Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, and Olin
Corporation (NYSE: OLN), a leading vertically integrated chlor
alkali producer and marketer, announced today the signing of a
memorandum of understanding (MOU) with the intention to create a
joint venture (JV) to produce and market green hydrogen to support
growing fuel cell demand in the global hydrogen economy.
The JV is the first of its kind and will provide reliability of
supply and speed to market for green hydrogen throughout North
America, setting the foundation for broader collaboration between
the two companies. The first production plant in St. Gabriel,
Louisiana will produce 15 tons per day (tpd) of green hydrogen.
This partnership brings together Olin, North America’s largest
producer of electrolytic hydrogen, with Plug Power, who is building
an end-to-end global green hydrogen ecosystem. Under the JV, Plug
Power will market the hydrogen and provide logistical support for
delivery while Olin will provide reliable hydrogen production and
operational support.
“Olin’s 130-year history of producing hydrogen as part of our
chlor alkali production process combined with Plug Power’s
leadership in the green hydrogen economy creates a powerful
partnership to serve the growing demand for green hydrogen,” noted
Scott Sutton, Chairman, President, and CEO of Olin. “This JV is a
key step for Olin as we seek to recognize the full potential of
Olin’s untapped hydrogen supply capabilities across North America.
We are excited to partner with Plug Power, a true leader in
sustainable hydrogen, to serve the fuel cell market.”
Plug Power has been investing heavily in green hydrogen
production, the future of clean energy. This JV activity will
expand Plug Power’s existing work to build a “first of a kind”
green hydrogen generation network in North America to help
customers achieve their sustainability goals of net-zero carbon
emissions. Plug Power is targeting 70 tpd by the end of this year
and is on track to deliver 500 tpd of green hydrogen production by
2025 and 1,000 tpd by 2028.
“We believe widespread availability of green hydrogen will
create a flywheel effect by making green hydrogen ubiquitous and
economical, helping accelerate the proliferation of numerous fuel
cell applications,” said Andy Marsh, CEO of Plug Power. “Olin has
proven itself as a leader and bringing Olin’s reliable production
capabilities together with the expertise of Plug Power is sure to
make a lasting impact on the global hydrogen economy.”
The joint venture is expected to be operational in 2023.
About Plug Power Plug Power 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 Power 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 Power 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 Olin CorporationOlin Corporation is a
leading vertically-integrated global manufacturer and distributor
of chemical products and a leading U.S. manufacturer of ammunition.
The chemical products produced include chlorine and caustic soda,
vinyls, epoxies, chlorinated organics, bleach and hydrochloric
acid. Winchester's principal manufacturing facilities produce and
distribute sporting ammunition, law enforcement ammunition,
reloading components, small caliber military ammunition and
components, and industrial cartridges.
Plug 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
joint venture’s St. Gabriel, LA facility production targets of
approximately 15 tons of green hydrogen daily; 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; PLUG’s ability to
meet global demand for Hydrogen supply and decarbonization, and the
joint venture’s expected operations starting in 2023. 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.
OLIN CORPORATION FORWARD-LOOKING STATEMENTSThis
communication includes forward-looking statements. These
statements relate to analyses and other information that are based
on management's beliefs, certain assumptions made by management,
forecasts of future results, and current expectations, estimates
and projections about the markets and economy in which we and our
various segments operate. The statements contained in this
communication that are not statements of historical fact may
include forward-looking statements that involve a number of risks
and uncertainties.
We have used the words "anticipate," "intend," "may," "expect,"
"believe," "should," "plan," "outlook," "project," "estimate,"
"forecast," "optimistic," “target,” and variations of such words
and similar expressions in this communication to identify such
forward-looking statements. These statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions, which are difficult to predict and
many of which are beyond our control. Therefore, actual
outcomes and results may differ materially from those matters
expressed or implied in such forward-looking statements. We
undertake no obligation to update publicly any forward-looking
statements, whether as a result of future events, new information
or otherwise. The payment of cash dividends is subject to the
discretion of our board of directors and will be determined in
light of then-current conditions, including our earnings, our
operations, our financial conditions, our capital requirements and
other factors deemed relevant by our board of directors. In
the future, our board of directors may change our dividend policy,
including the frequency or amount of any dividend, in light of
then-existing conditions.
The risks, uncertainties and assumptions involved in our
forward-looking statements, many of which are discussed in more
detail in our filings with the SEC, including without limitation
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended December 31, 2021, and our Quarterly Reports on Form
10-Q and other reports furnished or filed with the SEC, include,
but are not limited to, the following:
Business, Industry and Operational Risks
- sensitivity to economic, business and market conditions in the
United States and overseas, including economic instability or a
downturn in the sectors served by us;
- declines in average selling prices for our products and the
supply/demand balance for our products, including the impact of
excess industry capacity or an imbalance in demand for our chlor
alkali products;
- unsuccessful execution of our strategic operating model, which
prioritizes Electrochemical Unit (ECU) margins over sales
volumes;
- failure to control costs and inflation impacts or failure to
achieve targeted cost reductions;
- our reliance on a limited number of suppliers for specified
feedstock and services and our reliance on third-party
transportation;
- higher-than-expected raw material, energy, transportation,
and/or logistics costs;
- the occurrence of unexpected manufacturing interruptions and
outages, including those occurring as a result of labor
disruptions, production hazards and weather-related events;
- the failure or an interruption of our information technology
systems;
- failure to identify, attract, develop, retain and motivate
qualified employees throughout the organization;
- our inability to complete future acquisitions or successfully
integrate them into our business;
- our substantial amount of indebtedness and significant debt
service obligations;
- risks associated with our international sales and operations,
including economic, political or regulatory changes;
- the negative impact from the COVID-19 pandemic and the global
response to the pandemic, including without limitation adverse
impacts in complying with governmental mandates;
- weak industry conditions affecting our ability to comply with
the financial maintenance covenants in our senior credit
facility;
- adverse conditions in the credit and capital markets, limiting
or preventing our ability to borrow or raise capital;
- the effects of any declines in global equity markets on asset
values and any declines in interest rates or other significant
assumptions used to value the liabilities in, and funding of, our
pension plans;
- our long-range plan assumptions not being realized causing a
non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
- changes in, or failure to comply with, legislation or
government regulations or policies, including changes regarding our
ability to manufacture or use certain products and changes within
the international markets in which we operate;
- new regulations or public policy changes regarding the
transportation of hazardous chemicals and the security of chemical
manufacturing facilities;
- unexpected outcomes from legal or regulatory claims and
proceedings;
- costs and other expenditures in excess of those projected for
environmental investigation and remediation or other legal
proceedings;
- various risks associated with our Lake City U.S. Army
Ammunition Plant contract and performance under other governmental
contracts; and
- failure to effectively manage environmental, social and
governance (ESG) issues and related regulations, including climate
change and sustainability.
All of our forward-looking statements should be considered in
light of these factors. In addition, other risks and
uncertainties not presently known to us or that we consider
immaterial could affect the accuracy of our forward-looking
statements.
MEDIA CONTACTS:
Plug Caitlin
Coffee Allison+PartnersplugPR@allisonpr.com
OlinSteve KeenanOlin Investor
RelationsInvestorRelations@Olin.com
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