Plug Power Inc (PLUG)

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Plug Signs Additional BEDP Contracts for a Total of 4.5GW of Electrolyzers Across Europe and the United States
April 25, 2024

Expanding Basic Engineering and Design Package (BEDP) Portfolio with an additional 350MW of electrolyzers
LATHAM, N.Y., April 25, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has signed two additional contracts to deliver Basic Engineering and Design Packages (BEDP) for projects in Europe and the U.S. with a combined capacity of up to 350 megawatts (MW) of electrolyzers. These agreements enhance Plug’s overall BEDP portfolio, bringing the company’s total amount of global BEDP contracts to 4.5 gigawatts (GW).

Since introducing the BEDP offer just two years ago, Plug’s electrolyzer business has experienced continued growth. Earlier this year, Plug finalized a 500MW contract in Europe, and with the addition of this 350MW contract, the company has now closed 850MW of BEDP contracts in just four months. Plug's ability to scale its electrolyzer business demonstrates its expertise in Proton Exchange Membrane (PEM) technology and liquid hydrogen plants, being the sole electrolyzer OEM supplier constructing green hydrogen plants. Plug has commissioned the largest 15TPD electrolytic liquid hydrogen production plant and the largest PEM electrolyzer deployment in the U.S.

"Drawing from over 50 years of experience in our electrolyzer business, our industry expertise stands unrivaled," said Plug CEO Andy Marsh. "Within just three years, we've significantly scaled our business and have successfully shipped and deployed electrolyzers across five continents. This rapid expansion is strong evidence of our engineering, manufacturing, and execution capabilities."

"Electrolyzer sales present a substantial business opportunity for us," said Plug General Manager of Energy Solutions and Chief Strategy Officer Sanjay Shrestha. "Our impressive BEDP growth in just two years underscores our strong industry positioning and market growth."

Capitalizing on its state-of-the-art PEM stack manufacturing facility in Rochester and a global system manufacturing network spanning four continents, Plug is currently delivering and installing electrolyzers in Europe, Middle East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa. In each region, Plug factors in specific compliance and regulatory requirements.

To date, Plug has already delivered 25 electrolyzer systems to third-party customers. Over the course of 2024, it plans to deliver an additional 40 systems for a cumulated total of 189MW. These systems include containerized electrolyzers of 1MW and 5MW deployed worldwide for various applications such as refineries, industrial processes, and mobility.

On top of that, Plug continues to advance on large scale projects, with the execution of a 100MW electrolyzer supply contract for a European refinery, securing over 1.2GW of projects awarded subject to Final Investment Decision (FID), and progressing with the execution of the remaining 4.5GW of BEDP signed to date.

Currently, 50MW of Plug’s electrolyzers have been put into operations, and by the end of this year, Plug is expected be the largest provider of PEM technology operating in the world.

Plug’s electrolyzer technology delivers high purity hydrogen at an operating pressure of 40bar. The integrated approach for the 1MW and 5MW systems yield rapid installation and commissioning, while maximizing value and reducing risk.

https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Signs-Additional-BEDP-Contracts-for-a-Total-of-4.5GW-of-Electrolyzers-Across-Europe-and-the-United-States/default.aspx