Multiple Spot Agreements Signed with Major Organizations

S&P Global Platts Publishes Weekly Pricing Based on Plug Plant Production

SLINGERLANDS, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) -- In a significant move towards a more flexible and dynamic green hydrogen market, Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has introduced the first-ever spot pricing program for liquid green hydrogen, marking a major step forward in the industry.

Hydrogen buyers now have the freedom to purchase liquid green hydrogen from Plug’s production plants on-demand and without the limitations of long-term take-or-pay agreements. The flexibility provided by this new spot market allows customers like retailers, industrial manufacturers, and power plant operators to optimize their hydrogen sources efficiently, reacting swiftly to fluctuating energy demands without being tied down by long-term contracts.

In an early sign of success, Plug has entered into spot pricing agreements with several key industry players. Among these, a spot agreement with one of the largest industrial gas companies underscores widespread industry endorsement. Looking forward, the ripple effects of this innovative pricing model could redefine supply dynamics and cost structures across the entire green hydrogen ecosystem.

“Our pioneering spot pricing program is a testament to Plug’s commitment to customer-centric innovation,” said Andy Marsh, CEO of Plug Power. “By adapting to market demands in real-time, we are not only enhancing the accessibility and affordability of green hydrogen but also accelerating its adoption across various sectors.”

Each Thursday, S&P Global Platts will publish a price for the following week based on Plug’s supply and demand at the current time. Customers must have a spot agreement in place with Plug. If customers want to purchase hydrogen at the published price, Plug will execute a transaction agreement to accept a customer tanker at one of its plants for a fill.

All Plug operating plants in Woodbine, Ga., Charleston, Tenn., and St. Gabriel, La., with a combined liquid hydrogen production capacity of approximately 45 tons per day, participates in the spot pricing program. Plug, the third-largest producer of liquid hydrogen in North America, is the only producer of liquid green hydrogen on a commercial scale.

“As our hydrogen demand experiences peaks and valleys, our unique spot pricing initiative will allow us to run our plants more efficiently, maintaining economies of scale and scope, and ultimately, maximizing return on capital investment,” added Plug President Sanjay Shrestha.

By spearheading this transformative change, Plug solidifies its leadership in the green hydrogen ecosystem while contributing significantly to the global market for sustainable and renewable energy solutions.

“We believe this initiative will increase trust and transparency in the industrial hydrogen market,” explained Marsh. “In five years, we anticipate most buyers will tap into the spot market to benefit from the flexibility it offers them.”

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 69,000 fuel cell systems and over 250 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.

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 spot pricing program for liquid green hydrogen.  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, 2023, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 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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