Plug Delivers Several Portable Liquid Hydrogen Refuelers to Customers

Rhea-AI Summary

Plug Power Inc. introduces a revolutionary portable refueler, HL-450D-P, to support the adoption of hydrogen fuel cell electric vehicle fleets in the transportation sector. The product aims to reduce infrastructure costs and deployment time for fleet operators, offering a cost-effective and efficient solution for hydrogen refueling.

Insights

Market Research Analyst

The introduction of Plug Power Inc.'s portable refueler represents a strategic innovation that addresses a significant market need in the transportation sector. The ability to deploy hydrogen refueling stations quickly and with minimal infrastructure investment is a game-changer for fleet operators considering the switch to fuel cell electric vehicles (FCEVs). Given the transportation sector's status as the largest emitter of greenhouse gases in the U.S., this development could accelerate the adoption of low-carbon solutions.

From a market perspective, Plug's portable refueler could expand the addressable market for hydrogen fuel technology by lowering the entry barriers for fleet operators. This innovation might lead to increased demand for Plug's products and services, potentially improving the company's financial performance and stock valuation. Furthermore, the convenience and efficiency of the HL-450D-P model may position Plug as a preferred provider in the green hydrogen space, potentially leading to strategic partnerships and long-term contracts with transit agencies and logistics companies.

Energy Transition Expert

Plug Power's portable hydrogen refueler is a notable advancement in the energy transition landscape, particularly for the commercial transportation sector. The product's design, which caters to both 350 bar and 700 bar refueling standards, underscores the company's commitment to versatility and customer needs. The reported 25% increase in payload capacity and up to 98% reduction in refueling time, compared to battery electric vehicles (BEVs), highlights the operational efficiencies that can be gained through FCEVs.

Moreover, the environmental impact of such a shift could be substantial. By facilitating the adoption of FCEVs, Plug is directly contributing to the reduction of carbon emissions in the transportation sector. This aligns with global decarbonization goals and could enhance Plug's reputation as a leader in green technology. As organizations increasingly commit to sustainability, Plug's innovation may receive heightened interest, which could influence investor confidence and market perception.

Supply Chain Management Expert

The deployment of Plug's portable refueler can have critical implications for supply chain management within the transportation industry. The ability to set up temporary refueling stations without significant capital expenditure enables logistics companies to test and integrate hydrogen-powered vehicles into their fleets with reduced risk. This flexibility can lead to more dynamic and responsive supply chain strategies, as operators can deploy FCEVs in various locations without waiting for permanent infrastructure.

Additionally, the onboard telemetry for remote monitoring is a value-added feature that ensures fleet operators can maintain high service levels through efficient fuel management. The re-deployability of the refueler mitigates capital risk and provides an adaptable solution for trial projects or fluctuating demands. This could lead to a competitive advantage for early adopters and potentially reshape logistics networks to be more environmentally friendly and cost-effective in the long run.

Plug’s first-of-its-kind portable refueler hits the roads to support cost-effective adoption of commercial fuel cell electric vehicle fleets

Removes significant barrier to consideration of fuel cell electric vehicles

LATHAM, N.Y., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, delivered several first-of-its-kind liquid hydrogen portable refuelers to transit agencies and trucking fleet customers.

Plug’s HL-450D-P is a complete hydrogen refueling station on a portable platform that can be quickly and easily deployed to support fleet vehicle hydrogen refueling at either 350 bar or 700 bar, with minimal site preparation and needing only a single electrical connection.

The product was designed to reduce infrastructure costs and deployment time for medium-duty and heavy-duty hydrogen-powered commercial vehicles. Customers for this solution include fleet vehicle operators looking to decarbonize operations, such as mass transit agencies that operate buses, trains, ferries and more, as well as logistics companies and retail distributors.

“Our portable refueler product is a prime example of Plug’s cutting-edge innovation driving cost-effective adoption of hydrogen in hard-to-abate sectors like transportation,” said Andy Marsh, Plug CEO. “With minimal upfront costs, mass transit authorities, logistics companies, and retailers can now quickly pop up low-carbon hydrogen refueling infrastructure to support their fleets.”

Plug’s portable refueler is ideal for initial fleet deployments that require a high performance fueling solution at small scale, and delays the need for construction of a permanent fueling station. This quick-to-deploy and reduced cost solution demonstrates the benefit of hydrogen fuel cell vehicles (FCEV) compared to battery electric vehicles (BEV) for commercial fleets. Adopting hydrogen-powered FCEVs can result in up to a 25% increase in payload capacity and cut refueling time by up to 98% over BEVs.

The product includes a 1,500 kilogram (kg) cryogenic liquid storage tank, pumping and vaporization system, and a J2601 compliant dispenser that allows for fueling directly into a FCEV. It also includes onboard telemetry for remote monitoring, ensuring excellent service is maintained. This solution is also easy to re-deploy, eliminating capital risk of trial projects.

The innovation was made possible through Plug’s acquisition of ACT in November 2021, and is manufactured at the manufacturing facility in Houston, TX. The portable fueler has undergone comprehensive process safety analysis and safe operation is guaranteed by factory quality control.

Many organizations in the transportation sector have committed to reducing their carbon emissions. According to a recent report from the Rhodium Group, transportation is the highest greenhouse gas (GHG) emitting sector in the United States, increasing emissions by 1.6% in 2023 over the previous year.

To learn more about being a Plug portable refueler customer, visit https://www.plugpower.com/learn-more-about-plugs-portable-refueler/.

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 180 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: Consideration and adoption of fuel cell electric vehicles; That Plug’s refueler product can be quickly and easily deployed; Plug’s refueler reducing infrastructure costs and deployment time; Mass transit authorities, logistics companies, and retailers can now quickly pop up low-carbon hydrogen refueling infrastructure; Adopting hydrogen-powered FCEVs can result in up to a 25% increase in payload capacity and cut refueling time by up to 98% over BEVs; Plug’s development of multiple green hydrogen production plants targeting commercial operation by year-end 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

Kristin Monroe
Allison+Partners
plugPR@allisonworldwide.com

FAQ

What is the name of the portable refueler introduced by Plug Power Inc.?

The portable refueler introduced by Plug Power Inc. is called HL-450D-P.

What are the pressure options for hydrogen refueling supported by the portable refueler?

The portable refueler supports fleet vehicle hydrogen refueling at either 350 bar or 700 bar.

What are the key features of Plug's portable refueler product?

The product includes a 1,500 kilogram (kg) cryogenic liquid storage tank, pumping and vaporization system, and a J2601 compliant dispenser for fueling directly into a FCEV.

Which sector can benefit from Plug's portable refueler product?

Fleet vehicle operators, mass transit agencies, logistics companies, and retailers can benefit from Plug's portable refueler product to decarbonize their operations.

What are the advantages of adopting hydrogen-powered FCEVs over battery electric vehicles (BEVs) for commercial fleets?

Adopting hydrogen-powered FCEVs can result in up to a 25% increase in payload capacity and cut refueling time by up to 98% over BEVs.