Plug Seals Monumental Deal with Allied Green Ammonia for a Mega 3 GW Electrolyzer System

SLINGERLANDS, N.Y., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, today announced a landmark purchase agreement with Allied Green Ammonia (AGA). This agreement will see Plug supplying an impressive three gigawatts (GW) of electrolyzer capacity to AGA's state-of-the-art green hydrogen-to-ammonia plant, currently under development in Australia.

In a significant step towards a clean energy future, AGA will install a 4.5 GW solar plant to power the Plug electrolyzers with zero emission clean electricity. The green hydrogen produced will be used to make green ammonia.

With the agreement now signed and sealed, Plug will develop a Basic Engineering and Design Package (BEDP), providing crucial technical details and engineering specifications to attract investors and finalize financing.

Upon a positive Final Investment Decision (FID) expected by Q2 2025, Plug will kick off the manufacturing and delivery of Proton Exchange Membrane (PEM) electrolyzers starting in Q1 2027.

AGA's ambitious mega project, one of the largest green ammonia production facilities in the world, is set to produce approximately 2,700 metric tons per day (TPD) of green ammonia. This venture is driven by a growing demand from AGA’s customers in Asia and Europe for ammonia used in a range of sectors, including agriculture, energy storage, transport, and industrial applications.

"Ammonia producers are recognizing the substantial advantages of cost and carbon reduction through electrolysis-based hydrogen," said Andy Marsh, CEO of Plug. "We're thrilled to partner with Allied Green Ammonia, a leader in global green ammonia production. Together, we're not only advancing green ammonia production but actively supporting the global transition to a net-zero emissions future.”

Alfred Benedict, Chairman and Managing Director of AGA, expressed his enthusiasm for the partnership: "Taking on a project of this magnitude, deploying 3 GW of electrolyzers, is no small feat. From the moment we decided to embark on this journey, we knew we were looking at a long-term commitment to our partners of 4 to 5 years. That's why our relationship with Plug is so pivotal. Strong, enduring partnerships are the bedrock of successful projects like this. Having the right allies by our side, like Plug, makes all the difference in turning ambitious, green energy visions into reality."

About AGA

AGA is an Australian based company partnering with the world’s leading technology and materials providers to design, develop, construct and operate one of the world’s largest and most efficient green ammonia production facilities.

AGA has secured essential equipment, technology, and offtake agreements to ensure the successful development of the project, including Plug’s state-of-the-art electrolyzers, manufactured at its gigafactory in New York.

AGA values the substantial support of its industry stakeholders, the Northern Territory Government, the Australian Government and the local indigenous peoples represented by the Gumatj Corporation. Through these partnerships, AGA aims to deliver a critical piece of infrastructure that is expected to generate thousands of local jobs, saving millions of tonnes of carbon dioxide from being released into the atmosphere and provide the global industry with sustainable, clean and affordable fuels.

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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 Plug’s purchase agreement with Allied Green Ammonia (“AGA”), including expected timing for any Plug delivery; AGA’s plans for its green ammonia production facility, including production capacity and timing of FID. 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, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 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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