MOL Group, an international, integrated oil, gas, petrochemicals,
and consumer retail company, has teamed up with Plug Power Inc.
(NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions
for the global green hydrogen economy, to build one of Europe’s
largest-capacity green hydrogen production facilities at MOL’s
Danube Refinery in Százhalombatta, Hungary. Green hydrogen will
reduce the carbon footprint of the Danube Refinery operation and
enable emission-free mobility in the longer term.
Utilizing a 10-megawatt (MW) electrolysis unit from Plug Power,
MOL’s €22 million facility will be able to produce approximately
1,600 tons of clean, carbon-neutral, green hydrogen annually,
removing up to 25,000 tons of carbon dioxide by displacing the
currently used natural gas-based production process. As this
process represents one-sixth of the carbon dioxide emissions of MOL
Group, this investment supports MOL’s carbon neutrality goals and
will contribute to energy independence for the region.
Once operational in 2023, MOL will use the green
hydrogen in its Danube Refinery during fuel production of its own
hydrogen system. It will be incorporated into the molecules of MOL
fuels, lowering the carbon outputs from the production technology
and the final product.
“We are convinced that hydrogen is not only one of the most
important energy carriers of the already ongoing energy transition,
but it will be an essential factor in the new, carbon-neutral
energy system as well. This new technology allows the introduction
of green hydrogen production in Hungary, Százhalombatta, which
makes MOL Group one of the most important players in the
sustainable energy economy in the region,” said Gabriel Szabó,
Executive Vice President of Downstream at MOL Group.
“Green hydrogen addresses two critical issues
facing humanity: climate change and energy independence,” said Andy
Marsh, CEO of Plug. “And our opportunities seem limitless to
support the trend to pull green hydrogen into more traditional
industrial hydrogen markets throughout the world. We are pleased to
provide our state-of-the-art electrolyzer technology to MOL Group’s
Danube Refinery and enable MOL Group to take a big step forward in
addressing these issues for the region.”
The production of green hydrogen does not
generate any greenhouse gas emissions. The Plug equipment uses
electricity from a renewable source to split water into oxygen and
hydrogen gas by a process called electrolysis. This process does
not produce any by-products that harm the environment. By producing
one ton of hydrogen, eight-to-nine tons of pure oxygen is also
produced by the equipment, saving nearly 10,000 tons of natural gas
consumption in the process.
Plug’s electrolyzers, with nearly 50 years of
operational experience in applications demanding high reliability,
are modular, scalable hydrogen generators optimized for clean
hydrogen production.
The company behind the world's first and most
comprehensive Green Hydrogen Ecosystem, Plug is making green
hydrogen adoption simple for companies ready to improve both
efficiency and sustainability of their operations. Plug’s
independent green hydrogen production network is targeting 70 TPD
by the end of 2022 and remains on track to have 500 TPD of green
hydrogen generation network in North America by 2025 and 1,000 TPD
on a global basis by 2028.
Green hydrogen production is an integral part of
MOL’s updated SHAPE TOMORROW strategy, which focuses on
sustainability and is completely harmonized with The European Green
Deal. Within the framework of its strategy, the company will make a
total investment of €1 billion into the low carbon circular economy
through 2025. MOL will reduce the carbon footprint of its
operations by 30 percent by 2030 and will spend 50 percent of
investment expenditures on sustainable projects. MOL aims to
implement a carbon-neutral operation by 2050.
About MOL GroupMOL Group is an
international, integrated oil, gas, petrochemicals, and consumer
retail company, headquartered in Budapest, Hungary. It is active in
over 30 countries with a dynamic international workforce of 25,000
people and a track record of more than 100 years. MOL Group
operates three refineries and two petrochemicals plants under
integrated supply chain management in Hungary, Slovakia, and
Croatia, and owns a network of almost 2000 service stations across
10 countries in Central & South-Eastern Europe. MOL’s
exploration and production activities are supported by more than 85
years of experience in the field of hydrocarbons and 30 years in
the injection of CO2. At the moment, there are production
activities in 9 countries and exploration assets in 14
countries.MOL is committed to transforming its traditional
fossil-fuel-based operations into a low-carbon, sustainable
business model and aspires to become net carbon neutral by 2050
while shaping the low-carbon circular economy in Central and
Eastern 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.
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 10MW Electrolyzer, which will help MOL
Group’s Danube Refinery facility be able to produce approximately
1,600 tons of clean, carbon-neutral, green hydrogen annually,
potentially removing up to 25,000 tons of carbon dioxide by
displacing the currently used natural gas-based production process;
Plug’s independent green hydrogen production network targets of 70
TPD by the end of 2022 and targets of 500 TPD of green hydrogen
generation network in North America by 2025 and 1,000 TPD on a
global basis by 2028; Plug’s potential to assist companies adopting
green hydrogen to improve both efficiency and sustainability of
their operations, and the potential to reduce their carbon
footprint; and PLUG’s ability to meet global demand for Hydrogen
supply and decarbonization. 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:MOL
Groupinternationalpress@mol.hu
Plug PowerCaitlin Coffee
Allison+PartnersplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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