Plug Power and BAE Systems Partner on Hydrogen-Powered Electric Buses

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) has announced a strategic partnership with BAE Systems to supply zero-emissions powertrains for heavy-duty transit buses in North America. The collaboration integrates Plug Power's ProGen fuel cell engines with BAE Systems' electric drive systems and includes provision for hydrogen refueling infrastructure. This partnership aims to accelerate the adoption of hydrogen-powered electric buses, leveraging BAE's experience in electric propulsion and Plug Power's leadership in hydrogen solutions. Plug Power targets daily production of 500 tons of green hydrogen by the end of 2025.

Positive

• Strategic partnership with BAE Systems for hydrogen-powered transit solutions.
• Targeting annual production of 500 tons of green hydrogen by 2025.
• Leverages both companies' strengths to expand market reach in zero-emissions applications.

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• None.

LATHAM, N.Y., April 29, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, announced a strategic framework agreement with BAE Systems, a premier supplier and integrator of low and zero emission electric propulsion systems and application integration. Under the framework, Plug Power and BAE Systems will collaborate to supply zero-emissions powertrains to heavy-duty transit bus OEMs in North America integrating Plug Power’s ProGen fuel cell engines into BAE Systems’ smart electric drive systems, as well as provide hydrogen and refueling infrastructure to end-customers use points. Through this all-inclusive strategic partnership, the companies are advancing an innovative total solution for hydrogen-powered electric buses which promises to accelerate the adoption of zero-emissions transit across the region.

Both companies have substantial global industry expertise and proven track records in the electric mobility space. With 25 years of experience driving zero-emissions solutions, BAE Systems is an established leader in power management and efficient propulsion; today, more than 13,000 of the company’s electric drive systems operate worldwide. The company was also an early advocate for hydrogen-based transit, having integrated fuel cells into its electric propulsion systems since 1998. Plug Power, with more than 40,000 fuel cell units deployed over the past 20 years, is the foremost provider of hydrogen fuel cell engines in the world offering modular ProGen fuel cell engines for OEM integration ranging from 30kW to 125kW. As part of its mission to provide comprehensive hydrogen solutions and an unrivaled value proposition to its customers, Plug Power has built more hydrogen refueling stations than any other company and has become the largest buyer of liquid hydrogen globally. These companies are now leveraging their complementary capabilities to bring the sustainability, efficiency and cost advantages of green hydrogen to more cities in North America and beyond.

Fuel cell electric vehicles are increasingly recognized as a competitive mobility solution for urban transport networks, given hydrogen’s unique value proposition for high utilization vehicles. Hydrogen-electric powertrains enable transit fleets to operate cleanly, quietly and efficiently at extended ranges over battery electric vehicles, and with the lowest cost of ownership. Unlike electric trams or EVs, which require extensive route infrastructure, hydrogen fuel cell buses can quickly refuel in existing city fleet facilities equipped with hydrogen dispensers.

“We’re excited to work with BAE Systems, a pioneer in clean energy solutions for sustainable transportation, to bring the benefits of green hydrogen to transit systems in North America,” said Plug Power CEO Andy Marsh. “This strategic partnership will play an instrumental role in advancing our on-road applications strategy and delivering new growth opportunities that help meet our year-end 2025 goals, including annual production of 500 tons of green hydrogen daily.”

“For years, BAE Systems’ electric propulsion solutions have helped the world’s leading cities to reduce harmful emissions and improve quality of life for residents. Now, with Plug Power, we’re taking the next step,” said Steve Trichka, vice president and general manager of Power & Propulsion Solutions at BAE Systems. “Advanced hydrogen fuel cell applications will play a critical role in achieving zero-emissions transportation goals.”

This partnership expands both companies’ reach into the market for commercial on-road applications, as demand for zero-emission power solutions grows alongside efforts to decarbonize transportation. This framework agreement with BAE Systems also aligns with Plug Power’s global strategy to promote the adoption of hydrogen fuel cell technology in on- and off-road electric vehicle fleets. The company recently announced a memorandum of understanding with French automaker Groupe Renault to create a joint venture in electric fuel cell commercial vehicles and hydrogen turn-key solutions for customers in Europe.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

About BAE Systems

BAE Systems provides some of the world’s most advanced, technology-led defense, aerospace, and security solutions. The company employs a skilled workforce of more than 87,000 people in more than 40 countries. Working with customers and local partners, BAE Systems develops, engineers, manufactures, and supports products and systems to deliver military capability, protect national security and people, and keep critical information and infrastructure secure.

For more information regarding BAE Systems electric power and propulsion products and services, please visit www.gettozero.com.

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 expectations regarding its multi-year investment and growth , PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology . You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. 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, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. 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 Power Media Contact

Ian Martorana
The Bulleit Group
(415) 237-3681
plugpowerpr@bulleitgroup.com

BAE Media Acontact

Eric Peterson
BAE Systems
Mobile: 603-288-4082
eric.peterson2@baesystems.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d60ba9c0-960c-490d-8889-5b26d28d1e19

FAQ

What is the recent partnership announced by Plug Power (PLUG)?

Plug Power has partnered with BAE Systems to supply zero-emissions powertrains for heavy-duty transit buses in North America.

What are the goals of the Plug Power and BAE Systems partnership?

The partnership aims to accelerate the adoption of hydrogen-powered electric buses and integrate fuel cell technology into transit systems.

What production targets has Plug Power set for hydrogen by 2025?

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

How does this partnership benefit zero-emission transportation efforts?

The collaboration enhances the deployment of hydrogen fuel cell technology in urban transit, promoting cleaner, more efficient transportation solutions.