- Investments intend to establish market presence for the FiveT
Hydrogen Fund and enable initial stages of activity.
- Combined investments of €260 million are part of a €1 billion
Fund ambition, helping to drive development for climate change
solutions and accelerate the energy transition to a net-zero
future.
- Three companies each bring financial, strategic and technical
expertise to help further develop the hydrogen economy.
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.
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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.
FORWARD-LOOKING STATEMENTS
Certain 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.
About Plug Power
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 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.
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/.
About Baker Hughes
Baker 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210405005199/en/
Plug Power - Media Relations: Ian Martorana The Bulleit
Group (415) 237-3681 plugpowerpr@bulleitgroup.com Chart
Industries, Inc. - Investor Relations: Wade Suki Director of
Investor Relations 832-524-7489 Baker Hughes - Investor
Relations: Jud Bailey +1 281-809-9088
investor.relations@bakerhughes.com Baker Hughes - Media
Relations: Thomas Millas +1 713-879-2862
thomas.millas@bakerhughes.com FiveT Hydrogen – Media
Relations: Louisa Feltes – FTI Consulting +44 7843 385075
louisa.feltes@fticonsulting.com
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