Plug Secures 100 MW Electrolyzer Deal for Green Hydrogen Project in Europe

Largest green hydrogen project in oil and gas sector in Europe

LATHAM, N.Y., July 13, 2023 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, secured an order for 100 megawatts (MW) of proton exchange membrane (PEM) electrolyzers. This is the largest announced project in the oil and gas sector in Europe.

The Plug electrolyzers will be powered by 100% renewable energy and will generate approximately 43 tons of green hydrogen per day to replace gray hydrogen in the oil refining process. This will eliminate approximately 516 tons per day of CO2 (carbon dioxide).

"Plug is playing a leading role in advancing green hydrogen projects in Europe through the deployment of our industry-leading PEM technology,” said Plug CEO Andy Marsh. "We are demonstrating how green hydrogen can be generated at scale to decarbonize hard-to-abate industries while also helping companies to achieve aggressive carbon reduction goals.”

Plug provided engineering support for a Front End Engineering and Design (FEED) study leading to the successful decision to move the project to execution phase. The electrolyzers will be delivered and installed in 2024.

Plug’s electrolyzers use PEM stack technology in a modular design that offers a small footprint with potential for capacity expansion. The electrolyzer’s hydrogen output instantaneously adjusts based on electrical input, which is especially important when paired with intermittent renewable resources.

The PEM stacks for the system will be manufactured at Plug’s 155,000 square foot gigafactory in Rochester, New York. The gigafactory currently has a capacity of 100 MWs per month of electrolyzer stacks.

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 60,000 fuel cell systems and over 180 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is operating a state-of-the-art Gigafactory to produce electrolyzers and fuel cells, and is commissioning multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by year end 2025. Plug will deliver 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. For more information, visit www.plugpower.com.

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: This being the largest announced project in the oil and gas sector in Europe; That the Plug Electrolyzers will be powered by 100% renewable energy; That the Plug Electrolyzers will generate approximately 43 tons of green hydrogen per day intended to replace gray hydrogen in the oil refining process; The statement that this project will eliminate approximately 516 tons per day of carbon dioxide; The planned delivery and installation of the electrolyzers happening in 2024; Plug’s plans to commission multiple green hydrogen plants that may yield 500 tons of liquid green hydrogen daily by year end 2025. 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, 2022 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.

MEDIA CONTACT

Kristin Monroe
Allison+Partners
plugPR@allisonpr.com