PLUN Plug Power Inc

Plug Teams Up with Avina to Decarbonize Commercial Trucking
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, will deliver containerized proton exchange membrane (PEM) electrolyzer systems to Avina Clean Hydrogen Inc. for a green hydrogen production facility that will serve the commercial mobility sector in southern California. Plug’s electrolyzers will support the first hydrogen production facility for heavy-duty trucks in Southern California. Plug has a right of first refusal to supply electrolyzers for Avina’s next hydrogen production facility.

To help California reach its ambitious climate goals of slashing greenhouse gas emissions 85 percent by 2045, Avina will work with fleet operators and refueling station providers to provide green hydrogen supplied by Plug’s electrolyzers.

Each of Plug’s electrolyzer units will enable Avina to produce up to two metric tons per day (TPD) of green hydrogen, or 730 metric tons annually. Plug’s 5 MW turnkey electrolyzer is the largest available outdoor solution with the smallest footprint in the market, making it easier and more affordable to install than other solutions.

“Plug and Avina’s shared commitment to offset carbon emissions in hard-to-decarbonize sectors by deploying innovative green hydrogen solutions at scale makes this partnership a perfect match,” said Sanjay Shrestha, CSO and General Manager of Energy Business for Plug. “Driven by our leading electrolyzer technology and unrivaled manufacturing capabilities, we look forward to working with such an agile partner like Avina to rapidly accelerate the clean energy transition in Southern California, a trend-setting market for alternative energies.”

The electrolyzers will be built using stacks manufactured at Plug’s state-of-the-art gigafactory in Rochester, N.Y., the world’s first and largest PEM fuel cell and electrolyzer manufacturing gigafactory. Delivery of the systems is expected in Q2 2024, and the production facility is anticipated to be fully operational in mid-2024.

“Avina is excited to work with Plug on this first-of-its-kind green hydrogen project in Southern California, setting the foundation for a long-term partnership,” said Vishal Shah, founder and CEO, Avina Clean Hydrogen Inc. “By leveraging Plug Power’s proven, highly efficient, containerized PEM electrolyzer units, Avina is well positioned to provide a reliable source of green hydrogen to commercial mobility and other markets in California.”

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 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.

About AvinaAvina is a pioneer in the green hydrogen and green fuels sector with the most advanced portfolio of clean hydrogen plants under development and access to proprietary technology solutions. Avina uses a technology enabled production approach to make distributed green hydrogen cheaper than grey hydrogen today. Avina’s team has unparalleled expertise in the green hydrogen sector and is developing proprietary solutions to integrate intermittent renewable power with commercially available hydrogen technologies. Avina has 1.5 GW of clean hydrogen plants planned or under development with some of the largest corporations in the world.

Plug Power Safe Harbor StatementThis 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 PEM electrolyzer systems providing green hydrogen for hydrogen production facilities to serve heavy-duty trucks; Helping California reach its climate goals of slashing greenhouse gas emissions 85 percent by 2045; Each of Plug’s electrolyzer systems enabling Avina to produce up to two metric tons per day (TPD) of green hydrogen, or 730 metric tons annually; Plug’s statement that its 5 MW turnkey electrolyzer is the largest available outdoor solution with the smallest footprint in the market, making it easier and more affordable to install than other solutions; Anticipated delivery of the systems in Q2 2024; Avina’s production facility anticipated to be fully operational in mid-2024; Plug’s plans to build and operate a green hydrogen highway across North America and Europe, including building out its Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that may yield 500 tons of liquid green hydrogen daily by year end 2025. 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.

PLUG MEDIA CONTACT

Caitlin Coffee Allison+Partners plugPR@allisonpr.com

AVINA MEDIA CONTACT

Nihal Kerimnkerim@avinah2.com