Plug Announces Record Production of PEM Electrolyzer Stacks in Q1 2023; On Track to Meet 100MW per Month Target in Q2

Rhea-AI Summary

Plug Power Inc (NASDAQ: PLUG) achieved a milestone in Q1 2023 by producing 122MW of its 1MW electrolyzer stacks, setting a new industry record for PEM electrolyzers. Additionally, Plug shipped nearly 1,000 stacks for specialty applications, totaling 5.7MW. The company is ramping production at its Rochester gigafactory to reach 100MW per month by mid-Q2 2023. Plug aims to produce 500 tons of liquid green hydrogen daily by 2025 to reduce carbon emissions.

Partnerships with companies like New Fortress Energy and Irving Oil further highlight Plug's global deployment of electrolyzers.

Positive

• Achieved an all-time high production of 122MW of electrolyzer stacks in Q1 2023.
• Plans to increase gigafactory output to 100MW per month by mid-Q2 2023.
• Partnerships with significant companies for global electrolyzer deployment.

Negative

• None.

Plug’s Rochester gigafactory produced 122MW of electrolyzer stacks for customers and Plug’s green hydrogen plants.

Plug shipped nearly 1,000 stacks totaling 5.7MW for specialty applications.

LATHAM, N.Y., April 04, 2023 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, manufactured 122MW of Plug’s 1MW electrolyzer stack platform in Q1 2023, an all-time high for the Company and the industry for PEM electrolyzers. Additionally, Plug shipped nearly 1,000 stacks for specialty applications, ranging from a few hundred watts to 150kW, totaling 5.7MW. Plug is on track to ramp its 2.5GW gigafactory in Rochester, NY to 100MW per month in mid-Q2 2023, with plans to further increase output in Q3 2023.

“Plug is aggressively pursuing every aspect of the green hydrogen economy, including the expansion of the hydrogen ecosystem and the establishment of top-tier manufacturing and supply chain capabilities,” said Plug CEO Andy Marsh. “Plug’s large-scale manufacturing capabilities at our state-of-the-art facilities in Rochester and Albany are unrivaled and have helped us to meet the increasing demand for electrolyzers.”

Electrolyzers are integral to Plug’s green hydrogen ecosystem. Plug’s PEM stacks enable electrolysis of water using renewable electricity to split water into green hydrogen and oxygen. Plug offers an easy-to-deploy containerized electrolyzer solution, with short lead times to enable decarbonization across multiple applications including hard to abate industries.

Plug electrolyzers are being deployed globally with companies such as New Fortress Energy, Uniper and Irving Oil. Additionally, Plug electrolyzers have been installed at the Company’s green hydrogen plant in Georgia, and will be deployed at plants under development in New York, Tennessee, Texas, California, and Belgium. By 2025, Plug expects to produce 500 tons per day of liquid green hydrogen in the US, equivalent to 4.3 million metric tons of carbon dioxide emissions. By 2028, Plug expects to produce 1,000 tons per day of liquid green hydrogen.

For more information on Plug electrolyzers, visit https://www.plugpower.com/learn-more-about-plugs-electrolyzer-products/.

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 200 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 building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 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: Plug’s aim to exceed $400M in electrolyzer sales by the end of 2023. Plug’s plans to add electrolyzer systems to plants in development in New York, Tennessee, Texas, California, and Belgium. Plug’s expectation to produce 500 tons per day of liquid green hydrogen by 2025, which would prevent 4.3 million metric tons of carbon dioxide emissions in North America. Plug’s expectation to produce 1,000 tons per day of liquid green hydrogen by 2028. 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
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com

Source: PLUG

FAQ

What production milestone did Plug Power achieve in Q1 2023?

Plug Power produced 122MW of electrolyzer stacks, setting a new industry record for PEM electrolyzers.

How much green hydrogen does Plug Power aim to produce by 2025?

Plug Power aims to produce 500 tons of liquid green hydrogen daily by 2025.

What is Plug Power's plan for its Rochester gigafactory?

Plug Power plans to ramp up production at its Rochester gigafactory to 100MW per month by mid-Q2 2023.

Which companies are partnering with Plug Power for electrolyzer deployment?

Plug Power is partnering with New Fortress Energy, Uniper, and Irving Oil for global deployment of electrolyzers.