Plug Selected by New Fortress Energy for 120 MW Green Hydrogen Plant on Gulf Coast
August 04 2022 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, has
entered an agreement with New Fortress Energy Inc. (NFE) (NASDAQ:
NFE) for a 120 megawatt industrial-scale green hydrogen plant near
Beaumont, Texas.
Expected to be one of the largest of its kind in
North America, the facility will leverage Plug’s industry-leading
proton exchange membrane (PEM) electrolysis technology and enable
the production of more than 50 tons per day (TPD) of green
hydrogen. With the development of additional supporting
infrastructure, the facility will be scalable to nearly 500
megawatts. The facility is the first investment in green hydrogen
for NFE, a global infrastructure company committed to accelerating
the world’s transition to clean energy.
“Plug’s decarbonization goals and NFE’s energy
transition goals are strongly aligned, and our partnership has
strengthened at a pivotal time for the green hydrogen industry,”
Andy Marsh, CEO of Plug, said. “We are thrilled to support NFE’s
first investment in green hydrogen. This facility is a model that
we intend to replicate in other locations across the country.”
The green hydrogen project site is strategically
located on the banks of the Neches River in Jefferson County,
Texas, affording proximity to industrial end-users as well as
access to reliable power and superior logistics including rail,
marine and existing pipelines that span the U.S. Gulf Coast region.
The Port of Beaumont and broader Sabine-Neches Navigation District
are home to an array of large-scale industrial facilities in the
refining, petrochemical and other sectors that utilize hydrogen for
desulfurization and feedstock processing.
“We are pleased to enter into this agreement
that marks the beginning of our collaboration with Plug, a leader
in electrolysis technology that shares our vision for the role of
hydrogen in accelerating a clean and secure energy transition
around the world,” said Wes Edens, Chairman and CEO of New Fortress
Energy. “Amid an increasingly favorable U.S. policy environment for
hydrogen, we are focused on scalable solutions that have a real
impact on decarbonization and believe we are uniquely positioned to
be an early mover in this vast and rapidly evolving market.”
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, and 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.
About New Fortress EnergyNew
Fortress Energy Inc. (NASDAQ: NFE) is a global energy
infrastructure company founded to address energy poverty and
accelerate the world’s transition to reliable, affordable, and
clean energy. The company owns and operates natural gas and
liquefied natural gas (LNG) infrastructure and an integrated fleet
of ships and logistics assets to rapidly deliver turnkey energy
solutions to global markets. Collectively, the company’s assets and
operations reinforce global energy security, enable economic
growth, enhance environmental stewardship and transform local
industries and communities around the world.
Plug Power 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: the use of PLUG’s PEM
electrolyzer technology to enable production of up to 50 metric
tons per day of green hydrogen at the proposed 120-megawatt
industrial-scale green hydrogen plant near Beaumont, Texas; and
with the development of additional supporting infrastructure, the
potential to scale up to a nearly 500 megawatts plant. 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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