Plug Completes 13 Hydrogen Refueling Station Deployments Over Last Two Years in Europe
Plug Power, a global hydrogen solutions leader, announced the completion of 13 hydrogen refueling station (HRS) deployments across Europe over the past two years. The stations, which support material handling and mobility applications, are located in the UK, France, Germany, Spain, and the Netherlands. Many are operational, with the rest expected to be fully operational by summer. These refueling stations serve major clients like Amazon and Lidl, as well as Plug's facilities and its joint venture with Renault, HYVIA. The largest site consumes nearly half a ton of hydrogen daily. Plug Power has built over 250 HRS globally and has reduced the time-to-market for a station from 18 months to 6 months, highlighting increasing demand and efficient execution capabilities.
- Completed 13 hydrogen refueling stations across Europe in the past two years.
- Stations support major clients like Amazon, Stef, ASDA, and Lidl.
- Largest site consumes nearly half a ton of hydrogen per day.
- Reduced time-to-market for a refueling station from 18 months to 6 months.
- Built over 250 hydrogen refueling stations globally.
- None.
Insights
Plug Power’s 13 new hydrogen refueling stations across Europe signify an important advancement in the company's market positioning and financial outlook. The reduction of refueling station deployment time from 18 months to 6 months illustrates operational efficiency, which could lead to improved profit margins in the future. By supporting major clients like Amazon and Lidl, Plug Power strengthens its revenue base, enhancing financial stability. Investors should consider the long-term revenue growth potential against the high initial capital expenditure required for these deployments. While the upfront costs are significant, the long-term contracts with major clients could translate to consistent revenue streams, improving financial health. Additionally, the company's ability to build and operate more than 250 stations worldwide shows a robust growth trajectory, suggesting that Plug Power has a scalable business model.
Rating: Positive
From a market adoption perspective, the deployment of these hydrogen refueling stations highlights a growing demand for hydrogen-fueled solutions in Europe, especially in the material handling sector. Firms like Amazon and Lidl opting for hydrogen fuel cell technology instead of traditional battery-powered equipment indicates a shift in market preference, likely driven by efficiency gains and sustainability goals. This trend could push other competitors in the logistics and retail space to follow suit, expanding the market for hydrogen solutions. Furthermore, the joint venture with Renault (HYVIA) opens additional opportunities in the commercial vehicle sector. If Plug Power can maintain its momentum and continue reducing deployment times, it will be well-positioned to capture a significant share of the burgeoning green hydrogen market.
Rating: Positive
The successful commissioning of these hydrogen refueling stations highlights Plug Power’s engineering capability and its advanced hydrogen infrastructure technology. The reduction in deployment time is particularly notable, indicating high levels of innovation and project execution efficiency. This tech advancement not only benefits Plug Power but also sets a new industry standard for hydrogen refueling infrastructure. The ability to support diverse applications—from material handling to mobility—underscores the versatility and potential scalability of Plug Power’s technology. However, investors should also monitor potential technological challenges and maintenance costs, as the long-term performance and operational efficiency of these stations will be critical for sustained success and profitability.
Rating: Positive
Installations Support Range of Material Handling and Mobility Applications, Highlighting Company’s Unparalleled Execution Capabilities
SLINGERLANDS, N.Y., July 10, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has completed deployment of 13 hydrogen refueling stations (HRS) over the last two years across Europe.
The company’s HRS installations support a range of material handling and mobility applications across the UK, France, Germany, Spain, and the Netherlands. All systems are currently in commissioning phase, with many already operational today. The remaining systems are expected to be fully operational by this summer.
The hydrogen refueling stations support Plug’s European material handling customer base, which includes Amazon, Stef, ASDA, Lidl, and more. Additionally, these stations serve Plug’s own facilities and HYVIA locations, a joint venture between Plug and Renault to build hydrogen fuel cell electric commercial vehicles. The largest of these sites will consume close to half a ton of hydrogen per day.
Plug’s turnkey HRS solutions extend from the building of the stations to the delivery of the molecule from Plug-owned hydrogen generators. To date, Plug has built the most hydrogen refueling stations worldwide at more than 250. Previously, Plug assumed operation of four other refueling stations in Europe.
Plug’s HRS solutions support its customers’ conversion of lead acid battery-powered to hydrogen fuel cell-powered material handling equipment. Many of these sites face grid constraints and achieve efficiency gains from the conversion. As the sites use or will use green hydrogen in many cases, Plug customers achieve these gains while simultaneously meeting corporate sustainability goals.
“The rapid uptake of our turnkey hydrogen refueling stations demonstrates growing demand in the European market,” said Plug CEO Andy Marsh. “This milestone underscores the importance of Plug’s experience with hydrogen refueling stations in delivering hydrogen supply to customers. Our team’s expertise has driven down time-to-market for a refueling station from 18 months to 6 months.”
For more information about Plug’s HRS solutions, please visit: https://www.plugpower.com/services/hydrogen-services/.
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 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 its remaining hydrogen refueling stations in Europe will be fully operational by this summer; Plug’s belief that the largest of its European material handling customer sites will consume close to half a ton of hydrogen per day; Plug’s belief that its customers’ sites use or will use green hydrogen and that its customers will achieve efficiency gains from conversion of lead acid battery-powered to hydrogen fuel cell-powered material handling equipment. 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 Report on Form 10-Q for the quarter ended March 31, 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.
MEDIA CONTACT
Fatimah Nouilati
Allison
plugPR@allisonpr.com
FAQ
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