Plug Preferred Supplier Of 550 MW PEM Electrolyzers To Fortescue For Proposed Gibson Island Project
11 Oktober 2023 - 1:00PM
Plug Preferred Supplier Of 550 MW PEM Electrolyzers To Fortescue
For Proposed Gibson Island Project
Plug Power (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, is currently the
preferred supplier of 550 MW electrolyzers to Fortescue, a global
green energy and metals company, for Fortescue’s proposed Gibson
Island Project.
Fortescue, which is committed to leading the world in stepping
beyond fossil fuels by developing green electrons, green hydrogen
and green technology at scale, and Plug have signed a Memorandum of
Understanding (MOU) to evaluate the potential supply of a range of
capital equipment including electrolyzers, liquefiers, tanker
trailers and stationary storage tanks for green hydrogen production
projects in North America, including Fortescue’s proposed Phoenix
hydrogen plant (30 metric tons per day (MTPD) phase 1; 120 MTPD
phase 2). Both parties are also looking to collaborate on
additional large projects on a global basis.
Under the terms of the MOU, Plug and Fortescue will also
evaluate co-investment opportunities in green hydrogen production
projects in North America. Plug and Fortescue have started the
initial diligence process for Fortescue to take up to a 40% equity
stake in Plug’s Texas hydrogen plant (45 MTPD) and for Plug to take
up to a 25% equity stake in Fortescue’s proposed Phoenix hydrogen
plant.
The proposed 550 MW (megawatt) PEM (proton-exchange membrane)
electrolyzer supply contract for Fortescue’s green hydrogen
production Gibson Island Project in Brisbane, Queensland,
Australia, is subject to final negotiations and approvals and
Fortescue’s final investment decision (FID) on that project. An FID
is expected by the end of December 2023. Once operational, the
plant is expected to produce approximately 385,000 [metric] tons of
green ammonia a year from the green hydrogen produced onsite
through the 550 MW hydrogen electrolysis facility.
“The proposed 550 MW electrolyzer deal reinforces Plug’s
established leadership position in deploying electrolyzer solutions
at a global scale,” said Plug CEO Andy Marsh. “Today, we have taken
a meaningful positive step forward in our ongoing relationship with
Fortescue, opening up many opportunities to build the green
hydrogen economy together in the future.”
Sanjay Shrestha, General Manager, Energy Solutions & Chief
Strategy Officer continues, “Fortescue’s interest in investing in
our green hydrogen plants validates Plug’s strategy to bring on
third party investors, and its economic attractiveness as we
execute our capital investment strategy for our green hydrogen
plant network by bringing on board partners and outside
investors.”
Mark Hutchinson, CEO, Fortescue Energy, said: “Plug Power’s
preferred supplier status for the Gibson Island Project is another
step towards fulfilling our ambition to make a final investment
decision on the project this calendar year. It is vital that first
movers like Plug Power and Fortescue continue to work together to
develop and scale-up the green energy and green hydrogen industries
in Australia and North America. We believe there is strong demand
globally for the green hydrogen we will produce and we must move
quickly to meet that demand.”
Plug and Fortescue share a common mission to build out and scale
up a global green hydrogen ecosystem. They consider green hydrogen,
which is produced using renewable energy, is critical to the
decarbonization of hard-to-abate industries, such as long-haul
transportation and heavy manufacturing of steel, chemicals,
concrete and more.
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 60,000 fuel
cell systems and over 180 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 operating a state-of-the-art
Gigafactory to produce electrolyzers and fuel cells, and is
commissioning 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 Fortescue
Fortescue is a global metals and green energy company,
recognized for its culture, innovation and industry-leading
development of infrastructure, mining assets and green energy
initiatives. It operates with two divisions – Metals and Energy.
Fortescue is committed to producing green hydrogen, containing zero
carbon, from renewable electricity. Green hydrogen is a zero-carbon
fuel that, when used, produces primarily water. It is a practical
and implementable solution that can help revolutionize the way we
power our planet: helping to decarbonize heavy industry and create
jobs globally. Fortescue is leading the green industrial
revolution, acquiring and developing technology solutions for
hard-to-decarbonize industries, while building a global portfolio
of renewable green hydrogen and green ammonia projects. Fortescue
is also leading the global effort to help decarbonize hard-to-abate
sectors and is developing and acquiring the technology and energy
supply to help decarbonize the Australian iron ore operations of
one of the world’s largest producers of iron ore, Fortescue Metals,
by 2030 (Scope 1 and 2 terrestrial emissions). fortescue.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 potentially supplying 550 MW of PEM
Electrolysis capacity to the Gibson Island production plant.
Fortescue is making a FID by the end of December 2023. Expectations
for the plant, once operational, to produce approximately 385,000
[metric] tons of green ammonia a year from the green hydrogen
produced on site through the 550 MW hydrogen electrolysis facility.
The potential supply by Plug of a range of capital equipment
including electrolyzers, liquefiers, tanker trailers and stationary
storage tanks for Fortescue’s potential green hydrogen production
projects in North America, including Fortescue’s proposed Phoenix
hydrogen plant (30 metric tons per day (MTPD) phase 1; 120 MTPD
phase 2). Potential investments and/or co-investments in the
respective parties’ hydrogen production plants in Texas and
Arizona, USA. Plug building multiple green hydrogen production
plants that may yield up to 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.
MEDIA CONTACT
Kristin Monroe Allison+Partners plugPR@allisonpr.com
Plug Power (TG:PLUN)
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