Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions building the global green hydrogen economy, is
growing its green hydrogen footprint in New York with construction
of a new state-of-the-art green hydrogen production facility and
electric substation in the New York Science, Technology and
Advanced Manufacturing Park (STAMP).
As North America’s largest green hydrogen production facility,
the plant will produce 45 metric tons of green liquid hydrogen
daily servicing the Northeast region. The plant will use 120 MW of
Plug’s state-of-the-art PEM electrolyzers to make the hydrogen
using clean NY hydropower. The New York plant joins our existing
Tennessee plant in a network that aims to supply 500 tons per day
of green hydrogen by 2025, 1,000 tons per day globally by 2028 and
that when fully built will offer our transportation fuel customers
pricing competitive to diesel. This $290 million investment in
green hydrogen production leads the way to decarbonizing
freight-transportation and logistics and supports the Empire
State’s path to achieving carbon-neutrality by 2050. The project
includes a 450 MW electrical substation that will service the
entire STAMP site.
“Plug Power's future rightfully revolves around building the
green hydrogen economy,” said Andy Marsh, CEO for Plug Power. “We
are grateful that our home state of New York is helping lead the
way on climate and clean energy initiatives. And, that Plug Power’s
green hydrogen solutions can make such a positive impact on the
environmental and economic climates in the state. We thank our
elected officials and partners for their leadership.”
Plug Power’s ability to develop its new green hydrogen fuel
production facility in New York is the result of a comprehensive
state and local incentive package from the New York Power
Authority, Empire State Development and Genesee County.
U.S. Senator Charles Schumer said, “Today we usher in a winning
combination of firsts: Plug Power is creating its first ever green
hydrogen production facility and we have secured the first tenant
at the WNY STAMP site. This facility will create over 60 new
good-paying green-energy jobs, boost the Western New York economy,
and serve as a jumping-off point to create the nation’s first
U.S.-wide network of green hydrogen production facilities to
produce carbon-free fuel cell power. After securing its new over
375 job gigafactory in Rochester last month, I applaud Plug Power,
a proud Upstate NY-based business with deep roots and hundreds of
NYS workers, for doubling down and selecting STAMP as the home of
this new production facility. I will continue to advocate with the
U.S. Department of Energy to secure federal support to help bring
this development to full fruition.”
“Plug Power has quickly become a leader in alternative energy
technology and I am thrilled they are further expanding their
footprint here in New York,” said Congressman Joe Morelle. “During
my time as NYS Assembly Majority Leader I was proud to help bring
the STAMP Business Park from concept to reality, and this is
exactly the type of advanced manufacturing investment and growth we
always knew the Park would facilitate. I’m grateful to Plug Power
for their commitment to creating jobs, strengthening our economy,
and building a cleaner, more sustainable future.”
“New York State is committed to establishing itself as the
leader in the national effort toward a more renewable future
focused on green energy excellence, and we’re showing that
protecting the economy and encouraging economic growth aren’t
mutually exclusive,” Governor Cuomo said. “We are incredibly proud
to partner with Plug Power once again and applaud the company’s
continued investment in the Finger Lakes region and to its
commitment to creating top-quality green jobs as we work to foster
new investment and job growth during a difficult economic time for
many New Yorkers.”
Empire State Development Acting Commissioner and President &
CEO-designate Eric Gertler said, “Plug Power’s forward-thinking
innovation and ongoing commitment to New York State are helping to
advance Governor Cuomo’s clean energy vision. This hydrogen fuel
manufacturing facility using local hydro power at the STAMP
mega-site will strengthen New York’s green economy by creating top
quality, high-tech manufacturing jobs.”
Gil C. Quiniones, NYPA president and CEO, said, “The state’s
clean energy economy is growing rapidly under the Governor’s
leadership and Plug Power is seizing the plentiful opportunities
for green energy companies to expand and flourish in New York.
Leveraging NYPA’s carbon-free hydropower from the Niagara Power
Project to attract a firm dedicated to the development of green
hydrogen for fuel cell applications is an example of how we should
address the climate crisis.”
STAMP is a 1,250-acre mega site located at the center of upstate
New York’s largest population, research, and workforce training
hubs. Connected with New York’s high-tech corridor by the New York
State Thruway, STAMP has completed all site-level design and
engineering, and all-site level environmental and zoning approvals
to house projects including semiconductor manufacturing, renewables
manufacturing, biopharma manufacturing, and other high-capacity
industries. The mega site is strategically located in NYPA’s
low-cost hydropower zone and will be serviced by high-capacity,
100% renewable, reliable and local power sources. STAMP has been
validated as a regional priority project by the Finger Lakes
Regional Economic Development Council and has been supported by
local, regional, and state governments, as well as business,
university, and utility partners.
Greater Rochester Enterprise President and CEO Matt Hurlbutt
said, "Plug Power plans to establish a hydrogen generation facility
at the STAMP mega-site in Genesee County because of its unique
infrastructure, including low-cost, clean hydropower. The power
generated at this new facility will also support Plug Power's Giga
factory in Rochester, NY."
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell 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 meeting sustainability goals. Plug Power
created the first commercially viable market for hydrogen fuel cell
technology. As a result, the Company has deployed over 40,000 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. Learn more at www.plugpower.com.
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 its multi-year investment and growth , PLUG’s clean
hydrogen technology and fuel cell solutions playing a critical role
in achieving climate and decarbonization goals, deepening of
relationships with key stakeholders, and acceleration of demand and
adoption of hydrogen technology . 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. 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,
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, June
30, 2020 and September 30, 2020. 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 Contact
Ian MartoranaThe Bulleit Group (415) 237-3681
plugpowerpr@bulleitgroup.com
SOURCE: PLUG POWER
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Mar 2023 to Mar 2024