Plug Finalizes Contract to Support A Major U.S. Automobile Manufacturer’s Material Handling Operations

LATHAM, N.Y., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has finalized a contract to supply a major U.S. automobile manufacturer with hydrogen infrastructure and fuel cell solutions that will support material handling operations. The manufacturing campus of over 6 square miles is dedicated to electric vehicles, batteries and is one of the largest auto manufacturing campuses in U.S. history.

The manufacturing campus’s entire material handling fleet, including forklifts and tuggers, will run on Plug fuel cells. In addition to the fuel cell fleet, the agreement includes on-site hydrogen infrastructure, including two liquid hydrogen storage tanks and over 10 hydrogen dispensers to prepare for the expansion of hydrogen applications.

"This new partnership further strengthens our track record of success in the automotive industry, marking a significant leap in promoting sustainability within the sector," stated Andy Marsh, CEO of Plug. "We are excited to elevate this facility with Plug's state-of-the-art green hydrogen ecosystem, offering solutions that enhance operational efficiency while contributing to a more sustainable and environmentally responsible future."

Plug’s hydrogen fuel cells are a direct replacement for any battery solution in electric forklifts. By implementing fuel cell solutions, this facility will be able to drive productivity, streamline operations and maximize fleet uptime, all while reducing greenhouse gas emissions.

In 2024, Plug will undertake the installation and commissioning of the hydrogen infrastructure, setting the stage for the facility's debut. This facility is expected to become fully operational by the first quarter of 2025, with production rolling out in carefully planned phases to ensure a smooth and effective ramp-up to full operations.

Plug has been a steadfast partner in advancing sustainable material handling operations for leading car manufacturers, including long standing collaborations with industry pioneers like BMW, Daimler, Honda, GM and Stellantis contributing to their commitment to environmental responsibility and operational efficiency.

About Plug
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 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 operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers 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.

SOURCE: PLUG POWER

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 manufacturing campus’ entire material handling fleet, including forklifts and tuggers, running on Plug fuel cells; successful installation of on-site hydrogen infrastructure, including two Plug liquid hydrogen storage tanks and over 10 hydrogen dispensers; the agreement resulting in a significant leap in promoting sustainability within the automotive sector; Plug’s solutions enhancing operational efficiency at the facility, driving productivity, streamlining operations, and maximizing fleet uptime, all while reducing greenhouse gas emissions; installation and commissioning of the equipment occurring in 2024; commercial operation of the facility occurring in Q1 2025; and Plug’s development of multiple green hydrogen production plants targeting commercial operation by year end 2028. 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, 2022 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.

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