Apex Clean Energy and Plug Power Partner on Largest Green Hydrogen Power Purchase Agreement in the United States

Rhea-AI Summary

Apex Clean Energy and Plug Power have announced a 345 MW wind power purchase agreement (PPA) to develop the first wind-powered hydrogen production facility in the U.S. The facility aims to produce over 30 metric tons of clean hydrogen daily, enough to fuel over 2,000 light commercial vehicles or 1,000 heavy-duty trucks. This partnership marks Apex's largest PPA and supports the decarbonization efforts in the transportation and industrial sectors. Plug Power targets 500 tons of hydrogen production daily by 2025, aiming to increase to 1,000 tons by 2028.

Positive

• 345 MW PPA with Apex Clean Energy marks a significant business expansion.
• Facility to produce over 30 metric tons of clean liquid hydrogen daily, boosting supply for commercial vehicles.
• Partnership strengthens Plug Power's position in the growing green hydrogen market.
• Targets set for hydrogen production—500 tons per day by 2025 and 1,000 tons by 2028.

Negative

• None.

345 MW Renewable Project to Supply First Wind-Powered Hydrogen Plant in the United States

CHARLOTTESVILLE, Va. and LATHAM, N.Y., July 14, 2021 (GLOBE NEWSWIRE) -- Apex Clean Energy, one of the nation’s largest independent clean energy companies, and Plug Power (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced a 345 MW wind power purchase agreement (PPA) and a development services agreement for a green hydrogen production facility.

The power purchased through the PPA will directly supply a new hydrogen production plant with 100% renewable power. The hydrogen plant, which is being co-developed by Apex and Plug Power, will be the first and largest wind-supplied hydrogen project in the United States and the largest onshore wind-powered project across the globe. Once operational, the plant is anticipated to produce over 30 metric tons per day of clean liquid hydrogen, enough to fuel the equivalent of over 2,000 light commercial vehicles or over 1,000 heavy duty class 8 trucks.

The partnership, which follows the September 2020 announcement of the companies’ collaboration agreement, marks Apex’s largest PPA to date and will help realize the potential of green hydrogen in North America to advance the decarbonization of the transportation and industrial sectors.

“Delivering carbon-free solutions at scale is how Apex accelerates the shift to clean energy,” said Mark Goodwin, president and CEO of Apex. “Innovative solutions and partnerships with pioneers like Plug Power help us expand the impact of our business, taking us into the next frontier of decarbonizing the American economy and amplifying the potential of our industry-leading renewable energy portfolio.”

“As leaders building the hydrogen economy, we are on track to build a first-of-its-kind green hydrogen generation network in North America alongside an experienced partner, Apex,” said Andy Marsh, CEO of Plug Power. “This wind-powered green hydrogen plant is important to Plug Power’s customers and to achieving our generation targets of 500 tons per day by 2025 and 1,000 tons per day before 2028.”

Media Contacts

Apex Clean Energy
Cat Strumlauf
Director | Corporate Communications
(434) 227-4196
cat.strumlauf@apexcleanenergy.com

Plug Power

Teal Hoyos
Director, Marketing Communications
media@plugpower.com

About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 250 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

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 plans in Europe and its expectations regarding its ability to strengthen its presence in fuel cell-powered on-road commercial mobility, green hydrogen generation and distribution and large scale electrolyzer markets, and PLUG’s belief that Europe will play a key role in the emergence of a green hydrogen economy. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. 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, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2020. 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.

FAQ

What is the significance of the 345 MW PPA for Plug Power?

The 345 MW PPA signifies a major expansion for Plug Power into renewable energy, establishing its first wind-powered hydrogen production facility in the U.S.

How much hydrogen will the new facility produce?

The new facility is expected to produce over 30 metric tons of clean liquid hydrogen per day.

What are Plug Power's future production targets?

Plug Power aims to produce 500 tons of hydrogen daily by 2025 and 1,000 tons by 2028.

How does the partnership with Apex Clean Energy benefit Plug Power?

The partnership enhances Plug Power's role in the green hydrogen economy and supports its growth strategy in renewable energy.