Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, will today host
Analyst Day from its state-of-the-art Gigafactory in Rochester, NY.
During Analyst Day, Plug’s management team will
present the exciting revenue growth opportunities in the
Applications and Energy business units, as well as provide a
financial update. The team will also provide valuable insights into
the operational scale of Plug’s manufacturing facilities, including
the Rochester gigafactory and Vista manufacturing facility, to
showcase the company’s ability to deliver innovative and
sustainable hydrogen solutions at scale. This event marks the first
time Plug Power has opened its Rochester gigafactory doors to
invited guests since the Symposium held in October 2022.
During Analyst Day, Plug will also highlight a path
to 2030 leveraging today’s growth. The company’s ambition is to
produce more than 2,000 tons of hydrogen per day from its green
hydrogen network including its first kiloton-scale plant by 2030.
Also, by 2030, Plug aspires to deploy one gigawatt (GW) of
stationary power products, ship five GW of electrolyzers per year,
and deliver 500,000 fuel cell-powered forklift trucks.
In addition, Plug is positioning itself to have the
manufacturing capability to support 10 GW of fuel cells and
electrolyzers and, through its partnership with Renault, to have
100,000 HyVia vans on the road by 2030.
“We have built a vertically integrated hydrogen
business that is rapidly gaining traction in the global market,”
said Andy Marsh, Plug Power CEO. “Our commitment to building,
selling, and deploying real products has positioned us as a leader
in the green hydrogen industry. We have the expertise and
capability to meet the growing demand and get green hydrogen up and
running successfully for customers.”
Plug Introduces Portable Hydrogen Refueler
Solution, Signs with Three Transit Customers
Today, Plug introduced the HL 1500, the
market’s first portable hydrogen refueler, designed to
reduce infrastructure costs and deployment time for medium-duty and
heavy-duty hydrogen-powered commercial vehicles. A complete
self-contained fueling station “on wheels,” the HL 1500 offers
fleet managers a pathway to pilot deployment and a bridge to future
permanent infrastructure.
Pre-built in a factory, the HL 1500 meets all
industry quality and safety standards and requirements upon
delivery, making permitting and deployment easier. The HL 1500
refuels commercial vehicles with hydrogen as quickly as diesel or
other fossil fuels and can be flexibly redeployed to multiple
locations. With a refueling capacity of 1,500 kilograms, it
dispenses liquid hydrogen at 350 Bar or 750 Bar pressure
levels.
Plug has seen immediate demand for the HL 1500 from
major transit agencies, including Rochester (N.Y.) Genesee Transit
and San Mateo County Transit District (SamTrans). By the end of
this year, three transit customers will receive the first
shipments.
“Our new portable hydrogen refueler levels the
playing field with battery electric vehicles,” said Mr. Marsh. “At
one-third the cost of a permanent hydrogen fueling station, the HL
1500 is the ideal starter and small fleet fueling solution.”
This new product resulted from the technology,
capabilities and expertise Plug acquired from Applied Cryo
Technologies in November 2021.
Join the Webcast:
- Date: June 14, 2023
- Time: 11:00 am - 12:30 pm ET
- Webcast:
https://event.on24.com/wcc/r/4258956/AF3D8D97AFFE425EA558605F56D8D6ED?partnerref=MediaAdvisory
A recording of the webcast will be available on the
Company’s website for a period of time following the call.
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 60,000 fuel cell systems and over
180 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
year end 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 projections regarding its future financial and market
outlook, including Plug’s revenue growth opportunities in the
company’s Applications and Energy Business Units; Plug’s
expectation that it can produce more than 2,000 tons of hydrogen
per day from its green hydrogen network including its first
kiloton-scale plant by 2030; Plug’s expectation to have deployed
one GW of stationary power products by 2030; Plug’s expectation to
ship five GW of electrolyzers per year in 2030; Plug’s expectation
to have delivered 500,000 fuel cell-powered forklift trucks by
2030; Plug’s plan to have a manufacturing capability to support 10
GW of fuel cells and electrolyzers by 2030; Plug’s plan to have
100,000 HyVia vans on the road by 2030 through its partnership with
Renault; the expected timing for receipt of HL 1500 shipments; the
expected capabilities of the HL 1500; the expected demand for the
HL 1500. 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, including that we continue to incur
losses and might never achieve or maintain profitability, that we
will need to raise additional capital to fund our operations and
such capital may not be available to us, global economic
uncertainty, including inflationary pressures, fluctuating interest
rates, bank failure, and supply chain disruptions, and that our
lack of extensive experience in manufacturing and marketing of
certain of our products may impact our ability to manufacture and
market products on a profitable and large-scale commercial basis.
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, 2022, Quarterly Report on Form 10-Q for the
quarter ended March 31, 2023 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 except as may be
required by law.
MEDIA CONTACTCaitlin Coffee
Allison+PartnersplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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