000 fuel cell systems and over 165 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 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.

About Lhyfe

Founded in 2017 in Nantes, Lhyfe produces and supplies green and renewable hydrogen for transportation and industry. Its production site and project sales pipeline should provide access to renewable hydrogen in industrial quantities, and enable the creation of a virtuous energy model benefiting the environment. The company is a member of France Hydrogène and Hydrogen Europe. Its first green hydrogen production plant was commissioned in September 2021. Lhyfe currently has a sales pipeline of more than 4.8 GW of total capacity that will help decarbonize industry and mobility. A research programme started in 2019 led to the start of a test phase in real conditions for the world’s first floating electrolyser connected to a floating wind farm, in autumn 2022. Lhyfe is listed on the Euronext Paris stock exchange (LHYFE - FR0014009YQ1).

For more information, please go to www.lhyfe.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 and Lhyfe’s strategic relationship with intentions to jointly develop 300 megawatts of renewable green hydrogen plants across Europe by 2025, including Plug supplying 50 megawatts of PEM electrolyzers for renewable green hydrogen production in Europe; The Lhyfe-Plug Power partnership future plans to develop offshore wind powered electrolyzer plants. 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, 2021 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 CONTACTS: Plug Caitlin CoffeeAllison+PartnersplugPR@allisonpr.com

LhyfeIndustry Press RelationsNouvelles GrainesClémence Rebours:+33 (0) 6 60 57 76 43c.rebours@nouvelles-graines.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73c1f664-5c2c-4e5b-943c-80a621ba3773