• Plug cryogenic trailers have been filled with liquid hydrogen for delivery at east coast pedestal customer sites - two days following commencement of operations.
  
• Design improvements on the Tennessee plant enhance the efficiency of the generation facility.
• Between Georgia and Tennessee, Plug now has about 25 tons per day of liquid hydrogen production capacity, further enhancing the overall generation network in the US.

LATHAM, N.Y., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announces that Plug cryogenic trailers filled with liquid hydrogen are being deployed from its recently commissioned Tennessee hydrogen production plant for customer deliveries. The achievement comes two days following the official commencement of operations at the Charleston, TN production plant and is already servicing east coast pedestal customers, including Walmart, Home Depot and others.

The Tennessee plant adds about ten tons per day (TPD) of liquid hydrogen supply back onto the U.S. market, servicing Plug customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications. Plug also implemented design improvements in Tennessee to enhance overall plant efficiency and bring down the average cost of delivered hydrogen, impacting Plug’s fuel cost margins. With this, Plug can now provide about 50% of our customers’ requirements from these two facilities alone.

Plug has been active in commissioning its network of hydrogen plants in 2024. In addition to the 10 TPD plant in Tennessee, Plug began production of liquid green hydrogen at its Georgia plant on January 23, 2024. At 15 TPD, this is the largest liquid green hydrogen plant in the U.S. market, and largest PEM electrolyzer deployment operating in the United States (US). Between Georgia and Tennessee, Plug now has about 25 tons per day of liquid hydrogen production capacity, further enhancing the overall generation network in the US.

“Plug is deploying hydrogen production plants at a pace and scale unmatched by others in our sector,” said Andy Marsh, CEO of Plug Power. “Unlike anyone else in the industry, Plug’s energy business spans cryogenic equipment, liquefaction, hydrogen and electrolyzers. Proving the viability of these solutions, a goal previously only within the reach of traditional industrial gas companies, signals a new era for the hydrogen industry, led by Plug.”

The Company’s advanced cryogenic and liquefaction capabilities are integral to its operations, allowing the green hydrogen to be safely and efficiently transported to customers. Plug’s liquid hydrogen tankers can transport up to 80,000 pounds per maximum gross vehicle weight. It takes approximately eight gas tube trailers to deliver the same amount of gaseous hydrogen as one liquid hydrogen tanker.

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.

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 implemented design improvements in Tennessee enhancing overall plant efficiency and bringing down the average cost of delivered hydrogen, impacting Plug’s fuel cost margins; Plug’s approximately 25 tons per day of liquid hydrogen production capacity, enhancing the overall generation network in the United States; Plug’s substantial work on building US plants, in New York and Texas, as well as Europe, in Finland and Belgium; 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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