Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions building the global green hydrogen economy,
announced a strategic framework agreement with BAE Systems, a
premier supplier and integrator of low and zero emission electric
propulsion systems and application integration. Under the
framework, Plug Power and BAE Systems will collaborate to supply
zero-emissions powertrains to heavy-duty transit bus OEMs in North
America integrating Plug Power’s ProGen fuel cell engines into BAE
Systems’ smart electric drive systems, as well as provide hydrogen
and refueling infrastructure to end-customers use points. Through
this all-inclusive strategic partnership, the companies are
advancing an innovative total solution for hydrogen-powered
electric buses which promises to accelerate the adoption of
zero-emissions transit across the region.
Both companies have substantial global industry expertise and
proven track records in the electric mobility space. With 25 years
of experience driving zero-emissions solutions, BAE Systems is an
established leader in power management and efficient propulsion;
today, more than 13,000 of the company’s electric drive systems
operate worldwide. The company was also an early advocate for
hydrogen-based transit, having integrated fuel cells into its
electric propulsion systems since 1998. Plug Power, with more than
40,000 fuel cell units deployed over the past 20 years, is the
foremost provider of hydrogen fuel cell engines in the world
offering modular ProGen fuel cell engines for OEM integration
ranging from 30kW to 125kW. As part of its mission to provide
comprehensive hydrogen solutions and an unrivaled value proposition
to its customers, Plug Power has built more hydrogen refueling
stations than any other company and has become the largest buyer of
liquid hydrogen globally. These companies are now leveraging their
complementary capabilities to bring the sustainability, efficiency
and cost advantages of green hydrogen to more cities in North
America and beyond.
Fuel cell electric vehicles are increasingly recognized as a
competitive mobility solution for urban transport networks, given
hydrogen’s unique value proposition for high utilization vehicles.
Hydrogen-electric powertrains enable transit fleets to operate
cleanly, quietly and efficiently at extended ranges over battery
electric vehicles, and with the lowest cost of ownership. Unlike
electric trams or EVs, which require extensive route
infrastructure, hydrogen fuel cell buses can quickly refuel in
existing city fleet facilities equipped with hydrogen
dispensers.
“We’re excited to work with BAE Systems, a pioneer in clean
energy solutions for sustainable transportation, to bring the
benefits of green hydrogen to transit systems in North America,”
said Plug Power CEO Andy Marsh. “This strategic partnership will
play an instrumental role in advancing our on-road applications
strategy and delivering new growth opportunities that help meet our
year-end 2025 goals, including annual production of 500 tons of
green hydrogen daily.”
“For years, BAE Systems’ electric propulsion solutions have
helped the world’s leading cities to reduce harmful emissions and
improve quality of life for residents. Now, with Plug Power, we’re
taking the next step,” said Steve Trichka, vice president and
general manager of Power & Propulsion Solutions at BAE Systems.
“Advanced hydrogen fuel cell applications will play a critical role
in achieving zero-emissions transportation goals.”
This partnership expands both companies’ reach into the market
for commercial on-road applications, as demand for zero-emission
power solutions grows alongside efforts to decarbonize
transportation. This framework agreement with BAE Systems also
aligns with Plug Power’s global strategy to promote the adoption of
hydrogen fuel cell technology in on- and off-road electric vehicle
fleets. The company recently announced a memorandum of
understanding with French automaker Groupe Renault to create a
joint venture in electric fuel cell commercial vehicles and
hydrogen turn-key solutions for customers in Europe.
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 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.
About BAE Systems
BAE Systems provides some of the world’s most advanced,
technology-led defense, aerospace, and security solutions. The
company employs a skilled workforce of more than 87,000 people in
more than 40 countries. Working with customers and local partners,
BAE Systems develops, engineers, manufactures, and supports
products and systems to deliver military capability, protect
national security and people, and keep critical information and
infrastructure secure.
For more information regarding BAE Systems electric power and
propulsion products and services, please visit
www.gettozero.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"), 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, 2019 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020, June 30, 2020 and September 30,
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.
Plug Power Media Contact
Ian Martorana The Bulleit Group(415)
237-3681plugpowerpr@bulleitgroup.com
BAE Media AcontactEric Peterson BAE
SystemsMobile: 603-288-4082eric.peterson2@baesystems.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d60ba9c0-960c-490d-8889-5b26d28d1e19
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