Plug Power and Brookfield Renewable Move Forward with Green Hydrogen Plant in South Central Pennsylvania

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) and Brookfield Renewable Partners announced plans to build a green hydrogen production plant in Pennsylvania, utilizing renewable energy from Holtwood hydroelectric facility. Set to be operational by late 2022, the plant aims to produce 15 metric-tons of emissions-free liquid hydrogen daily and will create over 25 green energy jobs. This facility marks a significant step in Plug Power's goal of establishing a green hydrogen network in North America, targeting 500 tons of hydrogen production per day by 2025.

Positive

• Announcement of a green hydrogen production plant in Pennsylvania.
• Expected production of 15 metric-tons of liquid hydrogen daily.
• Creation of over 25 green energy jobs in Pennsylvania.
• Step towards establishing a North American green hydrogen network.

Negative

• None.

LATHAM, N.Y., March 30, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen solutions, together with Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN) (“BEP” and, together with Brookfield Renewable Corporation (NYSE, TSX: BEPC), "Brookfield Renewable"), which is, together with its institutional partners, an owner and operator of one of the world’s largest publicly traded pure-play renewable power platforms, today announced plans to build a green hydrogen production plant utilizing 100% renewable energy from Brookfield Renewable’s Holtwood hydroelectric facility as part of previously announced partnership. The plant will be located along the Susquehanna River in south-central Pennsylvania.

Green hydrogen from this facility will support decarbonization of the broader transportation and logistics industries in the Northeast and the mid-Atlantic. The plant is expected to be online by late 2022, with construction slated to begin by in the first quarter of 2022. Once operational, the plant is projected to produce approximately 15 metric-tons of 100% emissions-free liquid hydrogen per day. It is also expected to create more than 25 green energy jobs in Pennsylvania.

“This is another step in our quest to build the green hydrogen economy in the USA and globally thereafter,” said Andy Marsh, CEO of Plug Power. “We are proud to be able to bring quality jobs and invest in the local economy in Lancaster County, PA through this green hydrogen production facility.”

As one of the first industrial-scale green hydrogen facilities in North America, the plant represents a significant milestone in Plug Power’s plan to establish the first North American green hydrogen network and to produce over 500 tons per day of hydrogen by 2025.

In the coming years, the hydrogen economy is expected to grow exponentially, potentially providing up to 24% of energy needs and reaching $10.0 trillion in annual revenues by 2050 as reported by Bloomberg New Energy Finance. Green hydrogen is an essential component of a zero-carbon economy and critical to the decarbonization of transportation and logistics sectors as well as hard-to-abate industrial applications like steelmaking. A McKinsey study estimated that by 2030, the US hydrogen economy could support 700,000 jobs.

Plug Power also recently announced the construction of a green hydrogen production facility and electric substation in the Western New York Science, Technology and Advanced Manufacturing Park, joining the company’s existing plant in Tennessee as the initial links in its North American green hydrogen production network.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell 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 meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell 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. Learn more at www.plugpower.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.

Media Contact

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

FAQ

What is Plug Power's new project announced on March 30, 2021?

Plug Power announced plans to build a green hydrogen production plant in Pennsylvania utilizing renewable energy.

How much hydrogen will the new plant produce daily?

The plant is projected to produce approximately 15 metric-tons of emissions-free liquid hydrogen per day.

When is the expected launch of Plug Power's hydrogen production plant?

The plant is expected to be operational by late 2022.

What impact will Plug Power's new facility have on jobs?

The facility is expected to create more than 25 green energy jobs in Pennsylvania.

What are Plug Power's goals for hydrogen production by 2025?

Plug Power aims to produce over 500 tons of hydrogen per day by 2025 as part of its green hydrogen network.