Plug Power Announces Expansion to Europe with German Headquarters
September 14 2021 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, announced
its expanding operations with a European headquarters in North
Rhine-Westphalia in Germany. The announcement was formally made
during a meeting between Andy Marsh, Plug Power CEO, and German
minister Andreas Pinkwart in Washington D.C. this week.
The initial 70,000-square foot facility will house an innovation
center with engineering labs and technical support, a monitoring,
diagnostics and technical support center, a green hydrogen
generator with an electrolyzer infrastructure on site, a shipping,
inventor and logistics center, and a training space. The expansion
to Europe will allow Plug to serve new and existing customers,
while building relevant partnerships with leaders in hydrogen
application.
“The expansion to Europe comes as Plug faces a growing customer
base abroad with the burgeoning interest in green hydrogen energy,”
Marsh said. “Green hydrogen serves as an instrumental part in
transitioning from our reliance on fossil fuels, and Plug is
well-positioned to fill the needs of customers ready to make the
change.”
Roughly 30 employees will work at the facility, which will open
at the start of 2022. By mid-2022, the workforce will increase to
nearly 60 employees.
“Hydrogen is a key enabler for the climate friendly
transformation of our industry as well the transportation sector.
That is why we feel honored by Plug Power’s decision to come to the
Ruhr area, the industrial heartland of Germany. This way we can be
part of your growth story and contribute with excellent
Universities and the highly skilled workforce to your success,”
said Pinkwart, minister of economic affairs, innovation,
digitalization and energy for the State of North Rhine-Westphalia
in Germany.
“We are very pleased to have been able to win Plug Power with
such pioneering technology for our location. The company enriches
the energy region North Rhine-Westphalia and will benefit not only
from a broad customer base but also from an innovative research
environment,” said Felix Neugart, CEO of NRW Global Business.
Plug Power has been present in Europe for more than 10 years,
and has made significant progress in hydrogen mobility with key
European industrials, logistics customers and vehicle
manufacturers, namely its joint venture with Renault called HYVIA.
Plug Power has installed several PEM technology electrolyzers in
Germany, France, The Netherlands, and Portugal. The European
headquarters is a part of Plug’s overall strategy to rapidly expand
its workforce with the increase in demand for clean energy
solutions. Plug expects to produce more than 500 tons of green
hydrogen per day by 2025.
About Plug Power Inc. 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 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.
Plug Power 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, 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
Caitlin CoffeeAllison+PartnersplugPR@allisonpr.com
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