Plug Power (NASDAQ: PLUG), Chart Industries, Inc. (NYSE: GTLS) and
Baker Hughes (NYSE: BKR), are announcing their intention to become
cornerstone investors in the formation of the FiveT Hydrogen Fund
(“FiveT” or “the Fund”), a unique new clean-hydrogen-only private
infrastructure fund dedicated to delivering clean hydrogen
infrastructure projects at scale.
Plug Power intends to commit €160 million ($200
million), and Chart Industries and Baker Hughes each intend to
commit €50 million respectively ($60 million), recognising the
unique value proposition that FiveT will bring to the hydrogen
sector. These investments enable FiveT to establish itself at the
heart of the hydrogen industry and help advance a broader global
mission to address climate change and accelerate the energy
transition. This Euro-denominated Fund, offered only to qualifying
and verified investors, has the ambition to raise a total of €1
billion from both financial and industrial investors.
The energy industry and many corporations
broadly agree the hydrogen economy needs to build scale at speed to
succeed and become a key part of the solution to building a
net-zero global economy. Investors have an important role to play
in driving success, and smart collaboration between financial and
strategic stakeholders in hydrogen infrastructure can unlock the
potential of the broader hydrogen economy, accelerating the pace of
investment and supporting a net-zero emissions future. Plug Power,
Chart Industries and Baker Hughes are early cornerstone investors
in the Fund, helping it to establish its market presence and
enabling the first stages of its investment activity.
The Fund will exclusively finance projects in
the production, storage and distribution of clean hydrogen.
Projects will aim to achieve strong infrastructure returns and
deliver true sustainability for a lasting impact on environment,
society and businesses. The Fund will continually seek alliances
with industrial companies looking to build the hydrogen energy
supply chain and form alliances to grow projects at scale.
“Plug Power established the first commercial
market for fuel cells and is now building the first green hydrogen
generation network across the United States,” said Andy Marsh, CEO
of Plug Power. “We are now one of the original investors in the
first significant fund to support funding hydrogen infrastructure
projects. FiveT was an early investor in the hydrogen industry and
is leveraging its’ knowledge and Pierre Etienne’s leadership in the
industry to build the team and create the best in class
infrastructure fund in this field. We believe this fund will help
accelerate the construction of hydrogen infrastructure globally
which will support rapid deployment of fuel cell applications.”
“After over 50 years of Chart manufacturing
hydrogen equipment, we are thrilled to see the traction that
hydrogen is getting as a key power source in the clean energy
transition,” stated Jill Evanko, Chart’s CEO and President. “We are
participating as an early investor in the FiveT Hydrogen Fund, as
we believe this fund will be an important step in the acceleration
of the buildout of the global hydrogen infrastructure. Why FiveT
Hydrogen? We believe the coupling of Pierre-Etienne Franc’s
extensive experience in building the hydrogen marketplace with
other key players in the industry is a recipe for success.”
“To drive the energy transition forward requires
innovative models for collaboration and investment, and new energy
frontiers like hydrogen will progress faster when key players come
together,” said Lorenzo Simonelli, chairman and CEO of Baker
Hughes. “The FiveT Hydrogen Fund will combine the financial
strength as well as the strategic and technical expertise of our
companies to help advance hydrogen in new ways. As an energy
technology company with almost 60 years’ experience in the hydrogen
space, Baker Hughes is pleased to continue our commitment to a
net-zero future with our intended investment in FiveT. This is
another good example of our approach to new frontiers where we are
making calculated, strategic bets to drive the energy transition
forward.”
By combining deep financial strength and
investment rigor with unparalleled knowledge of and access to the
hydrogen market and its technology, the Fund is expected to be a
catalyst for both the financing and building of hydrogen
infrastructure projects. The Fund is led by Pierre Etienne Franc,
who was, up to the 31st of March, the vice president of Hydrogen
Energy for Air Liquide and co-secretary of the Hydrogen
Council.
“We are very pleased to receive such interest
from these highly respected firms. This confirms that this is
absolutely the right time to unlock the hydrogen economy potential
for society, investors, policy makers and corporates, alike,” said
Pierre Etienne Franc, CEO of FiveT Hydrogen Fund. “We all know that
this moment in the hydrogen journey requires a very innovative
approach to infrastructure investment. FiveT ambition is indeed to
put forward a distinctive fund value proposition for financial and
industrial LPs wishing to be the hydrogen infrastructure key
players. We expect to welcome future commitments from EU and Asian
strategic partners who are actively working on infrastructure
projects and initiatives,” he added.
FiveT will communicate more broadly about the
project in the coming days. The Fund is expected to close in the
third quarter 2021, with first cash contributed by investors by
early 2022 and drawn as required for investment over several
years.
About Plug PowerPlug 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 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 fuelling,
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.
Media Contact:Ian MartoranaThe
Bulleit Group(415)
237-3681plugpowerpr@bulleitgroup.com
About Chart Industries,
Inc.Chart Industries, Inc. is a leading independent global
manufacturer of highly engineered equipment servicing multiple
applications in the Energy and Industrial Gas markets. Our unique
product portfolio is used in every phase of the liquid gas supply
chain, including upfront engineering, service and repair. Being at
the forefront of the clean energy transition, Chart is a leading
provider of technology, equipment and services related to liquefied
natural gas, hydrogen, biogas and CO2 Capture amongst other
applications. We are committed to excellence in environmental,
social and corporate governance (ESG) issues both for our company
as well as our customers. With over 25 global locations from the
United States to Asia, Australia, India, Europe and South America,
we maintain accountability and transparency to our team members,
suppliers, customers and communities. To learn more, visit
http://ir.chartindustries.com/.
Investor Relations:Wade
SukiDirector of Investor Relations832-524-7489
About Baker HughesBaker Hughes
(NYSE: BKR) is an energy technology company that provides solutions
to energy and industrial customers worldwide. Built on a century of
experience and with operations in over 120 countries, our
innovative technologies and services are taking energy forward –
making it safer, cleaner and more efficient for people and the
planet. Visit us at bakerhughes.com.
Investor Relations:Jud Bailey+1
281-809-9088investor.relations@bakerhughes.com
Media Relations:Thomas Millas+1
713-879-2862thomas.millas@bakerhughes.com
FiveT HydrogenLouisa Feltes –
FTI Consulting+44 7843 385075louisa.feltes@fticonsulting.com
FORWARD-LOOKING
STATEMENTSCertain statements made in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning business plans of Plug
Power, Chart Industries and Baker Hughes (hereinafter, collectively
and individually referred to as the “Company”), including
statements regarding completed acquisitions, cost synergies and
efficiency savings, objectives, future orders, revenues, margins,
earnings or performance, liquidity and cash flow, capital
expenditures, business trends, clean energy market opportunities
and governmental initiatives, including executive orders and other
information that is not historical in nature. Forward-looking
statements may be identified by terminology such as "may," "will,"
"should," "could," "expects," "anticipates," "believes,"
"projects," "forecasts," “outlook,” “guidance,” "continue,"
“target,” or the negative of such terms or comparable
terminology.
Forward-looking statements contained in this
press release or in other statements made by the Company are made
based on management's expectations and beliefs concerning future
events impacting the Company and are subject to uncertainties and
factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors that
could cause the Company’s actual results to differ materially from
those described in the forward-looking statements include: the
Company’s ability to successfully integrate recent acquisitions and
achieve the anticipated revenue, earnings, accretion and other
benefits from these acquisitions; slower than anticipated growth
and market acceptance of new clean energy product offerings; risks
relating to the recent outbreak and continued uncertainty
associated with the coronavirus (COVID-19) and the other factors
discussed in Item 1A (Risk Factors) in the Company’s most recent
Annual Report on Form 10-K filed with the SEC and
Quarterly Reports on Form 10-Q, which should be reviewed
carefully. The Company undertakes no obligation to update or revise
any forward-looking statement.
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