Plug Power Selects Germany's Port of Duisburg as Location of European Headquarters

Rhea-AI Summary

Plug Power Inc. has announced the establishment of its European headquarters in the Port of Duisburg, Germany, aiming to enhance the development of the green hydrogen economy. This strategic location allows direct maritime supply chain connections and positions Plug Power to leverage the region's industrial strengths, housing a workforce skilled in logistics and transport. The new facility will include an innovation center and an electrolyzer for green hydrogen production. Plug Power intends to significantly contribute to the European hydrogen strategy, enhancing its global presence and operational capabilities.

Positive

• Establishment of a European headquarters in Duisburg enhances Plug Power's strategic positioning within the green hydrogen market.
• The new facility will facilitate direct maritime supply chain connections to key European ports, increasing operational efficiency.
• Duisburg is designated as a hydrogen technology capital city, aligning with Plug Power's goals of growth in the European hydrogen economy.

Negative

• None.

Company Will Invest in Development of European Green Hydrogen Ecosystem

LATHAM, N.Y. and DUISBURG, Germany , Nov. 24, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen market, announced its European headquarters will be located in the Port of Duisburg, North Rhine-Westphalia, Germany.

With a significant presence in Europe for more than ten years, Plug Power is accelerating its investment on the continent to develop and grow the green hydrogen economy through a new European headquarters. Duisburg, the world's largest inland port, offers the company direct maritime supply chain connections to Antwerp, Belgium and Rotterdam, Netherlands.

This location will allow Plug Power to capitalize on the major assets of the Duisburg region’s industrial area, including a large concentration of logistics and transport customers and a highly skilled workforce. Duisburg has also been elected as one of three hydrogen technology capital cities in Germany, giving Duisburg a decisive role in the German energy transition. As such, Plug Power is establishing itself at the center of the European hydrogen ecosystem and will be well positioned to contribute to the development of future green hydrogen applications.

“Plug Power intends to play an important role in the development of green hydrogen in Europe and to contribute significantly to the European hydrogen strategy,” said Andy Marsh, Plug Power CEO. “Our establishment of a headquarters in the Port of Duisburg supports our ambitious objectives for leading the build-out of a global green hydrogen ecosystem.”

Markus Bangen, CEO of duisport, also emphasized the importance of the settlement for the port and the region: “Sustainability is a decisive economic factor. duisport has been working for years to establish climate-neutral transport structures and to actively shape the energy transition in the region’s transport and logistics sector. Hydrogen will take on a central role in the future and is a critical element for the industrial and logistics industries in the state of North Rhine-Westphalia and the Port of Duisburg. We are, therefore, very pleased to welcome Plug Power’s European headquarters to the Port of Duisburg, advancing the development of this location as the center of hydrogen in Germany and NRW.”

The Mayor of the City of Duisburg, Sören Link, explained: “The location of Plug Power's European headquarters in the Port of Duisburg underscores the international importance of the Rhine-Ruhr metropolitan region. The city of Duisburg, one of the most important business locations in NRW, is setting the course for an energy transformation. Both the Hydrogen Innovation and Technology Center and Plug Power’s new European headquarters will create value for the port city. We look forward to continually developing Duisburg together.”

The initial 70,000-square-foot facility will house an innovation center with engineering labs, a monitoring, diagnostics and technical support center, an on-site electrolyzer enabling green hydrogen production, an inventory and logistics center, and a training space. The extensive logistics areas of the Port of Duisburg can accommodate future expansions, enabling the company to meet its rapid growth plans in Europe.

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.

About Duisburger Hafen AG
MORE THAN A PORT. Duisburger Hafen AG (duisport) owns and manages the Port of Duisburg, the world's largest inland port. For this port and logistics location, the duisport Group offers full-service packages in the area of infra- and suprastructure, including relocation management. In addition, the subsidiaries also provide logistics services, such as the development and optimization of transport and logistics chains, rail freight services, building management, contract and packing logistics.

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

Duisburger Hafen AG (duisport)
presse@duisport.de
Andreas Bartel +49 203 803-4465

Plug Power
plugpower@clai2.com
Valentine Serres +33 7 78 41 45 91
Agnès Loubière +33 6 73 16 88 53

FAQ

What is Plug Power's new European headquarters location?

Plug Power's new European headquarters is located in the Port of Duisburg, Germany.

Why is Duisburg significant for Plug Power?

Duisburg is significant due to its status as the world's largest inland port and its designation as a hydrogen technology capital city, providing strategic advantages for Plug Power.

What will the new facility in Duisburg include?

The facility will include an innovation center, engineering labs, a monitoring and diagnostics center, an electrolyzer for green hydrogen production, and logistics capabilities.

How does Plug Power plan to contribute to the European hydrogen strategy?

Plug Power aims to play a significant role in the development of green hydrogen technologies and applications in Europe through its new headquarters.

What are Plug Power's goals in Europe?

Plug Power's goals include leading the build-out of a global green hydrogen ecosystem and accelerating investment in the European hydrogen market.