Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
solutions, today announced plans to build a green hydrogen
production plant in Camden County, Georgia, to serve customers
across the southeastern United States. The announcement affirms
Plug Power’s continued commitment to establish the first North
American green hydrogen supply network, as the Camden County plant
extends Plug Power’s service coverage across the entire eastern
seaboard of the U.S.
The plant will produce 15 tons per day of liquid green hydrogen,
produced using 100% renewable energy and intended to fuel
transportation applications, including material handling and fuel
cell electric vehicle fleets. Plug Power is investing $84 million
in the facility, which is expected to create at least 24 jobs in
the local community starting in 2022.
As a focal point for Plug Power’s green hydrogen network and the
broader U.S. hydrogen economy, Camden County, GA, presents many
strategic advantages. With proximity to Interstate 95 (I-95), the
main north-south highway on the East Coast of the U.S., the
location enables easy access to the region’s commercial and
industrial centers, including Plug Power customers like Home Depot
and Southern Company.
“With this hydrogen production plant, we are expanding our green
hydrogen network to provide zero-emissions fuel to customers in
Georgia and across the Southeast,” said
Andy Marsh, CEO of Plug Power. “Investing in
Camden County is the right choice to support Plug Power’s continued
growth.”
Plug Power is working closely with local and state authorities
as it moves forward with the project. Plug Power has signed a
Purchase Power Agreement with Okefenokee Rural Electric Membership
Corporation to source the renewable electricity needed to power the
plant. Additionally, the company is entering into a Memorandum of
Understanding with Camden County Joint Development Authority for
land and local site support. The exact location for the plant and
details about construction and job openings will be announced upon
finalization later this year.
“We look forward to working with Plug Power and our state and
local economic development partners on this exciting project that
clearly demonstrates that Kingsland is open for business,”
said Kingsland Mayor Dr. C. Grayson Day.
“We are proud to welcome Plug Power to Camden County,”
said Executive Director of the Camden County Joint
Development Authority James Coughlin. “The Authority was
happy to structure a package that is beneficial for the company and
the community and we are grateful for the cooperation between our
partners; Okefenokee EMC, the Georgia Department of Economic
Development and the City of Kingsland. This type of
forward-thinking collaboration is what makes projects work in
Southeast Georgia.”
Assistant Director Alyce Thornhill represented the Georgia
Department of Economic Development’s (GDEcD) Global Commerce
division on this project in partnership with the Camden County
Joint Development Authority, Georgia Ports Authority, Georgia
Power, and Okefenokee EMC.
“Having Plug Power expand its footprint to Georgia is exciting
news for this growing industry,” said Georgia Ports
Authority (GPA) Executive Director Griff Lynch. “The Ports
of Savannah and Brunswick provide the capacity needed for auto part
imports and auto exports, making the I-95 corridor perfectly suited
for this type of development.”
“Georgia is a great place to do business, and because of that,
we continue to attract the jobs of the future,” said GDEcD
Commissioner Pat Wilson. “Many thanks to Plug Power for
choosing to invest in Georgia, and for helping bolster our green
technology ecosystem. Congratulations to our partners in Camden
County, and thank you for your efforts to help bring jobs to
Georgia that positively impact our economy and our
environment.”
The Camden County plant joins previously announced facilities in
South Central Pennsylvania and the Western New York Science,
Technology and Advanced Manufacturing (STAMP) Park as key
milestones toward Plug Power’s goal of producing over 500 tons per
day of hydrogen by 2025. Together with Plug Power’s existing plant
in Tennessee, acquired in 2020 as part of its vertical integration
strategy, and its PEM stack and electrolyzer Innovation Center in
Rochester, NY, this plant further strengthens the company’s
position as a leader in advancing the clean hydrogen ecosystem.
Plug Power is already the largest buyer of liquid hydrogen globally
and has built more hydrogen refueling stations than any other
company in the world.
This announcement comes as companies and governments are racing
to boost green hydrogen supplies and generation capacity. Experts
forecast that green hydrogen will play an essential role in meeting
greenhouse gas emissions targets worldwide, particularly in the
transportation and logistics sectors. Hence, exponential growth in
the hydrogen economy is expected to accelerate, reaching up to
500-800 million tonnes used per year by 2050 and making up 20
percent of global energy demand. Facilities like the Camden County
plant are critical for making green hydrogen cost-competitive with
fossil fuels and boosting adoption in the coming decade.
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.
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.
Media Contact
Ian MartoranaThe Bulleit Group(415)
237-3681plugpowerpr@bulleitgroup.com
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