Plug Power Announces Selection of Rochester to Host Plug Power Innovation Center

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) announced the establishment of its PEM stack and electrolyzer Innovation Center in Rochester, NY, expected to commence operations by mid-2021. This gigafactory aims to expand production capabilities significantly, achieving an output of 7 million MEAs, 60,000 stacks, and 500 Mw of electrolyzers annually. The initiative will inject $125 million into the local economy, creating 375 jobs, and is part of Plug Power's strategy to drive a clean hydrogen ecosystem. The facility will also support local fleets with green hydrogen production.

Fuel cell and electrolyzer gigafactory will drive industry scale and energize the local green-jobs economy

LATHAM, N.Y., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, is pleased to announce that New York’s Rochester area has been selected to host the company’s PEM stack and electrolyzer Innovation Center. Expected online by mid-2021, the Innovation Center will mark a significant expansion in the company’s production and manufacturing capabilities for fuel cells and electrolyzers. It will also house research and development for MEAs and fuel cell stacks. This announcement comes amid increasing recognition of the critical role that green hydrogen, which is produced by electrolyzers using renewable energy and deployed in fuel cells, could play in achieving a zero-carbon economy.

“We are thrilled to expand in our home state of New York, announcing Monroe County as the location for the world’s first PEM stack and electrolyzer Plug Power Innovation Center,” said Andy Marsh, CEO of Plug Power. “Among many great options, none could match Rochester in terms of talent, local supplier networks, and opportunities to partner with top-tier research institutions. With this decision, we are positioning the company and the region as global leaders in PEM technology, driving scale and industry transformation. Many thanks to New York state for its continued support including Senator Chuck Schumer, Congressman Joe Morelle, Governor Cuomo, and many from Empire State Development and Greater Rochester Enterprise.”

The Plug Power Innovation Center is part of a broader company strategy to accelerate the development of a clean hydrogen ecosystem. With a capacity of over a gigawatt of electrical output, The Center will produce an estimated 7 million MEAs/plates, 60,000 stacks, and 500 Mw of Electrolyzers per year. To meet these targets, Plug Power is pioneering the application of advanced manufacturing techniques, including high speed lamination, automated metal plate stamping, laser welding and robotic gasketing. Alongside efficiency gains from this high-volume automation, the facility’s vertically-integrated design will enable material cost reductions and other savings.

Plug Power’s expanded presence certifies Rochester as a leading location for fuel cell innovation and manufacturing. Through this Innovation Center, Plug Power will invest $125 million into the local economy, create 375 jobs and bring material and component suppliers to the region. The Plug gigafactory will also serve as a world-class technology research and development center, supported by collaborations with local universities. Additionally, Plug Power plans to supply local commercial fleets with green hydrogen produced on-site.

Senator Schumer was also encouraged by the decision, adding, “I’m ecstatic that Plug Power heeded my call to make Rochester the home of its new hydrogen fuel cell Gigafactory. Rochester’s powerhouse workforce helped pioneer cutting edge hydrogen fuel cell technology and can now help drive Plug Power’s revolutionary clean energy technology to new heights. Over 375 new clean energy jobs will now supercharge Rochester, positioning the region as a global hub in the green economy. I commend NYS for its support to help enable Plug Power, a proud Upstate NY-based business with deep roots and hundreds of NYS workers, to double down here by building its biggest manufacturing factory in Rochester.”

“With our wealth of fuel cell expertise and manufacturing know-how, Rochester is the perfect location to host Plug Power’s PEM Stack and Electrolyzer gigafactory,” said Congressman Joe Morelle. “Our city welcomes long-time supporter Plug Power’s newest location and we look forward to filling these hundreds of new jobs with Rochester’s best and brightest talent.”

“For years, Plug Power has been a critical partner in helping move both the state and nation towards a cleaner, greener future, as well as in helping strengthen local economies and create jobs,” Governor Cuomo said. “The company’s continued investment and expansion in the Finger Lakes region is truly a testament to their commitment to this effort. This state-of-the-art Innovation Center will not only further establish New York as a center for green energy excellence and create hundreds of jobs, but also play a key role in helping reach the goals set forth in our nation-leading climate and clean energy agenda.”

Greater Rochester Chamber of Commerce President and CEO Bob Duffy said, “We are thrilled that Plug Power has chosen Rochester, NY as the site of their new hydrogen fuel cell Gigafactory. The 375 new clean energy jobs created will help energize our local economy, while state-of-the-art sustainable technology solutions will help further our region’s reputation as a center of technology and innovation. Greater Rochester Chamber looks forward to working with CEO Andy Marsh and the Plug Power team to ensure their ongoing success and growth in the Finger Lakes region and beyond.”

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.

SOURCE: PLUG POWER

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

FAQ

What is Plug Power's new Innovation Center?

Plug Power's new Innovation Center is a PEM stack and electrolyzer facility located in Rochester, NY, expected to begin operations by mid-2021.

How much does Plug Power plan to invest in Rochester?

Plug Power plans to invest $125 million in the Rochester area through its new Innovation Center.

How many jobs will be created by Plug Power in Rochester?

The establishment of Plug Power's Innovation Center is projected to create 375 new jobs in Rochester.

What production capacity will the Innovation Center have?

The Innovation Center is set to produce over 7 million MEAs, 60,000 stacks, and 500 Mw of electrolyzers annually.

What role does green hydrogen play in Plug Power's strategy?

Green hydrogen is central to Plug Power's strategy to develop a clean hydrogen ecosystem and achieve a zero-carbon economy.