Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, will build a 35-tons-per-day green hydrogen generation plant at Port of Antwerp-Bruges in the heart of Europe.

Plug signed a 30-year concession agreement to build the plant at the Belgian port, the second largest in Europe. Plug plans to erect a 100-megawatt green hydrogen plant, using its own electrolyzer and liquefaction technology, on 28 acres of land leased under the agreement. Plug will produce up to 12,500 tons per year of liquid and gaseous green hydrogen for the European market.

Construction of the plant will begin upon completion of the permitting process, anticipated in late 2023. Initial production of green hydrogen is expected in late 2024, and plant commissioning will be in 2025.

“As Europe grapples with the challenges of climate change and energy security, our agreement with Port of Antwerp-Bruges will deliver much-needed natively generated, green hydrogen to local markets,” said Andy Marsh, CEO of Plug. “The energy crisis in Europe resulting from geopolitical risks has accelerated the demand for green hydrogen development projects.”

Minister-President of Flanders Jan Jambon noted: "Hydrogen plays an important role in the energy transition and at the same time offers many economic and societal opportunities for Flanders. Due to the strategic location of our ports and the expertise of our companies, research centers and educational institutions, we have all the assets to become the hydrogen hub of Western Europe. An opportunity that we must not miss. Plug's choice for Antwerp is the result of the strong relationship that I, the Flemish Government, Flanders Investment & Trade, and the Port have built with the company. At the same time, it confirms the role that Flanders plays in renewable energy. I am therefore very pleased to welcome Plug in Flanders."

Belgium’s Minister of Energy Tinne Van der Straeten said: “Belgium is determined to play a pioneering role in the breakthrough of large-scale green hydrogen. It is an objective that is well reflected in the federal hydrogen vision and strategy ‘Green hydrogen for a clean industry.’ That strategy is built on four pillars: positioning Belgium as an import and transit hub in Europe, becoming a leader in hydrogen, establishing a robust hydrogen market and investing in cooperation as a key success factor. Companies like Plug, who integrate their activities into our federal strategy, are the best example that we are moving in the right direction. This way, we can achieve our climate goals to reduce greenhouse gasses by 55% in 2030 and become the first climate neutral continent by 2050. This will be a strategy that pays off for Belgium, for employment and for the climate.”

Jacques Vandermeiren, CEO Port of Antwerp-Bruges, added: "The signing of Plug Power is a confirmation of the attractiveness of our port and NextGen District. Their project is exactly what we have in mind when it comes to circular economy. We are giving hydrogen every opportunity as an energy carrier and fuel and are therefore committing ourselves as an active pioneer in the hydrogen economy. I thank Plug Power for its trust and all parties involved."

A hydrogen hub of the future

Port of Antwerp-Bruges sits in a strategic location in Europe. At the center of the largest chemical industry cluster in Europe and close to the North Sea, it provides transportation connections to Germany, Belgium, Netherlands, U.K., and France. It is less than an hour’s drive to Brussels, the capital of Europe.

The port area is also one of the busiest logistics areas in Europe, handling annually 289 million tons of maritime freight, 24 million tons of rail freight, and 108.5 million tons of barge freight. Sixty percent of Europe’s purchasing power is located within 300 miles.

Port of Antwerp-Bruges, set to become a major hydrogen hub for Europe, has plans to be a lighthouse port for climate-neutral infrastructure. Through its new green hydrogen plant, Plug is committed to playing a pivotal role in helping Port of Antwerp-Bruges achieve this ambition.

Ideal site for generation of hydrogen

The site location provides the opportunity for a ready supply of electricity from on-site and site-adjacent wind turbines generating dozens of megawatts, with an electric interconnection point less than a mile away. In addition, the site offers water, road, rail, and pipeline access for the delivery of green hydrogen to customers. An open-access hydrogen pipeline will be built along the site, and Plug has signed a contract with Fluxys to engage in a feasibility study for enabling a connection to the pipeline, which will be part of a European open-access hydrogen backbone.

Plug will build in the port’s NextGen District, an area dedicated to companies supporting the circular economy. Leveraging the cluster being assembled in the NextGen district, Plug is exploring partnerships to complete the circular use of wastewater expelled during the production of green hydrogen.

The hydrogen produced at the site will serve multiple clients at the port

More than 1,500 acres of covered warehousing at Port of Antwerp-Bruges supports heavy manufacturing industries. Plug will contribute to decarbonizing the logistics flows of the port, with material handling solutions, fuel cell vans through HYVIA – a joint venture between Plug and Renault, and stationary power solutions for shore power.

North Sea countries are major producers of wind power with over 15 gigawatts (GW) of installed capacity. They have committed to grow capacity to 65 GW by 2030 and 150 GW by 2050, as part of a recent cooperation agreement signed by Belgium, Germany, Denmark, and the Netherlands. The European Union recently launched a $315 billion REPowerEU initiative to support the shift from Russian fossil fuels to renewable energy including green hydrogen.

Trans-Atlantic Partnership Drove Agreement

The announcement of this project illustrates the strength of trans-Atlantic cooperation between a leading international technology company and a forward-thinking European port operator. Plug is building out an end-to-end green hydrogen ecosystem across the world, focused on hub locations with attractive economics and strong customer demand. Europe is core to Plug’s strategy, reflected in multiple recent investments, such as the opening of a service and logistics center in Duisburg, Germany, the acquisition of Netherlands-based Frames Group, and the inauguration of a hydrogen-powered light commercial vehicle production plant with Renault in Flins, France.

“Plug is already one of the largest investors in the European hydrogen economy, and one of the largest employers in Europe among the hydrogen pure players. Our investment in a green hydrogen production plant in the heart of Europe deepens our commitment to the European market,” added Marsh. “Europe is determined to shift from foreign sources of fossil fuel energy to local sources of green energy, and we are helping to deliver on their vision.”

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 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver 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. 

About Port of Antwerp-Bruges
With an overall throughput of 289 million tons per year, Port of Antwerp-Bruges is a critical hub in worldwide trade and industry. The port is a crucial link for the handling of containers, breakbulk and for the throughput of vehicles. Port of Antwerp-Bruges is home to 1,400 companies and accommodates the largest integrated chemical cluster in Europe. The port provides, directly and indirectly, a total of around 164,000 jobs and generates an added value of 21 billion euros.
 
The ambition for Port of Antwerp-Bruges is clear - to become the world's first port that reconciles economy, people and climate. As well as growing in a sustainable way, the Port also aims to focus on its unique position as a logistics, maritime and industrial centre and to take the lead in the transition to a circular and low-carbon economy. Together with the port community, customers and other partners, Port of Antwerp-Bruges is actively seeking innovative solutions for a sustainable future. High on the agenda is its responsibility for the environment and the surrounding society. 

The port sites of Antwerp-Bruges and Zeebrugge are operated by the Antwerp-Bruges Port Authority, a limited liability company of public law with the City of Antwerp and the City of Bruges as its shareholders. The port employs 1,800 people. Vice-Mayor of Antwerp Annick De Ridder is President of the Board of Directors, the Mayor of Bruges Dirk De fauw is the Vice-President. Jacques Vandermeiren is CEO and President of the Executive Committee, which is responsible for the port’s day-to-day management. 

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 plan to build 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, building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that may yield 500 tons of liquid green hydrogen daily by 2025; PLUG’s plans to build and operate a 100MW green hydrogen plant in the NextGen District of the Port of Antwerp-Bruges with the expected daily hydrogen production capacity of up to 35 tons per day, equating to 12,500 tons per year of liquid and gaseous green hydrogen for the European market, including the timing thereof with the plant set for commissioning by 2025; the potential for decarbonizing the logistics flows of the Port of Antwerp-Bruges, with material handling solutions, fuel cell vans through HYVIA, and stationary power solutions for shore power; and the commitment by North Sea Countries to grow capacity of wind power to 65 GW by 2030 and 150 GW by 2050, as part of a recent cooperation agreement signed by Belgium, Germany, Denmark, and the Netherland. 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, 2021 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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