Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
a new partnership with Universal Hydrogen, an end-to-end fuel
logistics company making hydrogen-powered commercial flight a
near-term reality. Under this partnership, the companies plan to
develop, build, and certify a commercially-viable hydrogen fuel
cell-based propulsion system designed to power commercial regional
aircraft. This initiative is part of Plug Power’s strategy to bring
its proven hydrogen ProGen fuel cell technology to new markets
through engaging leaders in industries such as commercial aviation
and aerospace. This partnership also furthers Plug Power’s
ambitions to build a hydrogen economy.
Bringing together Universal Hydrogen’s aerospace expertise with
Plug Power’s fuel cell stack technology and systems capabilities,
the partnership aims to certify and fly the world’s first 2
megawatt hydrogen-electric aircraft powertrain. The carbon-free
propulsion system incorporates a lightweight Plug Power
ProGen-based hydrogen fuel cell stack designed for aerospace
applications and Universal Hydrogen’s modular hydrogen distribution
and fuel delivery system. This technology will enable a converted
mid-sized regional turboprop aircraft (such as the Dash 8 or
ATR42/72 families) to fly missions up to 1,000 km. This range
serves over 90 percent of existing routes, and is far longer than
what would be achievable with battery power alone.
As part of this program, Universal Hydrogen and Plug Power will
integrate and test a full-scale, ground-based powertrain
prototype—or iron bird. After a successful ground demonstration,
the teams will retrofit the powertrain into the aircraft with
flight test completion and regulatory approval under a supplemental
type certificate (STC) expected by 2024.
“As we enter the aerospace domain, we’re thrilled to be working
with Universal Hydrogen and its proven team of experts,” says Plug
Power CEO Andy Marsh. “Through this partnership, we are taking our
first steps toward establishing a complete ecosystem for the
aviation market, from powertrain to hydrogen solutions, ultimately
enabling a global transportation system powered by green
hydrogen.”
“As Universal Hydrogen builds out a scalable hydrogen fuel
distribution network for aviation, our partnership with Plug Power
will provide a key market entry point for hydrogen-powered
passenger flight,” says Paul Eremenko, CEO and Co-founder of
Universal Hydrogen. “We’re excited to partner with Plug Power, a
proven leader in the growing hydrogen economy as we push to make
carbon-free commercial flight a near-term reality.”
This initiative comes as Plug Power is significantly growing its
aerospace fuel cell system capabilities, in line with the company’s
vertical integration strategy. As part of this effort, Plug Power
is expanding its ProGen platform for additional aerospace
applications, including UAVs and aircraft with different weight
restrictions and other unique requirements.
About Plug Power
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 technology. As a
result, the company has deployed over 35,000 fuel cell systems for
e-mobility 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. Learn more at www.plugpower.com.
About Universal Hydrogen
Universal Hydrogen is an end-to-end fuel logistics company
making hydrogen-powered commercial flight a near-term reality.
Founded in 2020 by green aviation veterans Paul Eremenko, John-Paul
Clarke, Jason Chua, and Jon Gordon, Universal Hydrogen takes a
flexible, scalable, and capital-light approach to hydrogen
logistics by transporting it in modular capsules over the existing
intermodal container freight network from green production sites to
airports around the world. To accelerate market adoption, Universal
Hydrogen is also developing a conversion kit to retrofit existing
regional airplanes with a hydrogen-electric powertrain compatible
with the modular capsule technology. For more information, go to
hydrogen.aero.
Safe Harbor StatementThis 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 growth in Europe, revenue, growth with GenKey customers
and its project financing platform. 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. In particular, the risks
and uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk of dilution to our stockholders and/or
stock price should we need to raise additional capital; the risk
that our lack of extensive experience in manufacturing and
marketing products may impact our ability to manufacture and market
products on a profitable and large-scale commercial basis; the risk
that unit orders may not ship, be installed and/or converted to
revenue, in whole or in part; the risk that a loss of one or more
of our major customers, or if one of our major customers delays
payment of or is unable to pay its receivables, a material adverse
effect could result on our financial condition; the risk that a
sale of a significant number of shares of stock could depress the
market price of our common stock; the risk that our convertible
senior notes, if settled in cash, could have a material effect on
our financial results; the risk that our convertible note hedges
may affect the value of our convertible senior notes and our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls;
our ability to attract and maintain key personnel; the risks
related to the use of flammable fuels in our products; the risk
that pending orders may not convert to purchase orders, in whole or
in part; the cost and timing of developing, marketing and selling
our products; the risks of delays in or not completing our product
development goals; our ability to obtain financing arrangements to
support the sale or leasing of our products and services to
customers; our ability to achieve the forecasted gross margin on
the sale of our products; the cost and availability of fuel and
fueling infrastructures for our products; the risks, liabilities,
and costs related to environmental, health and safety matters; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of our products
and services, including GenDrive, GenSure and GenKey systems; our
ability to establish and maintain relationships with third parties
with respect to product development, manufacturing, distribution
and servicing, and the supply of key product components; the cost
and availability of components and parts for our products; the risk
that possible new tariffs could have a material adverse effect on
our business; our ability to develop commercially viable products;
our ability to reduce product and manufacturing costs; our ability
to successfully market, distribute and service our products and
services internationally; our ability to improve system reliability
for our products; competitive factors, such as price competition
and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
risk of dependency on information technology on our operations and
the failure of such technology; the cost of complying with current
and future federal, state and international governmental
regulations; our subjectivity to legal proceedings and legal
compliance; the risks associated with potential future
acquisitions; the volatility of our stock price; and other risks
and uncertainties referenced in our public filings with the
Securities and Exchange Commission (the “SEC”).
For additional disclosure regarding these and other risks faced
by PLUG, see disclosures contained in PLUG's public filings with
the SEC including, the "Risk Factors" section of PLUG's Annual
Report on Form 10-K for the year ended December 31, 2019 and
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2020 and June 30, 2020. You should consider these factors in
evaluating the forward-looking statements included in this
presentation and not place undue reliance on such 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 ContactIan MartoranaThe Bulleit
Groupplugpowerpr@bulleitgroup.com
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