Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, joins other
transportation, gas and utility industry executives to promote the
formal launch of the McKinsey study titled ‘Road Map to a US
Hydrogen Economy’. The United States has long been a leader in
global energy innovation, and US-based Plug Power is leading the
hydrogen economy as the country’s largest user of liquid hydrogen
today. A shift to broader use of hydrogen brings tremendous value
when facing climate change, decarbonization, and energy
infrastructure and storage demands among an evolving regulatory
landscape.
The Road Map outlines five major segments of the
economy where hydrogen can impact the economy - including
transportation, power generation and grid balancing, fuel for
industry, feedstock, and fuel for residential and commercial
buildings. “By scaling up across sectors, hydrogen demand in the US
could reach 17 million metric tons by 2030 and 63 million metric
tons by 2050, roughly equivalent to 14 percent of energy demand,”
as noted in the study.
The US is uniquely positioned to grow and lead the
green hydrogen economy due to the abundant, low cost renewable
energy sources needed to produce green hydrogen, including wind,
solar, hydropower and nuclear. This flexibility makes the hydrogen
fuel cost competitive for consumers, while strengthening the
resilience and reliability of the entire US energy system. Plug
Power is well positioned to be a key contributor to building the
green hydrogen industry with capabilities in generation,
liquefaction and distribution of zero-carbon hydrogen fuel,
complementing its industry-leading position in the design,
construction, and operation of customer-facing hydrogen fueling
stations.
For US transport, hydrogen enables the adoption of
electric vehicles in high-asset utilization applications like
long-haul trucking. The study cites, “The US has a large long-haul
trucking industry compared with other markets, with about 180
billion miles travelled per year. Such long distances and
preferences for large vehicles favor fuel cell electric vehicles
(FCEVs) over battery electric vehicles (BEVs).”
Many industrial applications have reached points of
adoption for hydrogen fuel cell power. This includes Plug Power’s
core market of material handling, where more than 35,000 vehicles
have operated more than 580 million hours, resulting in more than
6.7 pounds of CO2 removed from the air in 2020 alone. Light-,
medium-, and heavy-duty trucks are identified as established and
emerging markets for hydrogen adoption.
“We are focused on accelerating a pathway to
transition from low-carbon to zero-carbon hydrogen solutions,” said
Andy Marsh, CEO for Plug Power “Liquid hydrogen demands derived
from multiple sectors can reach more than 1,000 tons per day by
2030, and green hydrogen meets the needs. Plug Power has plans to
build green hydrogen plants in the US, starting in the fourth
quarter of 2020 using wind and hydroelectric power.”
As stated in the study, hydrogen can meet 14
percent of the US energy demand by 2050, and Plug Power is well
positioned to play our part in growing the green hydrogen
economy.
US Road Map Virtual Roll-Out
EventsPlug Power’s CEO will participate in a number of
roll-out events this week sponsored by FCHEA (Fuel Cell &
Hydrogen Energy Association), with the media event occurring on
Monday, October 5, 2020 from 12:00-1:00pm ET.
At this virtual event, findings of the McKinsey
study will be detailed by Dr. Jack Brouwer, Professor of Mechanical
Aerospace Engineering at University of California, Irvine, then
discussed from an industry perspective by leaders including Plug
Power, Toyota Motor North America, Shell, Air Liquide, Microsoft
and SoCalGas.
Media attendees can register at
https://register.gotowebinar.com/register/5404638820844436491.
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 (HFC) technology.
As a result, the company has deployed over 35,000 fuel cell systems
for e-mobility, more than anyone else in the world, 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.
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 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 Group(415)
237-3681plugpowerpr@bulleitgroup.com
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