Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion

May 02, 2024 at 07:00 AM EDT

Agreements expand Plug’s reach in cryogenic equipment portfolio across sectors

International expansion of cryogenic equipment services with certification of liquid hydrogen storage tanks and transport trailers in Korea

LATHAM, N.Y., May 02, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced that it has been awarded contracts to supply cryogenic equipment to a multinational industrial gas company and a statewide electric utility company. Additionally, the company is in the final stages of completing an agreement to supply cryogenic equipment to another leading industrial gas company.

Through a strategic partnership with the multinational industrial gas company, Plug is set to supply five cryogenic trailers for the Canadian market to facilitate the transport of essential cryogenic industrial gasses like nitrogen, argon, and oxygen. Deliveries for this equipment are expected in early 2025.

In a separate agreement with a statewide electricity utility company, Plug received a purchase order for Liquefied Natural Gas (LNG) cryogenic mobile storage equipment, designed for the storage and dispensing of cryogenic LNG. Delivery of the equipment is scheduled to begin in Q4 of 2024.

Plug has been tapped by another leading industrial gas company to supply eight cryogenic trailers to the U.S. and Canadian market for the transportation of industrial gasses such as nitrogen, argon, and oxygen. Deliveries for this equipment are slated to commence in the latter half of 2025.

Plug CEO Andy Marsh: “With extensive expertise designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems, we are successfully building long term strategic partnership with customers and supporting their need to get their gas products to market through liquefaction and truck trailer transportation.”

Plug is also focused on expanding its cryogenic equipment services internationally. As a follow on to the company securing the first international PEM electrolyzer certification in Korea, Plug has achieved Korean Gas Safety (KGS) certification for ASME Section XII and ASME Section VIII Div. 1 required to build bulk liquid hydrogen storage tanks and transport trailers to serve the growing demand in the South Korean market.

To date, three liquid hydrogen bulk storage tanks have arrived in South Korea and Plug is preparing to ship its first liquid hydrogen trailer to South Korea this month. The storage tanks and transport trailers were manufactured in Houston, TX and have been tailored to meet Korean regulations.

In 2021, Plug acquired Applied Cryo Technologies, Inc., adding the technology, equipment and services for the transportation, storage, and distribution of liquefied gases.

Today, Plug is a leading manufacturer of advanced cryogenic equipment. The company’s cryogenic trailers are the lightest on the market, allowing for superior over the road payloads. The trailers are optimized to transport liquid gasses across North American highways.

To learn more about Plug’s cryogenic solutions, visit: https://www.plugpower.com/learn-more-about-plugs-portable-refueler/

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 ability to execute supply contracts with industrial gas companies and/or statewide electric utility companies; Plug’s ability to fulfill its contractual obligations relating to cryogenic equipment; Plug’s ability to deliver cryogenic equipment by expected dates in 2024 and 2025; the extent of Plug’s expertise designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems; Plug’s ability to successfully build long term strategic partnerships with customers through its liquefaction and truck trailer transportation activities; Plug’s ability to ship a liquid hydrogen trailer to South Korea as expected; Plug's storage tanks’ and transport trailers’ continued compliance with applicable regulations; and Plug’s cryogenic trailers’ weight and road payloads versus competitors’ comparable products’ weight and road payloads on the market. 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 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.

Plug Media Contact
Fatimah Nouilati
Allison
PlugPR@allisonworldwide.com

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Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion

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