PLUG Plug Power Inc

Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, welcomed guests on Thursday to Vista Technology Park, its new 407,000 square foot fuel cell manufacturing facility in Slingerlands, N.Y., for a ribbon cutting ceremony alongside U.S. Senate Majority Leader Charles E. Schumer and New York State Governor Kathy Hochul.

The Vista Technology Park facility will boost the economy by creating more than 1,600 new jobs in the New York State Capital Region within the next five years. Plug currently employs 1,472 people in New York, making up nearly half of its 2,957 total U.S. employees. The company expects to create around 4,000 new jobs globally by the end of the year. Plug applauds the speed to commission this site. The Company broke ground in March of 2022 and began manufacturing at commercial scale just nine months later.

Plug’s new world-class manufacturing and service facility in Albany County will contribute to the state’s clean renewable energy goals and create good-paying green collar jobs in the 21st century clean energy economy. Key provisions of the Inflation Reduction Act, such as the new Clean Hydrogen Production Tax Credit, will also help achieve substantial decarbonization and foster the integration of clean hydrogen made by Plug in New York State in a wide range of applications, such as Plug’s zero-emissions fuel cells.

The Plug Vista manufacturing facility features advanced automation, allowing for greatly increased scale and efficiency in the assembly of Plug’s fuel cell systems that power electric motors for the mobility market. The Vista facility, which began manufacturing Plug’s GenDrive units in November 2022, will be fully operational by March 2023, and will produce Plug’s entire fuel cell product line including GenDrive, Stationary, and ProGen.

Plug’s investment in the new manufacturing facility was supported by $45 million in Green Excelsior Jobs Tax Credits from Empire State Development, a $5 million grant from Albany County, and a $500,000 infrastructure grant from National Grid.

“Plug is honored to host Sen. Schumer, Governor Hochul, and other advocates of green hydrogen at our Vista Technology Park in our home state of New York,” said Andy Marsh, CEO of Plug. “Sen. Schumer was instrumental in the passage of the Inflation Reduction Act, which extended the Investment Tax Credit for fuel cells and enabled Plug’s development of the first commercially viable market for hydrogen fuel cell technology. This exciting expansion of Plug’s fuel cell manufacturing at Vista is critical for us to meet growing demand from our clients, such as Amazon, Home Depot, Walmart, and others.”

At the event, Marsh, Senator Schumer, and Governor Hochul were joined by Albany County Executive Daniel P. McCoy and digitally by U.S. Representative Paul Tonko, who provided remarks on Plug and green hydrogen’s role in achieving our climate and clean energy policy objectives.

“1,600 new, good-paying, green energy jobs are about to power Plug’s future in the Capital Region. Almost exactly seven years ago, I stood on the factory floor of Plug Power’s Latham facility, and CEO Andy Marsh promised me that if I could deliver the incentives they needed like the Investment Tax Credit, that we would be cutting ribbons for N.Y. jobs in the decade — and today a promise made becomes a promise kept,” said Sen. Charles Schumer. “Back then, Plug had 227 employees locally, today there are over 1,100 and the company has committed to an additional 1,600 over the next five years! I applaud Plug for this major investment that will cement the Capital Region’s place as a global hub for innovation in clean energy. With the historic investments we just made in the Inflation Reduction Act and Bipartisan Infrastructure Law to spark the hydrogen fuel cell industry, today’s new manufacturing facility comes at the perfect time to power America’s fight against climate change and new federal incentives position Plug to create even more New York jobs for years to come building the 21st century green hydrogen economy.”

“New York’s investment in Plug Power is an investment in New York’s sustainable future,” Governor Hochul said. “Plug Power is creating good, green jobs in the Capital Region and beyond, and supports our efforts for a cleaner, greener future for generations to come.”

“I’ve always been impressed with Plug’s vision for, and commitment to global clean energy transition,” said Congressman Paul Tonko. “Today, hydrogen is the hottest energy issue in DC, and this would not have been possible without all the success achieved by the team at Plug. The IRA is going to provide the long-term certainty required to kick this industry into overdrive.”

About Plug Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 60,000 fuel cell systems and over 185 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. Plug is building and operating a green hydrogen highway across North America and Europe, with a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com.

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’s plans to build and operate a green hydrogen highway across North America and Europe, with its state-of-the-art Gigafactory set to produce electrolyzers and fuel cells, and Plug’s planned multiple green hydrogen production plants that it expects to yield 500 tons of liquid green hydrogen daily by 2025. 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 (the “SEC”), including the “Risk Factors'' section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2021 and any subsequent filings with the SEC. 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.

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