Plug Awarded $10 Million DOE Grant to Lead Development of Advanced Hydrogen Refueling Station in Washington State

Rhea-AI Summary

Plug Power Inc. (NASDAQ: PLUG) has been awarded a $10 million grant from the U.S. Department of Energy (DOE) to lead the development of an advanced hydrogen refueling station in Washington State. The project, named HYPER-Fuel, will demonstrate next-generation hydrogen refueling infrastructure for medium and heavy-duty vehicles at scale.

Key features of the project include:

• Liquid-to-gaseous dispensing and cryogenic dispensing architecture
• Fueling rates exceeding 8 kg/min
• Daily capacity of over 2 tonnes
• Options for both 350 and 700 bar pressurized hydrogen

Plug is collaborating with Washington State University, the University of Maryland at College Park, and the National Renewable Energy Laboratory on this initiative, which is part of the DOE's $62 million investment in clean hydrogen technologies across 15 states.

Positive

• Awarded $10 million DOE grant for advanced hydrogen refueling station development
• Project aims to demonstrate next-generation hydrogen refueling infrastructure at scale
• Collaboration with prestigious universities and national laboratory
• Part of larger $62 million DOE investment in clean hydrogen technologies

Negative

• None.

Insights

Energy Technology Expert

The $10 million DOE grant awarded to Plug Power for developing advanced hydrogen refueling infrastructure is a significant boost for the company's position in the green hydrogen economy. This project, named HYPER-Fuel, aims to demonstrate next-generation hydrogen refueling technology for medium and heavy-duty vehicles, which could be a game-changer in the transportation sector.

The proposed station's capabilities are impressive, with fueling rates exceeding 8 kg/min and a daily capacity of over 2 tonnes. These specifications suggest a substantial leap in refueling efficiency, potentially addressing one of the key barriers to hydrogen adoption in transportation: refueling time and availability.

Collaboration with prestigious institutions like WSU, University of Maryland and NREL adds credibility and expertise to the project. This partnership approach could accelerate innovation and help Plug Power stay at the forefront of hydrogen technology development.

Financial Analyst

The $10 million grant, while not directly impacting Plug Power's bottom line, provides valuable non-dilutive funding for R&D. This project aligns with the company's core business and could lead to new revenue streams if successful. The DOE's broader $62 million investment in hydrogen technologies signals growing government support for the sector, which could benefit Plug Power in the long term.

Investors should note that while this grant is positive news, it's part of Plug's ongoing R&D efforts and may not translate to immediate financial gains. The company's ability to commercialize this technology and secure market share in the emerging hydrogen infrastructure market will be important for long-term value creation.

Keep an eye on Plug's future announcements regarding the progress of this project and any potential commercial partnerships or orders that may result from this advanced refueling technology.

Environmental Policy Analyst

The DOE's investment in hydrogen technologies, including Plug Power's project, underscores the government's commitment to decarbonizing the transportation sector. This aligns with broader climate goals and could accelerate the adoption of hydrogen as a clean energy source for medium and heavy-duty vehicles, which are notoriously difficult to electrify.

The project's focus on high-flow, direct-fill technology addresses a critical need in the hydrogen infrastructure. By enabling faster refueling and higher capacity, it could make hydrogen more viable for commercial fleets, potentially leading to significant reductions in transportation-related emissions.

However, the environmental benefits will depend on the source of hydrogen. For maximum impact, it's important that the hydrogen used in these stations is produced through clean methods, such as electrolysis powered by renewable energy. Stakeholders should monitor how Plug Power addresses this aspect in the project's implementation.

SLINGERLANDS, N.Y., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has been awarded $10 million by the U.S. Department of Energy (DOE) to demonstrate next generation hydrogen refueling infrastructure for medium and heavy-duty vehicles at scale. Plug’s project, HYPER-Fuel (“the project”), is a liquid-to-gaseous dispensing and cryogenic dispensing hydrogen refueling station architecture.

This funding is part of the DOE’s $62 million investment in 20 projects across 15 states aimed at accelerating the deployment of next-generation clean hydrogen technologies. These initiatives will advance key aspects of hydrogen fueling infrastructure, demonstrate hydrogen-powered container-handling equipment for port operations, and enhance processes critical to the efficient, timely, and equitable implementation of hydrogen technologies.

In partnership with Washington State University (WSU), the University of Maryland at College Park, and the National Renewable Energy Laboratory (NREL), Plug will develop a high-flow, direct-fill hydrogen fueling station. The dispensing station, based on Plug’s GenFuel technology, will offer fueling rates exceeding 8 kg/min, a daily capacity of >2 tonnes, and options for both 350 and 700 bar pressurized hydrogen, including forward looking subcooled liquid and cryo-compressed hydrogen dispensing. The project aims to address the growing hydrogen infrastructure needs for on-road heavy-duty vehicles.

"We’re grateful for the Department of Energy's support, which underscores Plug’s leadership in the hydrogen sector," said Plug CEO Andy Marsh. "With over 250 high-performance refueling stations under our belt—more than any other company globally—our proven expertise positions us uniquely to lead this important commercial demonstration project."

“This station solves the chicken-or-egg conundrum holding back the hydrogen economy–with integrated cooling we can minimize boil-off losses, easing the barrier to adopting hydrogen fuel for heavy duty applications,” said Jacob Leachman, who heads up Washington State University’s Hydrogen Properties for Energy Research (HYPER) Laboratory. “The research and testing opportunities will significantly advance the field. We couldn’t be more excited to partner with Plug again on DOE projects.”

As the primary partner, Plug will oversee engineering, construction, operation, and training. WSU will leverage its advanced cryogenics lab to develop and optimize thermofluid models for the station and will act as the end-use operator. NREL will investigate leakage and sensor technologies, while the University of Maryland will evaluate safety risks and reliability. Engineering will be managed by Plug’s team at its Vista headquarters in Slingerlands, NY, with support from its Cryogenics R&D facility in Colfax, WA.

This project focuses on demonstrating these advanced technologies as commercially viable solutions. Rather than conducting R&D as part of the project, Plug will build a fueling station in Pullman, Washington that is expected to be operational in 2026—and could ultimately fuel WSU and community vehicles. This model of the station could also be replicated in New York and nationwide to meet growing refueling demands and support broader adoption of hydrogen fuel cell technology. WSU-Pullman and the Pacific NorthWest is an ideal location for this project as there is significant momentum building around the Pacific Northwest H2 Hub, which Plug is also a partner in, and Washington State’s zero-emission vehicle mandate by 2035, which the university must meet.

“This historic federal research funding is further proof that Plug is leading the world in hydrogen technology. I couldn’t be prouder that this work is centered, right here, in Upstate New York,” said U.S. Senate Majority Leader Chuck Schumer.

“Plug Power is a pioneer in clean energy innovation, and this grant helps cement the Capital Region’s role at the forefront of the transition to a green energy economy,” said Senator Gillibrand. “I’m proud to see the Department of Energy make this $10 million investment and look forward to continuing to work with Plug Power to build a green future.”

“Clean hydrogen offers us a chance to secure a clean energy future, but these opportunities can only be realized with robust, forward-thinking federal investments,” Congressman Paul Tonko (NY-20) said. “That’s why I’ve worked hard throughout my time in Congress to drive investments in clean hydrogen research and development. I’m thrilled that Plug Power will be playing this central role in developing our innovation economy, and I’ll continue to do all I can to support their powerful work and secure our nation’s leadership in clean energy technologies.”

“Our nation’s clean hydrogen economy is coming into focus, but there is still important work to do in advancing the national strategy and underlying technologies,” noted Dr. Sunita Satyapal, director of the U.S. Department of Energy’s (DOE’s) Hydrogen and Fuel Cell Technologies Office and coordinator of the DOE Hydrogen Program. “These selected projects will play a crucial role in advancing technologies for hydrogen fueling infrastructure and port operations, and they will complement other investments by the Biden-Harris administration in clean hydrogen. The advances achieved by these projects will help grow markets for clean hydrogen in hard-to-decarbonize sectors of America’s economy, such as heavy industry and heavy-duty transportation.”

Earlier this year, Plug was selected by the DOE for a total of nine awards for Clean Hydrogen Electrolysis, Manufacturing, and Recycling Activities under the Bipartisan Infrastructure Law. These awards highlight Plug’s industry leadership and commitment to developing the green hydrogen economy.

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 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory in Rochester, NY to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers 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 expectation that it will develop a high-flow, direct-fill hydrogen fueling station in partnership with Washington State University (WSU), the University of Maryland at College Park, and the National Renewable Energy Laboratory (NREL) and the parties’ respective roles; Plug’s expectation that the dispensing station will offer fueling rates exceeding 8 kg/min, a daily capacity of >2 tonnes, and options for both 350 and 700 bar pressurized hydrogen, including forward looking subcooled liquid and cryo-compressed hydrogen dispensing; Plug’s expectation about the fueling station to be built in Pullman, including timing to become operational in 2026, its ability to ultimately fuel WSU and community vehicles, and whether this model of the station could be replicated in New York and nationwide. 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, 2023, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 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.

Plug Media Contact
Fatimah Nouilati
Allison
PlugPR@allisonworldwide.com

FAQ

What is the value of the DOE grant awarded to Plug Power for the hydrogen refueling station project?

Plug Power (NASDAQ: PLUG) was awarded a $10 million grant from the U.S. Department of Energy for the development of an advanced hydrogen refueling station in Washington State.

What are the key features of Plug Power's HYPER-Fuel project?

The HYPER-Fuel project features liquid-to-gaseous dispensing and cryogenic dispensing architecture, fueling rates exceeding 8 kg/min, a daily capacity of over 2 tonnes, and options for both 350 and 700 bar pressurized hydrogen.

Who are Plug Power's partners in the HYPER-Fuel project?

Plug Power is partnering with Washington State University, the University of Maryland at College Park, and the National Renewable Energy Laboratory for the HYPER-Fuel project.

What is the total DOE investment in clean hydrogen technologies mentioned in the press release?

The DOE is investing $62 million in 20 projects across 15 states to accelerate the deployment of next-generation clean hydrogen technologies.