Plug-Powered Airliner Takes Off at Washington State Airport

Rhea-AI Summary

Plug Power Inc (NASDAQ: PLUG) has celebrated the historic flight of a hydrogen-powered regional airliner, marking a significant milestone in aviation. Conducted at Grant County International Airport, the flight utilized Plug's ProGen fuel cells adapted for aviation, showing the potential of hydrogen to reduce carbon emissions. The partnership with Universal Hydrogen aims to promote hydrogen infrastructure alongside aircraft conversion, addressing the hydrogen aviation challenge. This flight is part of a two-year test campaign concluding in 2025, with plans for a 56-passenger configuration of ATR 72 aircraft to enter service.

Positive

• Successful historic flight of a hydrogen-powered regional airliner, demonstrating Plug's fuel cell technology.
• The partnership with Universal Hydrogen enhances the hydrogen aviation infrastructure, targeting existing aircraft retrofitting.
• ProGen fuel cells offer carbon-free operation and longer range compared to traditional batteries.
• Plans for a green hydrogen highway and multiple production plants aiming to yield 500 tons of liquid hydrogen daily by 2025.

Negative

• None.

The Universal Hydrogen airliner is powered by Plug’s ProGen line of fuel cells adapted for aviation application

LATHAM, N.Y., March 02, 2023 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced the historic flight of a regional airliner powered by the company’s line of ProGen fuel cells.

Led by Universal Hydrogen, the hydrogen fuel cell-powered flying testbed took off at 8:30 a.m. for 15 minutes at Grant County International Airport in Washington state. Reaching an altitude of 3,500 feet MSL, the flight marked a significant milestone for both companies that partnered to make hydrogen-powered aviation a reality.

The 40-passenger airplane’s powertrain is built with Plug’s ProGen that have been adapted for aviation use. Plug's ProGen fuel cells support light, medium and heavy-duty electric vehicles in asset-intensive applications. They have proven to be ideal because they allow fleets to achieve greater range. Fuel cells are also free of carbon emissions, and weigh and cost less than batteries.

“Plug is proud to be a part of Universal Hydrogen’s significant day in aviation history,” Plug CEO Andy Marsh said. “We’ve long said hydrogen can power applications, such as planes, while reducing toxic carbon emissions. Today, we proved it, and we’re one step closer to a more sustainable future.”

The celebrated day stems from Plug’s long-time partnership with Universal Hydrogen that expanded in 2021 to begin the development of fuel cells made for regional aircraft. The partnership is one of many strategic investments Plug has made in recent years to grow the green hydrogen economy and expand its applications, including into aviation.

“Our business model resolves the chicken-and-egg problem between hydrogen airplanes and hydrogen infrastructure by developing both in parallel and with a uniquely low-cost approach,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “The airplanes are converted to hydrogen using an aftermarket retrofit conversion kit, tackling the existing fleet rather than developing a brand new airplane. And hydrogen fueling uses modular capsules compatible with existing freight networks and airport cargo handling equipment, making every airport in the world hydrogen-ready.”

Conducted under an FAA Special Airworthiness Certificate, the flight was the first in a two-year flight test campaign expected to culminate in 2025 with entry into passenger service of ATR 72 regional aircraft in a 56-passenger configuration converted to run on hydrogen.

About Plug

Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit 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’s plans to build and operate a green hydrogen highway across North America and Europe, with its state-of-the-art Gigafactory set to produce electrolyzers and fuel cells, and Plug’s planned multiple green hydrogen production plants that it expects to yield 500 tons of liquid green hydrogen daily by 2025. 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 (the “SEC”), including the “Risk Factors'' section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2021 and any subsequent filings with the SEC. 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 CONTACTS:

Plug
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ac0c636-6f3b-4fd8-b46d-523df7a53aee

FAQ

What is the significance of the recent flight conducted by Plug Power?

The flight represents a milestone for hydrogen-powered aviation, showcasing the capabilities of Plug's ProGen fuel cells.

When is Plug Power expecting to enter passenger service with hydrogen-powered aircraft?

Plug Power aims to enter passenger service by 2025 with a retrofitted ATR 72 aircraft.

How does Plug Power's technology benefit aviation?

Plug's ProGen fuel cells provide carbon-free energy and extend operational range, making them ideal for aviation applications.

What are the future plans for Plug Power in the hydrogen market?

Plug Power plans to build a green hydrogen highway across North America and Europe and produce 500 tons of hydrogen daily by 2025.