Plug Lands 1 GW Electrolyzer Order with H2 Energy Europe

Green Hydrogen to Power Northern European Transportation Sector

LATHAM, N.Y., May 17, 2022 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has been awarded an order to deliver a one gigawatt (GW) electrolyzer to hydrogen company H2 Energy Europe. Planned for a green hydrogen production complex in Denmark, this is the largest capacity electrolyzer installation in the world to date.

Harnessing offshore wind power, Plug’s electrolyzer technology will enable the production of up to 100,000 metric tonnes per year of green hydrogen for use in the energy and transportation sector in northern Europe, supplying the fuel needed for the equivalent of approximately 15,000 heavy duty vehicles per day. Through its joint venture with Hyundai, H2 Energy will supply fleets of heavy-duty fuel cell trucks. In addition, earlier this year H2 Energy entered a joint venture with Phillips 66 to build more than 250 hydrogen refueling stations in Denmark, Germany and Austria supplied with green hydrogen from H2 Energy.

Pairing Plug’s leading electrolyzer technology with H2 Energy Europe’s engineering capabilities and strong partnerships, this project is a major step towards reducing carbon emissions in the transportation sector for key countries in northern Europe while building energy security.

“We see green hydrogen as the future and have made significant investments in green hydrogen including in the construction of a gigafactory for electrolyzer production,” noted Andy Marsh, CEO of Plug. “Our operational readiness and manufacturing capacity were key determinants in our selection for the world’s largest order to date, and we are pleased to be a part of this project with H2 Energy.”

Plug’s electrolyzer products destined for H2 Energy’s Danish complex will be manufactured at Plug’s gigafactory in Rochester, N.Y., the world’s first and largest fuel cell and electrolyzer manufacturing gigafactory. Deployment of the technology at H2 Energy’s complex is expected in 2024, with production of green hydrogen in 2025. The hydrogen production complex, announced in September 2021 by the Danish government, will be located near Esbjerg and owned and operated by H2 Energy Europe.

“Plug Power’s unique knowledge and market position within the green hydrogen ecosystem made our choice of collaboration very easy. We have the same ambitions to reduce CO2 emissions and create a world where hydrogen is the future of energy,” said Rolf Huber, Founder and CEO, H2 Energy.

Swiss-headquartered H2 Energy Europe is a joint venture between commodity trading firm Trafigura Pte Ltd. and H2 Energy Holding AG. Through its affiliated companies, H2 Energy was the first to develop and deliver hydrogen fuel cell trucks to commercial users and create a green hydrogen fueling ecosystem in Switzerland.

Plug has been a leader in PEM (proton exchange membrane) electrolysis technology for nearly 50 years and was recently named the number one hydrogen electrolyzer company by Guidehouse Insights.

Source: globenewswire.com

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