Plug Lands 1 GW Electrolyzer Order with H2 Energy Europe
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, has been
awarded an order to deliver a one gigawatt (GW) electrolyzer to
hydrogen company H2 Energy Europe. Planned for a green
hydrogen production complex in Denmark, this is the largest
capacity electrolyzer installation in the world to date.
Harnessing offshore wind power, Plug’s electrolyzer technology
will enable the production of up to 100,000 metric tonnes per year
of green hydrogen for use in the energy and transportation sector
in northern Europe, supplying the fuel needed for the equivalent of
approximately 15,000 heavy duty vehicles per day. Through its joint
venture with Hyundai, H2 Energy will supply fleets of heavy-duty
fuel cell trucks. In addition, earlier this year H2 Energy entered
a joint venture with Phillips 66 to build more than 250 hydrogen
refueling stations in Denmark, Germany and Austria supplied with
green hydrogen from H2 Energy.
Pairing Plug’s leading electrolyzer technology with H2 Energy
Europe’s engineering capabilities and strong partnerships, this
project is a major step towards reducing carbon emissions in the
transportation sector for key countries in northern Europe while
building energy security.
“We see green hydrogen as the future and have made significant
investments in green hydrogen including in the construction of a
gigafactory for electrolyzer production,” noted Andy Marsh, CEO of
Plug. “Our operational readiness and manufacturing capacity were
key determinants in our selection for the world’s largest order to
date, and we are pleased to be a part of this project with H2
Energy.”
Plug’s electrolyzer products destined for H2 Energy’s Danish
complex will be manufactured at Plug’s gigafactory in Rochester,
N.Y., the world's first and largest fuel cell and electrolyzer
manufacturing gigafactory. Deployment of the technology at H2
Energy’s complex is expected in 2024, with production of green
hydrogen in 2025. The hydrogen production complex, announced in
September 2021 by the Danish government, will be located near
Esbjerg and owned and operated by H2 Energy Europe.
“Plug Power’s unique knowledge and market position within the
green hydrogen ecosystem made our choice of collaboration very
easy. We have the same ambitions to reduce CO2 emissions and create
a world where hydrogen is the future of energy,” said Rolf Huber,
Founder and CEO, H2 Energy.
Swiss-headquartered H2 Energy Europe is a joint venture between
commodity trading firm Trafigura Pte Ltd. and H2 Energy Holding AG.
Through its affiliated companies, H2 Energy was the first to
develop and deliver hydrogen fuel cell trucks to commercial users
and create a green hydrogen fueling ecosystem in Switzerland.
Plug has been a leader in PEM (proton exchange membrane)
electrolysis technology for nearly 50 years and was recently named
the number one hydrogen electrolyzer company by Guidehouse
Insights.
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.
Plug has been a leader in PEM (proton exchange membrane)
electrolysis technology for nearly 50 years and was recently named
the number one hydrogen electrolyzer company by Guidehouse
Insights. This order with H2 Energy Europe follows a series of
other sizable electrolyzer orders across the globe for Plug,
including a 250 MW unit through a joint venture with Fortescue
Future Industries Pty Ltd. in Australia, a 100 MW unit for
Fertiglobe in Egypt, and a 10 MW unit for MOL Group in
Hungary. In the U.S., Plug Power is currently installing 565 MW of
its own electrolyzer products across its green hydrogen production
network. Plug’s independent green hydrogen production network
expects to deliver 70 TPD by the end of 2022 and remains on track
for 500 TPD in North America by 2025 and 1,000 TPD globally by
2028.
The company behind the world's first and most
comprehensive green hydrogen ecosystem, Plug is making green
hydrogen adoption simple for companies ready to improve both the
efficiency and sustainability of their operations. For more
information, visit www.plugpower.com.
About H2 Energy
H2 Energy was established in Zurich, Switzerland, in 2014 with
the vision to play an active role in fighting climate change. The
company wants to make hydrogen from renewable energy a cornerstone
of the energy system by expanding the entire value chain across
production, distribution and consumption in a sustainable and
economic way. H2 Energy is involved in the entire hydrogen value
chain, offering know-how and engineering each step of the way. The
company draws on many years of experience, particularly in creating
hydrogen production plants, establishing hydrogen refueling
stations and in the engineering of hydrogen fuel cell applications.
In 2020, Trafigura and H2 Energy announced a commercial
collaboration to develop the production, storage and distribution
of green hydrogen for refueling stations and industrial customers.
Under the joint venture H2 Energy Europe, the two companies will
invest in green hydrogen ecosystems across Europe. Visit:
www.h2energy.ch
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:
PLUG’s plans to build and operate a green hydrogen highway across
North America and Europe; PLUG’s electrolyzer technology
expectation to produce up to 432 tons per day (TPD) of green
hydrogen at the Denmark site; Plug’s independent green hydrogen
production network expectation to deliver 70 TPD by the end of 2022
and 500 TPD in North America by 2025 and 1,000 TPD globally by
2028; the potential of PLUG’s customers to reduce their carbon
footprint, generally and specifically displacing approximately 1.6
million tons of carbon emissions per year from this project. 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:
PlugCaitlin
CoffeeAllison+PartnersplugPR@allisonpr.com
H2 Energy EuropeClifford zur
Niedenczn@h2energy.chTel: +41 (79) 200 39 46Andreas Skafte
HedenstenMindshare Denmarkandreas.hedensten@mindshareworld.com+45
(28) 92 64 94
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