Plug Power Completes Acquisition of Applied Cryo Technologies
November 23 2021 - 8:00AM
Plug Power Completes Acquisition of Applied Cryo Technologies
Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, completed
the acquisition of Applied Cryo Technologies, Inc., a leading
provider of technology, equipment and services for the
transportation, storage and distribution of liquefied hydrogen and
other cryogenic gases, following the definitive agreement announced
on October 14, 2021.
The acquisition of Applied Cryo Technologies adds significant
capabilities, expertise, and technologies to Plug Power, including
a liquid hydrogen delivery network and fleet, liquid hydrogen
storage, and hydrogen mobility fueling, which will enable the
company to expand its green hydrogen ecosystem and lower the cost
of hydrogen infrastructure and logistics networks.
Plug Power welcomes more than 200 new employees based out of
Houston, TX. “This is a natural fit for Plug Power, and our new
team members,” said Andy Marsh, CEO of Plug Power. “We all share a
vision to build and grow the green hydrogen economy. Applied Cryo
Technologies’ leading cryogenic equipment design and manufacturing
capabilities, combined with Plug Power’s green hydrogen production
and distribution capabilities will help us realize our ambitious
goal of producing over 1,000 tons per day of green hydrogen by
2028.”
Plug Power is the largest buyer of liquid hydrogen globally and
has built a ‘hydrogen highway’ across the United States, including
over 165 refueling stations that service fleets of hydrogen-powered
trucks, forklifts and e-mobility vehicles in commercial industries
throughout the nation. This is another step in Plug Power’s
ambition to create a complete green hydrogen ecosystem, from
hydrogen production powered by renewables to storage and
transportation, serving customers in North America and beyond.
About Plug Power Inc.
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 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.
Plug Power Safe HarborThis 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 integration of Applied Cryo Technologies, Inc.
(“ACT”) into PLUG’s infrastructure and its expected benefits;
expectations regarding ACT’s cryogenic technologies enhancing
PLUG’s efficiencies and capabilities in storing and delivering
liquid hydrogen and hydrogen mobility fueling; expectations
regarding PLUG’s goal of producing over 1,000 tons per day of green
hydrogen by 2028; and expectations regarding PLUG’s ambition to
create a complete green hydrogen ecosystem. 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, June 30, 2021 and September 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.
SOURCE: PLUG POWER
Plug Power Media ContactCaitlin
CoffeeAllison+PartnersPlugPR@allisonpr.com
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