Plug Continues to Make Substantial Advancement in Hydrogen Generation Buildout

Having already achieved nameplate capacity at Georgia and Tennessee with Louisiana on track to achieve mechanical completion by end of Q3 2024

Recalibrated hydrogen pricing continues to make solid progress, underscoring strategic nature of Plug’s customer relationships

These initiatives are in line with the company’s previously articulated goals of margin expansion and focus on cash burn reduction

LATHAM, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has reached nameplate capacity at the company’s hydrogen plants in Georgia and Tennessee. With this increased supply from our hydrogen production network, Plug will benefit from a lower cost of hydrogen, a crucial step in the company’s roadmap to achieve profitable growth. This is headlined by the company’s first green hydrogen plant in Georgia already reaching nameplate capacity of 15 tons per day (TPD) of liquid hydrogen production, marking a significant milestone for Plug’s hydrogen network and the hydrogen economy in the U.S.

“As part of our initiative to strengthen financial performance, we are pleased to make headway in a two-prong strategy: lower cost sourced hydrogen through capacity expansions at our Georgia and Tennessee plants coupled with improved margins through the recalibration of pricing across our portfolio,” said Andy Marsh, Plug CEO. “We greatly appreciate our customers' loyalty and commitment to our joint vision for a clean energy future. Their willingness to work alongside us underscores the critical role that Plug’s hydrogen products play in their operations.”

As a part of the company’s efforts to restructure the business model, Plug implemented price increases across all its offerings including equipment, service, and fuel. This recalibration of prices better reflects the value of Plug’s services, while still offering a strong economic proposition to its customers; all of which aligns with the company’s strategic focus on enhancing both cash flow and margins.

Plug has continued to make substantial progress on building out its North America green hydrogen network to meet customer demand. The company’s Georgia hydrogen plant, home to the largest Proton Exchange Membrane (PEM) electrolyzer system in the U.S., has been running at a stable rate of 15 tons per day (TPD) since the beginning of the month.

With Plug’s Tennessee plant now operating at nameplate capacity of 10 TPD, the company has achieved a total liquid hydrogen capacity of 25 TPD, which can now fulfill approximately 50% of its customers’ green hydrogen demand. Plug's cryogenic fleet now consists of 40 trailers which are being filled and supplying liquid hydrogen to Plug customers across the United States in material handling operations, fuel cell electric vehicle fleets, and stationary power applications.

The company’s Louisiana plant (Joint venture with Olin Corporation) is projected to add 15 TPD of liquid green hydrogen to Plug’s North American network by the end of Q3 2024. With the addition of the Louisiana plant, Plug will have 40 TPD of internal production capacity, meeting the majority of its customers demand. In addition, the company continues to collaborate with its key hydrogen supplier in the U.S. Plug is doing substantial work on other U.S.-based plants and is actively engaged with key strategic suppliers to facilitate the expansion of its green hydrogen network and to achieve cost-effectiveness in green hydrogen production at scale.

“Our green hydrogen ecosystem was built on a deep understanding of customer needs,” said Sanjay Shrestha, Plug General Manager, Energy Solutions, and Chief Strategy Officer. “Our Georgia and Tennessee plants operating at full capacity is a meaningful step towards continuing to drive cost reduction and margin enhancement in our fuel business.”

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 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers 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.

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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: any hydrogen production plant being at nameplate capacity; this Georgia Plant reaching full production capacity of 15 TPD; this Georgia plant ensuring consistent delivery of green hydrogen to power the equivalent of 15,000 forklifts per day across North America; Plug’s ability to expand and scale hydrogen production throughout North America and around the globe; this Georgia Plant representing a significant advancement in the hydrogen industry for making cost-effective green hydrogen at scale; this hydrogen production milestone being critical in building out Plug’s North America’s green hydrogen network; Plug doing work on other U.S.-based hydrogen generation plants; Plug’s hydrogen activity aiding in cash burn reduction; Plug achieving goals of cash burn reduction in Q2 2024; this increase of hydrogen supply leading to lower cost hydrogen and in turn achieving profitable growth; the recalibration of hydrogen pricing enhancing both cash flow and margin; Plug’s commitment to enhancing its liquid green hydrogen production capabilities across the U.S.; and Plug’s plans of developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. 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, 2023 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.

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