PLUN Plug Power Inc

Plug Power and Lhyfe announce commercial arrangement to develop green hydrogen plants throughout Europe
Plug Power Inc. (NASDAQ : PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Lhyfe, a pioneer producer and supplier of renewable and ecological hydrogen, today announced an partnership to jointly pursue and develop green hydrogen generation plants throughout Europe. The initiative seeks to generate a total hydrogen capacity of 300MW by 2025, and to start the development of a 1GW production site.

The agreement builds upon the working relationship already established between the two companies earlier this year. In that project, Plug Power’s hydrogen electrolyzer technology will provide 1MW of capacity to the world’s first offshore hydrogen production facility, developed by Lhyfe and powered by electricity from a floating wind turbine off the coast of Le Croisic, at SEM-REV, Centrale Nantes’ offshore test site, which will be operational by 2022.

Executives from Plug Power and Lhyfe gathered today in Paris, France, at Hyvolution 2021, where they signed a Memorandum of Understanding (MOU) outlining their respective roles and responsibilities, and their goals for the years ahead.

“We’re thrilled to expand our work with Lhyfe, bringing the green hydrogen revolution throughout Europe,” said Andy Marsh, CEO for Plug Power. “The team at Lhyfe have bold ambitions and capabilities that align with our own vision for a decarbonized future, and ability to scale hydrogen infrastructure quickly. In North America, we’ve already built a robust ‘hydrogen highway,’ which includes 165 hydrogen fueling stations and stationary power for businesses and institutions, a success we plan to replicate in Europe.”

Plug Power is the largest buyer of liquid hydrogen globally and has been present in Europe for more than 10 years. The company has made significant progress in deploying hydrogen applications with key European industrials, logistics customers and vehicle manufacturers, including its joint venture with Renault called HYVIA. Plug Power has installed several PEM technology solutions in Germany, France, The Netherlands, Italy and Portugal, and recently announced the launch of its European headquarters in North Rhine-Westphalia, Germany.

"We are very proud of the confidence that a player such as Plug Power has in our determination and ability to produce totally clean hydrogen," said Matthieu Guesné, CEO and founder of Lhyfe. "Thanks to this partnership, we will be able to rely on Plug Power's cutting-edge technology to deploy numerous hydrogen production sites onshore and offshore, in Europe but also in North America, which has particularly important decarbonization needs, in particular to replace the fossil fuel products that are still extracted and consumed on a massive scale."

Lhyfe is a world leader in the industrial production of renewable green hydrogen. In September, the company inaugurated the world's first industrial production site for renewable hydrogen in direct connection with a wind farm. It will inaugurate the world’s first offshore renewable hydrogen production site on the SEM-REV offshore test site in 2022. Lhyfe is deploying some 60 projects in Europe for mobility and industry.

As part of today’s announcement, Plug Power and Lhyfe will pursue opportunities to jointly develop green hydrogen generation plants throughout Europe, generated with state-of-the-art PEM electrolysis technology and supplied with electrical power from renewable energy sources. The new initiative will primarily serve on-road and off-road mobility applications. Finally, the two parties will also consider working together to co-develop a US-based offshore wind electrolyzer plant.

About Plug PowerPlug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell 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 meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell 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, Ikea, 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. www.plugpower.com.

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 the expected commercial release in 2022 and expected additional vehicle prototypes. 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 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. 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.

About LhyfeFounded in 2017 in Nantes (France), Lhyfe produces and supplies green and renewable hydrogen for mobility and industry. Its production sites make it possible, at last, to source renewable hydrogen in industrial quantities and to deploy a virtuous energy model geared towards environmental friendliness. Lhyfe has subsidiaries in Germany, Sweden, Denmark, the Netherlands and Spain and will soon have some 100 or so staff. It’s a member of France Hydrogène and Hydrogen Europe. The company raised 70 million euros in funding between 2019 and 2021 and inaugurated its first industrial green hydrogen production site in September 2021, in Vendée. www.lhyfe.com    

Plug Power Media ContactCaitlin CoffeeAllison + PartnersplugPR@allisonpr.com 

Lhyfe Media ContactClémence Rebours - +33 (0)6 60 57 76 43c.rebours@nouvelles-graines.com