Plug Secures 5 MW Electrolyzer Sale to Leading Canadian Energy Company Irving Oil
July 12 2022 - 8:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, has been
awarded a contract to deliver a 5 megawatt (MW) containerized
proton exchange membrane (PEM) electrolyzer system to international
energy company Irving Oil for the production and distribution of
hydrogen at its Saint John, New Brunswick refinery, the largest in
Canada.
Irving Oil will use the electrolyzer to help with its goal of
shifting its hydrogen production to low-carbon, or green hydrogen
in the future – with the investment of the electrolyzer as an
important first step on this journey. This supports the company’s
commitment to leadership through the energy transition, reducing
greenhouse gas emissions, and developing more sustainable energy
solutions.
Initially, Plug ’s electrolyzer technology, powered by the local
electricity grid, will enable Irving Oil to produce 2 tonnes of
hydrogen per day for refining and mobility applications. Plug’s
electrolyzer systems help customers shift hydrogen production to
carbon-free green hydrogen over time.
“Demand for green hydrogen is growing because companies that
have relied on other forms of hydrogen are recognizing the
viability of achieving net-zero carbon emission targets,” Andy
Marsh, CEO of Plug, said. “Driven by our leading electrolyzer
technology and unparalleled manufacturing capacity, we are honored
that Irving Oil has chosen Plug to support its initial investment
in electrolytic hydrogen production. We look forward to expanding
the partnership.”
Irving Oil’s initial investment in a 5 MW unit offers the
opportunity to explore the role of electrolyzer technology in
driving emissions reductions at the Saint John refinery while also
unlocking important new market opportunities, such as making
hydrogen available for regional customers.
“We believe that low-carbon hydrogen production, use, and
distribution will play an important role in our decarbonization
journey,” said Irving Oil President Ian Whitcomb. “This
foundational project will accelerate our company’s learning about
hydrogen as a downstream product while creating a decarbonization
pathway for our Saint John refinery.”
Plug’s 5 MW containerized electrolyzer system for the Saint
John, New Brunswick refinery will be manufactured at Plug’s
Gigafactory in Rochester, N.Y., the world’s first and largest PEM
fuel cell and electrolyzer manufacturing Gigafactory. Following
manufacturing, deployment of the technology at the oil refinery is
expected in Q3 2023, and hydrogen production is expected to be
fully operational by late 2023.
Plug has been a leader in PEM electrolysis technology for nearly
50 years and was recently named the number one hydrogen
electrolyzer company by Guidehouse Insights. In May 2022, Plug
secured the world’s largest electrolyzer order to date with H2
Energy Europe.
About PlugPlug 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 50,000 fuel cell systems and over 165 fueling
stations, more than anyone else in the world. It is the largest
buyer of liquid hydrogen. With plans to build and operate a green
hydrogen highway across North America and Europe, Plug is building
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.
Plug Power 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
use of PLUG’s electrolyzer technology to enable Irving Oil to
produce 2 tonnes of hydrogen per day for refining and mobility
applications by late 2023; Irving Oil’s exploration of the role of
PLUG’s PEM electrolyzer technology in driving emissions reductions
at the Saint John refinery and other new market opportunities, such
as making hydrogen available for regional customers. 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.
MEDIA CONTACTS:
Plug PowerCaitlin Coffee
Allison+PartnersplugPR@allisonpr.com
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