PLUN Plug Power Inc

Plug Lands Three Electrolyzer Deals for European Green Hydrogen Projects in Hard to Decarbonize Industries
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, landed three five megawatt (MW) electrolyzer projects with Ardagh Glass Limmared AB, Hydro Havrand, and the APEX Group for the first-ever use of industrial-scale green hydrogen in glass manufacturing, aluminum recycling, and steel manufacturing processes. Plug is the only company offering 5MW containerized PEM electrolyzers today. The standardized turnkey system, with a production capacity of more than two tons per day, reduces site construction costs and implementation complexity.

Green Glass Manufacturing:Located east of Gothenburg, Sweden, Ardagh Glass Limmared AB is the only glass packaging producer in the Nordics and a supplier to Sweden’s most popular spirits company. Dedicated to sustainable packaging solutions, Ardagh will produce 2.1 metric tons per day (TPD) of green hydrogen by the end of the year, replacing a portion of the natural gas used today while reducing overall carbon emissions at the plant. Ardagh will use hydroelectric power to generate hydrogen from Plug’s electrolyzer.

Aluminum Recycling:Hydro Havrand, a new unit of aluminum giant Norsk Hydro ASA, is on a mission to decarbonize heavy industry with green hydrogen. To build a close-loop circular economy for its aluminum recycling plant in Hoyanger, Norway, Hydro will employ a 5MW Plug electrolyzer module by June 2024. The electrolyzer will displace natural gas used in the plant’s burner with 2.1 metric TPD of green hydrogen. Norsk Hydro, the mother company, has deep expertise in electrolysis dating back to the 1950s.

Green Steel Manufacturing: In Bremen, Germany, Plug and its trusted partner APEX Group, an integrator with strong project execution expertise, will demonstrate for the first time the feasibility of producing green steel through the decarbonization of ArcelorMittal’s local blast furnaces. Plug will deliver two 5MW electrolyzer modules with a capacity to produce 4.2 metric TPD of green hydrogen to SWB, the city’s public utility company, by the end of this year. The long-term goal is full decarbonization of the steel industry in northern Germany and the rest of Europe.

By 2030, the European Union plans to produce 10 million metric tons of green hydrogen per year to decarbonize European industries and the mobility sector. The deployment of Plug’s electrolyzers will contribute to this decarbonization roadmap.

“Plug is breaking new ground with this series of industry firsts that validate our vision to scale the green hydrogen economy,” said Plug CEO Andy Marsh. “We were bold enough to design and build the industry’s first 5MW electrolyzer module, and customers are now clambering for its holistic, compact, easy-to-install features.”

In April of 2023, Plug announced record production of its PEM electrolyzer stacks in Q1 2023, manufacturing 122MW stacks and shipping nearly 1,000 stacks totaling 5.7 MW for specialty applications. For more information about Plug’s electrolyzer product line, visit https://www.plugpower.com/learn-more-about-plugs-electrolyzer-products/.

About PlugPlug 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 185 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.

Plug 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: Ardagh Glass Limmared AB’s electrolyzer producing 2.1 TPD of green hydrogen by the end of 2023, generated from hydroelectric power, to replace a portion of the natural gas used in Ardagh’s burner, reducing overall carbon emissions at the plant; Hydro Havrand’s 5 MW Plug electrolyzer module running by June 2024, displacing natural gas used in the plant’s burner with 2.1 metric TPD of green hydrogen; APEX Group demonstrating, for the first time, the feasibility of producing green steel through the decarbonization of ArcelorMittal’s local blast furnaces. Plug’s plan to deliver two 5 MW electrolyzer modules with a capacity to produce 4.2 metric TPD of green hydrogen to SWB, the city of Bremen’s public utility company, by the end of 2023 and the long-term goal of full decarbonization of the steel industry in northern Germany and the rest of Europe. The deployment of Plug’s electrolyzers contributing to the European Union’s decarbonization roadmap for 2030. 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, 2022 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 CONTACTCaitlin Coffee Allison+Partners plugPR@allisonpr.com