Plug Power Selected by Fertiglobe’s Green Hydrogen Consortium to
Deliver 100MW Electrolyzer for Green Ammonia
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen market, today
announces it has been selected by Fertiglobe (ADX: FERTIGLB) the
strategic partnership between OCI NV (Euronext: OCI) and the Abu
Dhabi National Oil Company (ADNOC) and Scatec ASA (OSE: SCATC), the
Sovereign Fund of Egypt and Orascom Construction (NASDAQ Dubai: OC;
EGX: ORAS), as the technology provider for a 100 megawatts
electrolyzer to produce green hydrogen as feedstock for up to
90,000 tons of green ammonia production at EBIC in Ain Sokhna,
Egypt.
Egypt is an ideal location to produce green
hydrogen given its unique renewables profile with strong solar and
wind loads, and close to markets with a hydrogen deficit. Green
ammonia, produced from renewable energy such as solar and wind
instead of natural gas, is a versatile product that is an ideal
carrier fuel to store and transport hydrogen, and can help
decarbonize numerous sectors which represent around 80% of current
global Greenhouse Gas (GHG) emissions, including as an important
alternative fuel in the power sector in Japan and other
countries.
“Plug Power congratulates the members of Egypt’s
Green Hydrogen Consortium, including Fertiglobe, Orascom
Construction and others, on their plans to develop the country’s
first green hydrogen production facility,” said Andy Marsh, CEO of
Plug Power. “We are thrilled by the Consortium’s exciting move to
put Egypt and the MENA region on the green hydrogen map.”
Marsh Continued, “This order reinforces our
strong booking momentum in the electrolyzer business and puts Plug
Power well on its path to achieving its 2022 electrolyzer sales
plan. Plug Power is aggressively pursuing an extensive sales
pipeline of green hydrogen and green ammonia projects. We continue
to establish meaningful global partnerships in the green hydrogen
economy where we can deliver our commercial electrolyzer
solutions.”
Nassef Sawiris, Executive Chairman of OCI NV,
commented: “We are excited to announce this key milestone in this
essential piece of our hydrogen strategy. Plug Power is a leader in
electrolysis technology, and this strategic partnership further
solidifies our execution strategy. At start-up, this will be the
largest green hydrogen and largest green ammonia application
globally. Construction is expected to follow an accelerated
schedule to showcase the green hydrogen facility during COP 27 in
Egypt in November 2022, highlighting Egypt’s and Fertiglobe’s
growing leadership in the renewable energy markets and commitment
to a greener future.”
Ahmed El-Hoshy, Chief Executive Officer of
Fertiglobe, commented: “This is a huge step forward in our ambition
to decarbonize our footprint to net zero by 2050, and
simultaneously help our customers decarbonize. As an early mover in
clean hydrogen-based fuels, we are pleased that Fertiglobe is
partnering with Plug Power to deploy cutting edge technology at
scale.”
About Plug Power
Plug Power is building the hydrogen economy as
the leading provider of comprehensive hydrogen fuel cell (HFC)
turnkey solutions. The Company’s innovative technology powers
electric motors with hydrogen fuel cells amid an ongoing paradigm
shift in the power, energy, and transportation industries to
address climate change and energy security, while providing
efficiency gains and meeting sustainability goals. Plug Power
created the first commercially viable market for hydrogen fuel cell
(HFC) technology. As a result, the Company has deployed over 50,000
fuel cell systems for e-mobility, more than anyone else in the
world, and has become the largest buyer of liquid hydrogen, having
built and operated a hydrogen highway across North America. Plug
Power delivers a significant value proposition to end-customers,
including meaningful environmental benefits, efficiency gains, fast
fueling, and lower operational costs. Plug Power’s vertically
integrated GenKey solution ties together all critical elements to
power, fuel, and provide service to customers such as Amazon, BMW,
The Southern Company, Carrefour, and Walmart. The Company is now
leveraging its know-how, modular product architecture and
foundational customers to rapidly expand into other key markets
including zero-emission on-road vehicles, robotics, and data
centers.
About Fertiglobe
Fertiglobe is the world’s largest seaborne
exporter of urea and ammonia combined, and an early mover in clean
ammonia. Fertiglobe’s production capacity comprises of 6.7 million
tons of urea and merchant ammonia, produced at four subsidiaries in
the UAE, Egypt and Algeria, making it the largest producer of
nitrogen fertilizers in the Middle East and North Africa (MENA),
and benefits from direct access to six key ports and distribution
hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf.
Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global
Market (ADGM), Fertiglobe employs more than 2,600 employees and was
formed as a strategic partnership between OCI N.V. (“OCI”) and the
Abu Dhabi National Oil Company (“ADNOC”). Fertiglobe is listed on
the Abu Dhabi Securities Exchange (“ADX”) under the symbol
“FERTIGLB” and ISIN “AEF000901015. To find out more, visit:
www.fertiglobe.com
About OCI N.V.
OCI N.V. (Euronext: OCI) is a leading global
producer and distributor of hydrogen-based products providing low
carbon fertilizers, fuels, and feedstocks to agricultural,
transportation, and industrial customers around the world. OCI’s
production capacity spans four continents and comprises
approximately 16.2 million metric tons per year of hydrogen-based
products including nitrogen fertilizers, methanol, biofuels, diesel
exhaust fluid, melamine, and other products. OCI has more than
3,600 employees, is headquartered in the Netherlands and listed on
Euronext in Amsterdam. For more information, please visit
www.oci.nl
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 regarding its multi-year investment and growth, PLUG’s
clean hydrogen technology and fuel cell solutions playing a
critical role in achieving climate and decarbonization goals,
deepening of relationships with key stakeholders, and acceleration
of demand and adoption of hydrogen technology. You are cautioned
that such statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate
indications of the times that, or by which, such performance or
results will have been achieved. 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, including the
“Risk Factors” section of PLUG’s Annual Report on Form 10-K for the
year ended December 31, 2020. 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.
SOURCE: PLUG POWER
Plug Power Media ContactCaitlin
CoffeeAllison+Partners(312) 635-8204PlugPR@allisonpr.com
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