• Plug’s first-of-its-kind portable refueler hits the roads to support cost-effective adoption of commercial fuel cell electric vehicle fleets
  
• Removes significant barrier to consideration of fuel cell electric vehicles

LATHAM, N.Y., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, delivered several first-of-its-kind liquid hydrogen portable refuelers to transit agencies and trucking fleet customers.

Plug’s HL-450D-P is a complete hydrogen refueling station on a portable platform that can be quickly and easily deployed to support fleet vehicle hydrogen refueling at either 350 bar or 700 bar, with minimal site preparation and needing only a single electrical connection.

The product was designed to reduce infrastructure costs and deployment time for medium-duty and heavy-duty hydrogen-powered commercial vehicles. Customers for this solution include fleet vehicle operators looking to decarbonize operations, such as mass transit agencies that operate buses, trains, ferries and more, as well as logistics companies and retail distributors.

“Our portable refueler product is a prime example of Plug’s cutting-edge innovation driving cost-effective adoption of hydrogen in hard-to-abate sectors like transportation,” said Andy Marsh, Plug CEO. “With minimal upfront costs, mass transit authorities, logistics companies, and retailers can now quickly pop up low-carbon hydrogen refueling infrastructure to support their fleets.”

Plug’s portable refueler is ideal for initial fleet deployments that require a high performance fueling solution at small scale, and delays the need for construction of a permanent fueling station. This quick-to-deploy and reduced cost solution demonstrates the benefit of hydrogen fuel cell vehicles (FCEV) compared to battery electric vehicles (BEV) for commercial fleets. Adopting hydrogen-powered FCEVs can result in up to a 25% increase in payload capacity and cut refueling time by up to 98% over BEVs.

The product includes a 1,500 kilogram (kg) cryogenic liquid storage tank, pumping and vaporization system, and a J2601 compliant dispenser that allows for fueling directly into a FCEV. It also includes onboard telemetry for remote monitoring, ensuring excellent service is maintained. This solution is also easy to re-deploy, eliminating capital risk of trial projects.

The innovation was made possible through Plug’s acquisition of ACT in November 2021, and is manufactured at the manufacturing facility in Houston, TX. The portable fueler has undergone comprehensive process safety analysis and safe operation is guaranteed by factory quality control.

Many organizations in the transportation sector have committed to reducing their carbon emissions. According to a recent report from the Rhodium Group, transportation is the highest greenhouse gas (GHG) emitting sector in the United States, increasing emissions by 1.6% in 2023 over the previous year.

To learn more about being a Plug portable refueler customer, 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 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: Consideration and adoption of fuel cell electric vehicles; That Plug’s refueler product can be quickly and easily deployed; Plug’s refueler reducing infrastructure costs and deployment time; Mass transit authorities, logistics companies, and retailers can now quickly pop up low-carbon hydrogen refueling infrastructure; Adopting hydrogen-powered FCEVs can result in up to a 25% increase in payload capacity and cut refueling time by up to 98% over BEVs; 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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