Plug Power to Partner with Fortescue Future Industries to
Manufacture Electrolyzer Technology in Australia
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, and
Fortescue Future Industries Pty Ltd (FFI) today signed a letter of
intent for a 50-50 joint venture to build a Gigafactory in
Queensland, Australia.
As part of the agreement, the two organizations
intend to build a two gigawatt factory to produce large-scale
proton exchange membrane (PEM) electrolyzers, with the ability to
expand into fuel cell systems and other hydrogen-related refueling
and storage infrastructure in the future. Plug Power will supply
the electrolyzer and fuel cell technology and FFI will contribute
advanced manufacturing capabilities. FFI will be the primary
customer of the products manufactured by the joint venture,
enabling its ambitions in decarbonizing its operations with
stationary power and mobility applications running on green
hydrogen.
“We need solar panels, wind towers, and
electrolyzers in such scale that we need to produce them where we
use them – including in Australia. We have enough solar and wind in
Australia to power many countries of the world. Working together
with Plug Power, we can create this future,” said Julie
Shuttleworth, CEO of Fortescue Future Industries.
Under the agreement, FFI will also purchase 250
megawatts of Plug Power’s electrolyzer solutions, used to create
hydrogen and oxygen from water, for its Australian projects. Plug
Power will supply these from its Gigafactory in Rochester, N.Y., .
Delivery is planned for the second half of 2022.
“Australia and New Zealand will be a big market
opportunity for our green hydrogen ecosystem of electrolyzers, fuel
cells, and green hydrogen,” said Plug Power President and CEO Andy
Marsh. “This year, we will do megawatts of deployment in these
markets, and gigawatts in the coming years.”
“Hydrogen fuel cells and electrolyzers have a great
future as the world reduces emissions. Green energy, green
hydrogen, green ammonia and fuel cells powered by green hydrogen
are all essential to support a planet with a high standard of
living that will last forever,” added Shuttleworth.
Both companies will fund the joint venture equally
and will have equal representation on the board of the joint
venture. The above commitments are subject to the parties’ mutual
agreement on the relevant terms and conditions.
Learn more about how Plug Power and FFI are
building out a green hydrogen ecosystem together. Tune into the
Plug Symposium today, October 14, 2021, to hear from Fortescue’s
Chairman, Dr. Andrew Forrest, at www.plugsymposium.com.
About Plug Power
Plug Power is building the hydrogen economy as the
leading provider of comprehensive hydrogen fuel cell 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 meeting sustainability goals.
Plug Power created the first commercially viable market for
hydrogen fuel cell technology. As a result, the Company has
deployed over 50,000 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. Learn more at www.plugpower.com.
About Fortescue Future Industries
(FFI)
FFI is the 100 per cent renewable green energy and
industry company of Fortescue Metals Group Limited (Fortescue). FFI
is establishing a global portfolio of renewable green hydrogen and
green ammonia operations that will position FFI at the forefront of
a global renewable hydrogen industry.
FFI will leverage Fortescue’s world leading track
record of innovation and development of large-scale integrated
infrastructure assets in order to deliver FFI’s vision of green
hydrogen becoming the most globally traded seaborne energy
commodity in the world, with an initial plan to produce 15 million
tonnes per annum of green hydrogen by 2030.
FFI’s vision is further supported by Fortescue’s
commitment to lead the heavy industry battle against global
warming, and in March 2021, Fortescue announced an industry leading
target to achieve carbon neutrality by 2030. FFI is a key enabler
of achieving this target through the development of its green
electricity, green hydrogen, green ammonia and other green
industrial projects.
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 PLUG’s expectations regarding the planned joint
venture with FFI, which may or may not be consummated on the
timeframe contemplated in the letter of intent or at all; the scope
and terms of the joint venture, including the timing of the
delivery of electrolyzer solutions; and expectations regarding
market opportunities for hydrogen fuel cells, electrolyzers and
green hydrogen in Australia and New Zealand. 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, 2020 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2021 and June 30, 2021. 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
Caitlin CoffeeAllison +
PartnersplugPR@allisonpr.com
SOURCE: PLUG POWER
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