Order Plug Lands 1 GW Electrolyzer with H2 Power Europe

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Plug secures The world’s largest electrolyzer Order to date

Power from Green Hydrogen to the Northern European Transport Sector

Latham, NY, May 17, 2022 (Globe Newswire) – Plug Power Inc.. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has received an order to supply one gigawatt (GW) electrolyzer to a hydrogen company. H2 power Europe. Designed for a green hydrogen production complex in Denmark, it is by far the largest power electrolyzer installation in the world.

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Using offshore wind power, Plug’s electrolyzer technology will be able to produce up to 100,000 metric tons of green hydrogen per year. . Through a joint venture with Hyundai, H2 Energy will supply a fleet of heavy duty fuel cell trucks. In addition, earlier this year H2 Energy entered into a joint venture with Philips 66 to build more than 250 hydrogen refueling stations in Denmark, Germany and Austria that supplied green hydrogen from H2 energy.

Combining Plug’s leading electrolyzer technology with H2 Energy Europe’s engineering capabilities and strong partnerships, the project is a major step in reducing carbon emissions in the transportation sector for major northern European countries while creating energy security.

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“We see green hydrogen as the future and have made significant investments in green hydrogen, including building a gigafactory to produce electrolyzers,” said Andy Marsh, CEO of Plug. “Our operational readiness and production capacity was a key determinant of our selection for the world’s largest order, and we are delighted to be part of this project with H2 Energy.”

Plug’s Electrolizer Products, designed for the Danish complex of H2 Energy, will be manufactured at Plug’s Gigafactory in Rochester, NY, the world’s first and largest fuel cell and giga factory producing electrolyzers. The installation of the technology in the H2 Energy Complex is expected in 2024 with the production of green hydrogen in 2025. The hydrogen production complex, announced by the Danish government in September 2021, will be located near Isaberg and will be owned and operated by H2 Energy Europe.

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“Unique knowledge of plug power and market position in the Green Hydrogen ecosystem has made our choice of collaboration very easy. We have the same ambition to reduce CO2 emissions and create a future for hydrogen energy, “said Ralph Huber, Founder and CEO, H2 Energy.

H2 Energy Europe, headquartered in Switzerland, is a commodity trading firm, Trafigura Pte Ltd. And a joint venture between H2 Energy Holding AG. Through its affiliates, H2 Energy first develops and delivers hydrogen fuel cell trucks to commercial users and builds a green hydrogen fuel ecosystem in Switzerland.

Plug has been leading the way in PEM (proton exchange membrane) electrolysis technology for nearly 50 years, and has recently been named the number one hydrogen electrolyzer company. Guidehouse Insights.

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About the plug

Plug is building an end-to-end green hydrogen ecosystem from production, storage and delivery to energy production to help its customers meet their business goals and decarbonize the economy. To create the first commercially viable market for hydrogen fuel cell technology, the company has installed more than 50,000 fuel cell systems and more than 165 fuel 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 building a state-of-the-art giga factory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will produce 500 tons of liquid green hydrogen per day. By 2025, Plug will deliver its Green Hydrogen Solutions directly to customers and through multiple joint venture partners in multiple environments, including material handling, e-mobility, power generation and industrial applications.

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Plug has been leading the way in PEM (proton exchange membrane) electrolysis technology for nearly 50 years, and has recently been named the number one hydrogen electrolyzer company. Guidehouse Insights. This order with H2 Energy Europe follows a series of other major electrolyzer orders around the world for the plug, including one 250 MW unit Australian Forscue Future Industries Pty Ltd. Through joint ventures with, A 100 MW unit For the Fertiglobe of Egypt, and a 10 MW unit For the MOL group in Hungary. In the United States, Plug Power is currently installing 565 MW of its own electrolyzer products across its green hydrogen production network. Plug’s independent green hydrogen production network will deliver 70 TPD by the end of 2022 and will be on track for 500 TPD in North America by 2025 and 1,000 TPD worldwide by 2028.

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The world’s first and most comprehensive behind company Green hydrogen ecosystem, Plugs make it easier for companies ready to take on green hydrogen to improve both the efficiency and durability of their operations. For more information, go www.plugpower.com.

About H2 power

H2 Energy was founded in Zurich, Switzerland in 2014 with the aim of playing an active role in the fight against climate change. The company wants to make hydrogen from renewable energy a cornerstone of the energy system by expanding the entire value chain across production, distribution and use in a sustainable and economical way. H2 Energy is involved in a complete hydrogen value chain, providing knowledge-how and engineering at every step. The company has many years of experience, mainly in the construction of hydrogen production plants, the installation of hydrogen refueling stations and the engineering of hydrogen fuel cell applications. In 2020, Trafigura and H2 Energy have announced a commercial partnership to develop green fuel production, storage and distribution for refueling stations and industrial customers. Under the joint venture H2 Energy Europe, the two companies will invest in green hydrogen ecosystems across Europe. Visit: www.h2energy.ch

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Plug Safe Harbor Statement

This communication includes the “advance statement” in the meaning of the Private Securities Litigation Reform Act of 1995 which contains significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to: PLUG’s construction plans and North America and Europe. Operates a green hydrogen highway across; PLUG’s electrolyzer technology expects to produce up to 432 tons of green hydrogen (TPD) per day at the Danish site; Plug’s independent green hydrogen production network is expected to deliver 70 TPD by the end of 2022 and 500 TPD in North America by 2025 and 1,000 TPD worldwide by 2028; The potential for PLUG customers to reduce their carbon footprint, in general and in particular, displaces about 1.6 million tons of carbon emissions per year from this project. Such statements are a matter of risk and uncertainty which may differ materially from the actual performance or results expressed in these statements. For a further description of the risks and uncertainties that may differ from the actual results disclosed in these advance statements, as well as for the risks related to PLUG’s business in general, see PLUG’s Public Filing to the Securities and Exchange Commission (“SEC”), 31 December. PLUG’s annual report for the year ending 2021 includes 10-K’s “Risk Reasons” section and subsequent filings with the SEC. Readers are warned not to rely on this pioneer statement unnecessarily. Forward statements are made up of date here, and PLUG does not assume any obligation to update such statements as a result of new information.

Media Contact:

Plug
Caitlin Coffee
Allison + Partners
[email protected]

H2 power Europe
Low from Clifford
[email protected]
Telephone: +41 (79) 200 39 46

Andreas Schaftte Hedenstein
Mindshare Denmark
[email protected]
+45 (28) 92 64 94

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