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Plug Power Inc. (symbol: PLUG) is a leading innovator in the hydrogen fuel cell technology sector. The company is dedicated to creating cost-effective solutions that boost productivity, lower operating expenses, and minimize carbon footprints. Plug Power’s flagship solution, GenKey, offers a comprehensive package for its customers, which includes GenFuel hydrogen and fueling infrastructure, GenCare aftermarket services, and a specialized fuel cell system tailored for various markets.
Plug Power's product portfolio features two main brands: ReliOn and GenDrive. ReliOn is a modular and scalable fuel cell product engineered for critical stationary power applications. On the other hand, GenDrive serves as a lead-acid battery replacement used primarily in electric lift trucks within high-throughput material handling settings. With over 6,500 GenDrive units deployed and more than 100 million hours of runtime accumulated, Plug Power is enhancing efficiency in material handling sectors.
The company is on a mission to construct an end-to-end green hydrogen ecosystem, encompassing production, storage, delivery, and energy generation. Plug Power is actively working on developing green hydrogen highways across North America and Europe, aiming to deliver green hydrogen solutions both directly to customers and through joint ventures. These initiatives span multiple markets, including material handling, e-mobility, power generation, and other industrial applications.
In recent news, Plug Power has taken significant strides by completing the final step to enable the commercial sale of its electrolyzer systems in Korea. Additionally, Plug Power has unveiled a state-of-the-art Gigafactory for producing electrolyzers and fuel cells. The company plans to develop multiple green hydrogen production plants, targeting commercial operation by the end of 2028.
Plug Power's extensive deployment of over 69,000 fuel cell systems and over 250 fueling stations makes it a global leader in the hydrogen fuel cell market. As the largest buyer of liquid hydrogen, Plug Power is at the forefront of the push towards a sustainable and decarbonized economy.
Plug Power has signed a long-term agreement with Certarus to supply up to 10 tons of green hydrogen daily, enhancing logistics for hydrogen distribution in North America. This partnership aims to bolster the infrastructure necessary for adopting green hydrogen fuel, with initial deliveries scheduled for Q1 2022. The goal is to deliver 500 tons per day by 2025 and 1,000 tons by 2028. The collaboration seeks to alleviate supply chain bottlenecks and make hydrogen more accessible to various industries.
Plug Power Inc. (NASDAQ: PLUG) announced the acquisition of Frames Group, enhancing its capabilities in turnkey hydrogen solutions. The deal brings in 300 new employees and expertise in engineering and systems integration. Plug Power aims to produce over 1,000 tons of green hydrogen daily by 2028, leveraging Frames' resources. This acquisition strengthens Plug Power's global presence, particularly in Europe, and broadens its portfolio from 1 MW to 1,000 MW systems, marking a significant step in the green hydrogen economy.
Plug Power (NASDAQ: PLUG) and ACCIONA Energía have established a 50-50 joint venture named AccionaPlug, headquartered in Madrid, aiming to lead the green hydrogen market in Spain and Portugal. The venture plans to develop facilities to produce over 100 tons of green hydrogen daily by 2030, with initial plants expected online in 2023. Combining Plug Power’s electrolyzer technology with ACCIONA’s renewable energy expertise, AccionaPlug seeks to provide competitive green hydrogen solutions, playing a crucial role in Europe’s sustainability goals.
Plug Power Inc. has announced the establishment of its European headquarters in the Port of Duisburg, Germany, aiming to enhance the development of the green hydrogen economy. This strategic location allows direct maritime supply chain connections and positions Plug Power to leverage the region's industrial strengths, housing a workforce skilled in logistics and transport. The new facility will include an innovation center and an electrolyzer for green hydrogen production. Plug Power intends to significantly contribute to the European hydrogen strategy, enhancing its global presence and operational capabilities.
Plug Power Inc. (NASDAQ: PLUG) has been selected by Fertiglobe to provide a 100 MW electrolyzer for green hydrogen production in Egypt. This strategic partnership aims to produce green ammonia, supporting Fertiglobe's commitment to decarbonization. The facility will produce up to 90,000 tons of green ammonia, addressing global hydrogen deficits. Plug Power's robust booking momentum in electrolyzers is expected to enhance its 2022 sales. The project signifies a key milestone in the green hydrogen sector, with construction anticipated to showcase at COP 27 in November 2022.
Plug Power Inc. (NASDAQ:PLUG) has acquired Applied Cryo Technologies, enhancing its capabilities in the green hydrogen sector. Announced on November 23, 2021, this acquisition follows an agreement from October 14, 2021. The integration of Applied Cryo's technology, including a liquid hydrogen delivery network, is expected to reduce hydrogen infrastructure costs and expand Plug Power's green hydrogen ecosystem. The acquisition brings over 200 employees into the company, supporting its goal of producing over 1,000 tons of green hydrogen daily by 2028.
Plug Power Inc. (NASDAQ: PLUG) held the grand opening of its Innovation Center in Rochester, N.Y., marking New York's first and largest fuel cell and electrolyzer manufacturing gigafactory. This facility is set to create approximately 380 new jobs in Monroe County. The event featured notable guests, including Senate Majority Leader Chuck Schumer and Congressman Joe Morelle, highlighting the significance of this development in advancing the hydrogen economy.
Plug Power (NASDAQ: PLUG) has signed a definitive agreement to acquire Frames Group, enhancing its electrolyzer solutions and European presence. The acquisition, valued at €85M in cash and €30M in earnouts, aims to meet the target of three gigawatts (GW) of installed electrolyzer capacity by 2025. Plug Power anticipates revenue opportunities from a backlog worth approximately €100 million, driven by increasing demand for renewable energy solutions. This strategic move is expected to complete by year-end 2021, bolstering Plug Power's position in the green hydrogen market.
Plug Power Inc. (NASDAQ:PLUG) reported its 2021 third quarter results on November 9, 2021. The company is a leader in hydrogen solutions, focusing on the green hydrogen economy. They have deployed over 50,000 fuel cell systems and are the largest buyer of liquid hydrogen in North America. Plug Power's GenKey solution integrates essential services for customers like Amazon and Walmart, while also expanding into new markets such as zero-emission vehicles and robotics. A shareholder letter with detailed results is available online.
Plug Power Inc. (NASDAQ: PLUG) will release its third quarter 2021 results on November 9, 2021, at 4:30 PM ET. Interested parties can join the conference call by dialing 800-942-2493 or 212-271-4651. A direct webcast will also be available on Plug Power's website. Plug Power is a leader in hydrogen fuel cell technology and aims to expand its footprint in various sectors, including zero-emission vehicles and data centers.
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