LATHAM, N.Y. and HELSINKI, Finland, May 30, 2023 (GLOBE NEWSWIRE) — Plug Power Inc.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 60,000 fuel cell systems and over 185 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.comThis 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 three green hydrogen production plants’ expected future production of 850 tons per day (TPD) of green hydrogen, or 2.2 gigawatts (GW) of electrolyzer capacity by the end of the decade; green hydrogen production that will support the production of ammonia and green steel (DRI), reduce dependence on fossil fuels, and materially support the decarbonization of Europe; Plug’s intent to collaborate with Hy2Gen on the development of hydrogen derivatives (e-fuels, methanol and ammonia) in the region; The Kokkola site expectation to generate 85 TPD of liquid green hydrogen, and up to 700 kt of green ammonia per year, using 1 GW of electrolyzers. The production of liquid green hydrogen for local use and for export to western Europe from the Port of Kokkola, and exportation of Green ammonia to Europe; The Kristinestad site plan to house a 1 GW electrolyzer plant located close to a former coal plant to export green hydrogen for green steel production (2.0 mt/y of DRI produced) from the port of Kristinestad; The Porvoo site production of up to 20 TPD of gaseous green hydrogen by 2027 ramping to 100 TPD by 2030, to use locally and inject into the pipeline; Plug working with Fingrid and Gasgrid to ensure electric grid capacities and develop the infrastructures to allow export of green hydrogen by pipes; These projects supporting the development of green electricity and green hydrogen around the European backbone pipeline near the Bothnian Bay and contributing to Finland’s efforts to become carbon neutral by 2035; Plug’s expectation to create around 1,000 direct jobs and 3,000 indirect jobs, boosting the local economies around the sites. 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, 2022 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.Jenni Rajahalme
Kumppania Oy
+358 40 720 5755
[email protected]
Caitlin Coffee
Allison+Partners
[email protected]
(GlobeNewsWire)