Plug Selected by New Fortress Energy for 120 MW Green Hydrogen Plant on Gulf Coast

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) has partnered with New Fortress Energy (NFE) to establish a 120 MW green hydrogen plant in Beaumont, Texas. This facility, expected to produce over 50 tons of green hydrogen daily, will utilize Plug's advanced PEM electrolysis technology. The site is strategically located with access to industrial users and robust logistics. The project marks NFE's inaugural investment in green hydrogen, aiming to enhance clean energy solutions amid favorable U.S. policies for hydrogen. Plug's leadership in electrolyzer technology positions it for growth in the expanding hydrogen market.

Positive

• Partnership with NFE for a significant green hydrogen plant.
• Projected production capacity of over 50 tons of hydrogen per day.
• Strategic location enhances logistics and access to industrial users.
• Approval of U.S. policies supports hydrogen industry growth.

Negative

• None.

Facility Expected to Be One of the Largest Green Hydrogen Plants in North America

Plug To Supply PEM Electrolyzer Technology, Equipment for NFE’s First Investment in Green Hydrogen Production

LATHAM, N.Y., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has entered an agreement with New Fortress Energy Inc. (NFE) (NASDAQ: NFE) for a 120 megawatt industrial-scale green hydrogen plant near Beaumont, Texas.

Expected to be one of the largest of its kind in North America, the facility will leverage Plug’s industry-leading proton exchange membrane (PEM) electrolysis technology and enable the production of more than 50 tons per day (TPD) of green hydrogen. With the development of additional supporting infrastructure, the facility will be scalable to nearly 500 megawatts. The facility is the first investment in green hydrogen for NFE, a global infrastructure company committed to accelerating the world’s transition to clean energy.

“Plug’s decarbonization goals and NFE’s energy transition goals are strongly aligned, and our partnership has strengthened at a pivotal time for the green hydrogen industry,” Andy Marsh, CEO of Plug, said. “We are thrilled to support NFE’s first investment in green hydrogen. This facility is a model that we intend to replicate in other locations across the country.”

The green hydrogen project site is strategically located on the banks of the Neches River in Jefferson County, Texas, affording proximity to industrial end-users as well as access to reliable power and superior logistics including rail, marine and existing pipelines that span the U.S. Gulf Coast region. The Port of Beaumont and broader Sabine-Neches Navigation District are home to an array of large-scale industrial facilities in the refining, petrochemical and other sectors that utilize hydrogen for desulfurization and feedstock processing.

“We are pleased to enter into this agreement that marks the beginning of our collaboration with Plug, a leader in electrolysis technology that shares our vision for the role of hydrogen in accelerating a clean and secure energy transition around the world,” said Wes Edens, Chairman and CEO of New Fortress Energy. “Amid an increasingly favorable U.S. policy environment for hydrogen, we are focused on scalable solutions that have a real impact on decarbonization and believe we are uniquely positioned to be an early mover in this vast and rapidly evolving market.”

Plug has been a leader in PEM electrolysis technology for nearly 50 years and was recently named the number one hydrogen electrolyzer company by Guidehouse Insights. In May 2022, Plug secured the world’s largest electrolyzer order to date with H2 Energy Europe.

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.

About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

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: the use of PLUG’s PEM electrolyzer technology to enable production of up to 50 metric tons per day of green hydrogen at the proposed 120-megawatt industrial-scale green hydrogen plant near Beaumont, Texas; and with the development of additional supporting infrastructure, the potential to scale up to a nearly 500 megawatts plant. 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 Power
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com  

 

FAQ

What is Plug Power's new partnership with New Fortress Energy about?

Plug Power has partnered with New Fortress Energy to develop a 120 MW green hydrogen plant in Beaumont, Texas, expected to produce over 50 tons of green hydrogen daily.

How much hydrogen will the new Plant by Plug Power produce?

The new plant is expected to produce more than 50 tons of green hydrogen per day, with potential scalability to nearly 500 MW.

When was the agreement between Plug Power and New Fortress Energy announced?

The agreement was announced on August 4, 2022.

What technology will Plug Power use in the new hydrogen facility?

Plug Power will use its industry-leading proton exchange membrane (PEM) electrolysis technology in the new facility.

What are the implications of U.S. policies for hydrogen related to Plug Power?

Favorable U.S. policies for hydrogen are expected to support the growth and scalability of hydrogen projects, benefiting Plug Power's initiatives.