Plug Power Acquires Joule Processing, Enters Strategic
Collaboration with Atlas Copco Gas and Process and Fives to Expand
Offerings for Global Hydrogen Liquefaction Market
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, today
announced that it has signed a collaboration agreement
with Atlas Copco Mafi-Trench Company LLC, the turboexpander
technology center within the Gas and Process division of Atlas
Copco, and Fives, a global leader in brazed heat exchangers
and cryogenic cold boxes, to jointly develop hydrogen liquefaction
plants (also known as hydrogen liquefiers). Liquifying hydrogen
makes it easier to transport, leading to significant cost savings
and broader distribution coverage.
Today’s collaboration announcement closely follows Plug Power’s
acquisition last month of Joule Processing LLC, a process
solution and engineered equipment provider with a strong track
record of execution among the largest EPC (Engineering, Procurement
and Construction) and oil and gas midstream companies. The proven
cryogenic process technology that Joule developed for the gas
processing industry is directly applicable to hydrogen liquefaction
and has the potential to reduce the cost of liquified hydrogen by
25%. This acquisition will also represent a capital expenditure
savings of approximately $200 million for Plug Power over the next
four years by bringing hydrogen liquefaction capabilities in
house. Plug Power purchased Joule for a total consideration of
up to $160 million, with $30 million upfront and $130 million of
future earn outs based on meeting liquefier efficiency, third-party
sales and gross margin targets. Joule’s liquefaction process is
being deployed in Plug Power’s green hydrogen plant under
development in Texas.
“Plug Power manufactures the best electrolyzer solution in the
world today,” said Andy Marsh, CEO of Plug Power. “And, we have the
complete delivery network in place. The liquefier system is key to
offering hydrogen in liquid form, which is ideal because of its
superior energy density versus gaseous hydrogen, lower
transportation cost and potential for powering trains, ships and
airplanes. Joule’s capabilities complete this end-to-end green
hydrogen solution for Plug Power, making us the only company in the
world with such comprehensive offerings.”
“We are excited to join the Plug Power family as a key addition
to the total end-to-end solution for the green hydrogen economy,”
said Ben Victor, former CEO of Joule Processing and current Vice
President of Hydrogen Energy Solutions for Plug Power. “We are now
positioned with a large platform to deploy our low energy hydrogen
liquefaction solution on a global scale, for both our internal
projects and sales to third parties.”
Through this long-term cooperation, Plug Power, Atlas Copco Gas
and Process and Fives will address some of the biggest needs facing
the liquid hydrogen production industry, such as improving the
efficiency, cost and lead time of hydrogen liquefiers. This new
collaboration adds the deep technical and manufacturing experience
of Atlas Copco and Fives as key suppliers to enable Plug Power to
successfully deliver hydrogen liquefiers into its growing fleet of
green hydrogen production plants and also for sale to third parties
looking to adopt highly efficient liquid hydrogen systems.
The parties have already undertaken significant development
efforts and Plug Power expects to commission hydrogen liquefier
trains with 15 ton per day and 30 ton per day capacities starting
in 2023. As the largest buyer of liquid hydrogen in the world, Plug
Power’s growing national network of hydrogen plants will supply 500
tons per day of liquid green hydrogen by 2025 and 1,000 tons per
day globally by 2028 - presenting a significant opportunity for the
partners to drive scale and standardization in hydrogen
liquefiers.
“Atlas Copco Gas and Process and Fives bring core expertise that
complements Plug Power’s capabilities and vision to be a total
end-to-end solution for the green hydrogen economy,” said Sanjay
Shrestha, Chief Strategy Officer of Plug Power. “Liquefaction
capabilities were the last major element we needed to complete our
turnkey product suite for delivering green hydrogen plants
globally.”
Under the agreement, Plug Power will design, manufacture,
install, operate and maintain hydrogen liquefiers for its own use
and for third parties. Atlas Copco Gas and Process will design and
manufacture custom turboexpanders and compressors related to the
hydrogen liquefaction plants. Fives will manufacture the brazed
aluminum heat exchangers and optimize their integration in cold
boxes.
“This collaboration is another step in our pledge at Atlas Copco
Gas and Process to support decarbonization and net zero emissions
by 2050,” said Robert Radimeczky, President of Atlas Copco Gas and
Process. “To be able to supply a comprehensive solution in hydrogen
liquefaction supports both our customers in the emerging new energy
markets and the goal of climate protection.”
“As a technological leader in the cryogenics market for over 60
years, Fives has been at the forefront of hydrogen for decades with
over 45 references in this booming market,” said Frédéric Thrum,
Deputy General Manager of Fives and President of the Energy
Division. “In line with our ambition to decarbonize the industry,
we are confident in our ability, together with Plug Power and Atlas
Copco, to provide cutting-edge cryogenic equipment for
high-performance hydrogen liquefaction plants.”
About Plug Power Plug 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 Atlas Copco Gas and ProcessGreat ideas
transform industries. At Atlas Copco Gas and Process, we help
customers prepare for tomorrow by designing, building, and
servicing turbocompressors, gas screw compressors, turboexpanders
and centrifugal pumps for the hydrocarbon processing, power
generation (conventional and renewable) and industrial gases
industries. Our passionate people are dedicated to helping
customers handle today’s pressures while creating a sustainable
future. We are a division of the Compressor Technique business
area, headquartered in Cologne, Germany, with additional production
centers in North America, China, India and Korea. For more
information, visit http://www.atlascopco-gap.com/.
About FivesAs an industrial engineering Group
with a heritage of over 200 years, Fives designs and supplies
machines, process equipment and production lines for the world’s
largest industrial players in various sectors such as steel,
aerospace and special machining, aluminum, the automotive and
manufacturing industries, cement, energy, logistics and glass.
Through its Energy | Cryogenics activity, Fives specializes in the
design, manufacture, installation and maintenance of brazed heat
exchangers, cold boxes, core-in-drums, cryogenic Cryomec®
centrifugal and reciprocating pumps and hydrogen pumps. The
state-of-the-art cryogenic equipment is specially developed for the
gas production and processing industry and has a wide range of
applications. The effectiveness of its R&D programs enables
Fives to design forward-thinking solutions that anticipate
industries' needs in terms of profitability, performance, quality,
safety and respect for the environment. In 2020, Fives’ turnover
was €1.6 billion, with over 8,000 employees in some thirty
countries. For more information, visit
www.fivesgroup.com/energy-cryogenics
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
expected commercialization and scale of supply and logistics
business opportunities related to hydrogen, including the reduction
in related costs and energy consumption associated with liquified
hydrogen; statements about expected daily hydrogen liquefaction
production capacity, transport, scaling and standardization, and
statements about the expected reductions in capital expenditures by
Plug Power by vertically integrating liquefaction capabilities in
house. 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.
MEDIA CONTACTS:
Plug PowerCaitlin Coffee Allison + Partners
plugPR@allisonpr.com
Atlas Copco Mafi-Trench Company Gas and
ProcessRichard StubbRichard.stubb@atlascopco.com+1 518
765-5353
FivesDiana AlvesEnergy Division Communications
Managerdiana.alves@fivesgroup.com
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