Plug Secures 25 MW PEM Electrolyzer Deal for Major European Customer

LATHAM, N.Y., June 21, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems for a customer in Europe. The project will employ five of Plug’s 5 MW containerized PEM electrolyzers, to reduce the carbon footprint of the company by using green hydrogen.

"The selection of Plug's technology for this project serves as a clear example of our established industry expertise and proven technology,” stated Plug CEO Andy Marsh. "Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”

Plug will leverage its extensive experience in green hydrogen industry, backed by 35 years of engineering and expertise following the acquisition of Frames in 2021. Among other, the company is currently advancing on a 100 MW PEM electrolyzer deployment with Galp, an oil and gas company in southern Europe, and commissioning multiple 5 MW electrolyzer systems for industries including glass manufacturing, aluminum recycling, and steel manufacturing processes. The company is also currently executing on 7.5 gigawatts (GW) of Basic Engineering and Design Package (BEDP) contracts.

Plug's experience in deploying and operating PEM electrolyzer systems globally, highlighted by operating the largest system at its 15 ton per day (TPD) Georgia hydrogen production plant, underscores its ability to provide proven PEM electrolyzer technology for this project.

Moreover, Plug's state-of-the-art Gigafactory in Rochester, N.Y., one of the largest PEM manufacturing facilities in the U.S., further demonstrates the company's capacity to deliver on this project. Together, the Georgia plant and the Gigafactory are evidence of Plug's successful track record with PEM electrolyzer technology.

This deal marks the beginning of a long-term partnership and is the first step in decarbonizing the customer's operations. The project will be developed in phases, with the potential expansion of up to two GW of electrolyzer capacity.

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 capacity to deliver on proton exchange membrane (PEM) electrolyzer systems to a customer in Europe and reduce its carbon footprint and the development phases and potential expansion of electrolyzer capacity of such project; Plug’s expectations with respect to its other electrolyzer deployments and execution of Basic Engineering and Design Package (BEDP) contracts, and Plug’s expectations with respect to its track record with PEM electrolyzer technology. 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 Report on Form 10-Q for the quarter ended March 31, 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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