Plug Power and Apex Clean Energy to Develop Green Hydrogen Network Using Wind Power
24 September 2020 - 1:45PM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, is partnering
with Apex Clean Energy, a leading developer and operator of
utility-scale wind and solar power facilities. Apex and Plug Power
have established a Collaboration Agreement designed to accelerate
the shift to clean energy and mutually promote the advancement of
green hydrogen in the United States.
The Collaboration Agreement with Apex Clean Energy is a key
milestone to advancing Plug Power’s green hydrogen strategy and
shows continued dedication towards executing Plug Power’s goal to
utilize over 50% green hydrogen by 2024. All green hydrogen
generated from this Collaboration Agreement will support Plug
Power’s objective to decarbonize the broader transportation and
logistics industries while facilitating the anticipated growth of
the hydrogen economy.
The network of green hydrogen facilities will be designed
leveraging Apex’s development pipeline of renewable projects. The
relationship is expected to grow substantially over time,
leveraging each other’s capabilities in hydrogen and renewable
energy infrastructure development. According to McKinsey, the
global hydrogen economy could be as large as $2.5T by 2050.
“We expect the levelized cost of hydrogen produced by renewables
to continue to decline while providing active returns for our
investors,” said Andy Marsh, CEO for Plug Power. “Green hydrogen
represents a substantial growth opportunity for the broader
renewable industry that accelerates decarbonizing the electric grid
and producing clean hydrogen fuel to serve many industries.”
“To accomplish the mission of a 100% clean energy economy, it is
essential that we move aggressively to ramp up the green hydrogen
supply chain,” said Mark Goodwin, president and CEO of Apex Clean
Energy. “This partnership with Plug Power is a significant step
towards achieving a carbon-free future.”
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 35,000 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 Apex Clean Energy
Apex Clean Energy develops, constructs, and operates
utility-scale wind and solar power facilities across North America.
Our mission-driven team of more than 200 renewable energy experts
uses a data-focused approach and an unrivaled portfolio of projects
to create solutions for the world’s most innovative and
forward-thinking customers. For more information on how Apex is
leading the transition to a clean energy future, visit
www.apexcleanenergy.com.
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 growth in Europe,
revenue, growth with GenKey customers and its project financing
platform. 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. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk of dilution to our stockholders and/or
stock price should we need to raise additional capital; the risk
that our lack of extensive experience in manufacturing and
marketing products may impact our ability to manufacture and market
products on a profitable and large-scale commercial basis; the risk
that unit orders may not ship, be installed and/or converted to
revenue, in whole or in part; the risk that a loss of one or more
of our major customers, or if one of our major customers delays
payment of or is unable to pay its receivables, a material adverse
effect could result on our financial condition; the risk that a
sale of a significant number of shares of stock could depress the
market price of our common stock; the risk that our convertible
senior notes, if settled in cash, could have a material effect on
our financial results; the risk that our convertible note hedges
may affect the value of our convertible senior notes and our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls;
our ability to attract and maintain key personnel; the risks
related to the use of flammable fuels in our products; the risk
that pending orders may not convert to purchase orders, in whole or
in part; the cost and timing of developing, marketing and selling
our products; the risks of delays in or not completing our product
development goals; our ability to obtain financing arrangements to
support the sale or leasing of our products and services to
customers; our ability to achieve the forecasted gross margin on
the sale of our products; the cost and availability of fuel and
fueling infrastructures for our products; the risks, liabilities,
and costs related to environmental, health and safety matters; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of our products
and services, including GenDrive, GenSure and GenKey systems; our
ability to establish and maintain relationships with third parties
with respect to product development, manufacturing, distribution
and servicing, and the supply of key product components; the cost
and availability of components and parts for our products; the risk
that possible new tariffs could have a material adverse effect on
our business; our ability to develop commercially viable products;
our ability to reduce product and manufacturing costs; our ability
to successfully market, distribute and service our products and
services internationally; our ability to improve system reliability
for our products; competitive factors, such as price competition
and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
risk of dependency on information technology on our operations and
the failure of such technology; the cost of complying with current
and future federal, state and international governmental
regulations; our subjectivity to legal proceedings and legal
compliance; the risks associated with potential future
acquisitions; the volatility of our stock price; and other risks
and uncertainties referenced in our public filings with the
Securities and Exchange Commission (the “SEC”).
For additional disclosure regarding these and other risks faced
by PLUG, see disclosures contained in PLUG's public filings with
the SEC including, the "Risk Factors" section of PLUG's Annual
Report on Form 10-K for the year ended December 31, 2019 and
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2020 and June 30, 2020. You should consider these factors in
evaluating the forward-looking statements included in this
presentation and not place undue reliance on such 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 ContactIan MartoranaThe Bulleit
Group(415) 237-3681plugpowerpr@bulleitgroup.com
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