Plug Power Completes Acquisition of Applied Cryo Technologies
Plug Power Inc. (NASDAQ:PLUG) has acquired Applied Cryo Technologies, enhancing its capabilities in the green hydrogen sector. Announced on November 23, 2021, this acquisition follows an agreement from October 14, 2021. The integration of Applied Cryo's technology, including a liquid hydrogen delivery network, is expected to reduce hydrogen infrastructure costs and expand Plug Power's green hydrogen ecosystem. The acquisition brings over 200 employees into the company, supporting its goal of producing over 1,000 tons of green hydrogen daily by 2028.
- Acquisition adds significant capabilities in hydrogen delivery and storage.
- Expands Plug Power's workforce with over 200 new employees.
- Supports goal to produce over 1,000 tons of green hydrogen daily by 2028.
- None.
Applied Cryo Technologies’ Leadership in Cryogenic Equipment Helps Plug Power Advance Development of Green Hydrogen Infrastructure
LATHAM, N.Y., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Applied Cryo Technologies, Inc., a leading provider of technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen and other cryogenic gases, following the definitive agreement announced on October 14, 2021.
The acquisition of Applied Cryo Technologies adds significant capabilities, expertise, and technologies to Plug Power, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling, which will enable the company to expand its green hydrogen ecosystem and lower the cost of hydrogen infrastructure and logistics networks.
Plug Power welcomes more than 200 new employees based out of Houston, TX. “This is a natural fit for Plug Power, and our new team members,” said Andy Marsh, CEO of Plug Power. “We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.”
Plug Power is the largest buyer of liquid hydrogen globally and has built a ‘hydrogen highway’ across the United States, including over 165 refueling stations that service fleets of hydrogen-powered trucks, forklifts and e-mobility vehicles in commercial industries throughout the nation. This is another step in Plug Power’s ambition to create a complete green hydrogen ecosystem, from hydrogen production powered by renewables to storage and transportation, serving customers in North America and beyond.
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 50,000 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
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 the integration of Applied Cryo Technologies, Inc. (“ACT”) into PLUG’s infrastructure and its expected benefits; expectations regarding ACT’s cryogenic technologies enhancing PLUG’s efficiencies and capabilities in storing and delivering liquid hydrogen and hydrogen mobility fueling; expectations regarding PLUG’s goal of producing over 1,000 tons per day of green hydrogen by 2028; and expectations regarding PLUG’s ambition to create a complete green hydrogen ecosystem. 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 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021. 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
Plug Power Media Contact
Caitlin Coffee
Allison+Partners
PlugPR@allisonpr.com
FAQ
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