Plug Power Announces Execution of Definitive Agreement to Acquire Applied Cryo Technologies
October 14 2021 - 9:09AM
Plug Power Announces Execution of Definitive Agreement to Acquire
Applied Cryo Technologies
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, today
announced that it has executed a definitive agreement to acquire
Applied Cryo Technologies, Inc. (ACT), a leading provider of
technology, equipment and services for the transportation, storage
and distribution of liquefied hydrogen, oxygen, argon, nitrogen and
other cryogenic gases. The transaction is expected to close during
the fourth quarter of 2021 and is subject to customary closing
conditions, including receipt of all approvals or the termination
or expiration of all waiting periods required under applicable
antitrust laws.
The acquisition of ACT adds significant capabilities, expertise,
and technologies to Plug Power, which will help the company expand
the green hydrogen ecosystem. With over 20 years of history, and
customers like Amazon, Walmart and Home Depot, Plug Power is the
largest buyer of liquid hydrogen globally and has built a ‘hydrogen
highway’ across the United States, which includes over 165
refueling stations that service fleets of hydrogen-powered trucks,
forklifts and e-mobility vehicles from industries throughout the
nation. Plug Power’s hydrogen fuel cell technology also provides
reliable, resilient on-site backup power for businesses and
institutions, whether data centers, utilities, retailers or
universities.
“With ACT’s cryogenic technologies, Plug Power will enhance its
ability to deliver and store green hydrogen from our growing
footprint of plants throughout the world,” said Andy Marsh, CEO for
Plug Power. “ACT has been delivering excellence to the industrial
gas and energy markets since 2012, and we’re thrilled to welcome
their incredible team to the Plug Power family. In the months
ahead, we’ll work together to rapidly scale ACT’s cryogenic
solutions and capabilities throughout the green hydrogen ecosystem,
bringing us one step closer to a decarbonized future.”
In addition to Plug Power’s new green hydrogen production
facility in California, Plug Power maintains a network of plants in
New York, Tennessee, and Georgia that will help the company realize
its ambitious goal of producing over 1,000 tons per day of green
hydrogen by 2028. Plug Power recently announced a new European
headquarters in Germany and a joint venture with South Korea’s SK
E&S to accelerate the expansion of the hydrogen economy in
Asia.
The acquisition of ACT will provide Plug Power with a host of
efficiencies and capabilities, including:
- Liquid hydrogen delivery network and fleet;
- Liquid hydrogen storage; and
- Hydrogen mobility fueling, which is
particularly important for ports.
“We’re excited about the road ahead with Plug Power,” said Bob
Ernull, President and CEO of ACT. “Andy and his team have a vision
for a future of green hydrogen that aligns perfectly with
everything we’ve built here at ACT. With our capabilities and
expertise in hydrogen delivery and storage, together we have an
unprecedented opportunity to build a robust green hydrogen
ecosystem that serves business and industries throughout the world,
helping build a more sustainable future.”
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 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 Applied Cryo Technologies (ACT)Founded in
2012, Applied Cryo Technologies is a leading manufacturer of highly
engineered equipment servicing multiple applications throughout the
Industrial Gas and Energy industries. ACT is a leading provider of
technology, equipment and services for the transportation, storage
and distribution of liquified hydrogen, oxygen, argon, nitrogen and
other cryogenic gases. ACT’s services include upfront engineering,
fabrication, and repair & maintenance. ACT has a history that
you can count on. Product versatility, innovative engineering, and
superior quality is what drives ACT’s success.
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 PLUG’s
expectations regarding the closing of the acquisition and
integration of ACT into PLUG’s infrastructure; the expectations
regarding ACT’s cryogenic technologies enhancing PLUG’s
efficiencies and capabilities in storing and delivering liquid
hydrogen and hydrogen mobility fueling; and expectations regarding
PLUG’s goal of producing over 1,000 tons per day of green hydrogen
by 2028. 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 Coffee
Allison + Partners
plugPR@allisonpr.com
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