Plug Power Announces Expansion to Europe with German Headquarters

Rhea-AI Summary

Plug Power Inc. (NASDAQ: PLUG) announced plans to expand its operations with a new European headquarters in North Rhine-Westphalia, Germany. The 70,000-square foot facility will serve as an innovation center, technical support, and logistics hub, supporting growth in the green hydrogen market. Plug Power aims to produce over 500 tons of green hydrogen daily by 2025. The expansion is driven by increasing global demand for hydrogen solutions and the company's long-standing presence in Europe, including joint ventures with major partners.

Positive

• Expansion into Europe with a new headquarters enhances market presence and customer support.
• Facility will include innovation and engineering labs, boosting R&D capabilities.
• Plug Power aims to produce over 500 tons of green hydrogen per day by 2025.

Negative

• None.

America’s leading provider of green hydrogen will expand its presence abroad

LATHAM, N.Y., Sept. 14, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced its expanding operations with a European headquarters in North Rhine-Westphalia in Germany. The announcement was formally made during a meeting between Andy Marsh, Plug Power CEO, and German minister Andreas Pinkwart in Washington D.C. this week.

The initial 70,000-square foot facility will house an innovation center with engineering labs and technical support, a monitoring, diagnostics and technical support center, a green hydrogen generator with an electrolyzer infrastructure on site, a shipping, inventor and logistics center, and a training space. The expansion to Europe will allow Plug to serve new and existing customers, while building relevant partnerships with leaders in hydrogen application.

“The expansion to Europe comes as Plug faces a growing customer base abroad with the burgeoning interest in green hydrogen energy,” Marsh said. “Green hydrogen serves as an instrumental part in transitioning from our reliance on fossil fuels, and Plug is well-positioned to fill the needs of customers ready to make the change.”

Roughly 30 employees will work at the facility, which will open at the start of 2022. By mid-2022, the workforce will increase to nearly 60 employees.

“Hydrogen is a key enabler for the climate friendly transformation of our industry as well the transportation sector. That is why we feel honored by Plug Power’s decision to come to the Ruhr area, the industrial heartland of Germany. This way we can be part of your growth story and contribute with excellent Universities and the highly skilled workforce to your success,” said Pinkwart, minister of economic affairs, innovation, digitalization and energy for the State of North Rhine-Westphalia in Germany.

“We are very pleased to have been able to win Plug Power with such pioneering technology for our location. The company enriches the energy region North Rhine-Westphalia and will benefit not only from a broad customer base but also from an innovative research environment,” said Felix Neugart, CEO of NRW Global Business.

Plug Power has been present in Europe for more than 10 years, and has made significant progress in hydrogen mobility with key European industrials, logistics customers and vehicle manufacturers, namely its joint venture with Renault called HYVIA. Plug Power has installed several PEM technology electrolyzers in Germany, France, The Netherlands, and Portugal. The European headquarters is a part of Plug’s overall strategy to rapidly expand its workforce with the increase in demand for clean energy solutions. Plug expects to produce more than 500 tons of green hydrogen per day by 2025.

About Plug Power Inc.
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.

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 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, 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

Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com

FAQ

What is Plug Power's recent announcement regarding its European operations?

Plug Power announced the opening of a new European headquarters in North Rhine-Westphalia, Germany, to expand its presence in the green hydrogen market.

What facilities will Plug Power's new headquarters in Germany include?

The new facility will include an innovation center, engineering labs, technical support, a green hydrogen generator, and a logistics center.

How much green hydrogen does Plug Power expect to produce by 2025?

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

What opportunities does Plug Power's expansion in Europe create?

The expansion allows Plug Power to serve new and existing customers while building partnerships in the hydrogen sector.

When is Plug Power's new facility in Europe expected to open?

The new facility is expected to open at the start of 2022.