Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, signed a
definitive agreement to acquire Frames Group, a leader in turnkey
systems integration for the energy sector. With over 35 years of
experience, Frames designs, builds, and delivers processing
equipment, separation technologies, flow control and safeguarding
systems, for water and renewable energy solutions. Headquartered in
the Netherlands, Frames has about 300 employees located largely in
Europe and India.
Plug is building a hydrogen ecosystem by systematically adding
complementary strengths and capabilities through key acquisitions,
joint ventures, and other partnerships. Plug has steadily gained
competency in key technology and critical supply chain areas such
as fuel cell membrane electrode assemblies (MEAs), hydrogen
delivery logistics and electrolyzers to deliver turnkey green
hydrogen solutions for its customers. Partnerships with Renault,
SK, Acciona, Fortescue Future Industries, Airbus and Lhyfe provide
access and scale in markets new to Plug.
The Frames acquisition will support Plug Power’s goal to reach
an installed electrolyzer capacity of three gigawatts (GW) by 2025.
Plug will combine its world-class stack technology with Frames’
systems integration capabilities to deliver a range of turnkey
electrolyzer solutions from one megawatt (MW) containers to 1,000
MW standalone plants.
“Frames Group delivers outstanding services cost-effectively to
many of the world’s largest energy providers. We look forward to
our journey together, delivering value to customers around the
world through our green hydrogen solutions,” said Andy Marsh, CEO
for Plug Power. “Plug Power is set to become one of the largest
pure play green hydrogen ecosystem companies.”
With Frames’ long-standing roots in Europe, supported by an
extensive European customer base, supply chain and manufacturing
capabilities, Plug Power continues to build out and deepen its
European presence. Through the Frames acquisition, organic growth,
and partnerships, Plug will now have 200 employees in Europe. Set
to open its new European headquarters in North Rhine-Westphalia,
Germany, in early 2022, Plug has also invested in a manufacturing
facility, service center, and a green hydrogen fund in Europe.
Revenue opportunities from the acquisition include an order
backlog valued at approximately €100 million and a sizeable project
pipeline that will generate revenues through 2023 with major
on-shore and off-shore energy providers seeking to transition to
renewable energies and green hydrogen.
Frames’ relationship with Plug Power goes back to 2017. “We are
delighted to become part of the Plug Power organization,” said
Frans Roozendaal, CEO of the Frames Group. “There is a great
cultural fit and alignment between our teams, which we have
developed over the years as partners. Together with the Plug Power
team, we can assist our current customer base, accelerate their
journeys and decarbonize their energy offerings.”
The acquisition is expected to be completed by the end of the
year once all required approvals have been obtained. The
transaction includes €85M in cash and €30M in earnouts.
About Plug PowerPlug 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 50,000 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, Ikea, 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.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 the expected
commercial release in 2022 and expected additional vehicle
prototypes. 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 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2021 and June
30, 2021. 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.
About Frames Group
Frames was founded in 1984 as a valve actuator company. Over the
past 35 years we have expanded rapidly both in portfolio and
geographic reach. Working together with our clients, suppliers, and
employees we are energizing the world. Frames designs, builds, and
delivers processing equipment, separation technologies, flow
control & safeguarding systems, renewable energy and water
solutions.Our core competence is process and control system
integration. At Frames, we convert your process and control
concepts into compact, highly integrated and autonomous
skid-mounted solutions. We have a global reach through our network
of offices and are continuously adding new technologies to our
portfolio. Although the oil and gas industry has historically been
our core market, we have also seen a strong expansion of our
downstream and renewables activities.
Our vision is to be the first-choice partner in all your energy
challenges. We will achieve this by utilizing our know-how and core
values to better understand the needs of clients. Therefore, we
will continue to develop our skills and technologies to exceed your
expectations, continuously striving to create sustainable added
value for our clients.
Plug Power Media ContactCaitlin CoffeeAllison +
PartnersplugPR@allisonpr.comFrames Group Media
Contact Mr. Suerd Polderdijk
s.polderdijk@frames-group.com
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