LATHAM, N.Y., June 10, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen solutions, today announced plans to build a green hydrogen production plant in Camden County, Georgia, to serve customers across the southeastern United States. The announcement affirms Plug Power’s continued commitment to establish the first North American green hydrogen supply network, as the Camden County plant extends Plug Power’s service coverage across the entire eastern seaboard of the U.S.
The plant will produce 15 tons per day of liquid green hydrogen, produced using 100% renewable energy and intended to fuel transportation applications, including material handling and fuel cell electric vehicle fleets. Plug Power is investing $84 million in the facility, which is expected to create at least 24 jobs in the local community starting in 2022.
As a focal point for Plug Power’s green hydrogen network and the broader U.S. hydrogen economy, Camden County, GA, presents many strategic advantages. With proximity to Interstate 95 (I-95), the main north-south highway on the East Coast of the U.S., the location enables easy access to the region’s commercial and industrial centers, including Plug Power customers like Home Depot and Southern Company.
“With this hydrogen production plant, we are expanding our green hydrogen network to provide zero-emissions fuel to customers in Georgia and across the Southeast,” said Andy Marsh, CEO of Plug Power. “Investing in Camden County is the right choice to support Plug Power’s continued growth.”
Plug Power is working closely with local and state authorities as it moves forward with the project. Plug Power has signed a Purchase Power Agreement with Okefenokee Rural Electric Membership Corporation to source the renewable electricity needed to power the plant. Additionally, the company is entering into a Memorandum of Understanding with Camden County Joint Development Authority for land and local site support. The exact location for the plant and details about construction and job openings will be announced upon finalization later this year.
“We look forward to working with Plug Power and our state and local economic development partners on this exciting project that clearly demonstrates that Kingsland is open for business,” said Kingsland Mayor Dr. C. Grayson Day.
“We are proud to welcome Plug Power to Camden County,” said Executive Director of the Camden County Joint Development Authority James Coughlin. “The Authority was happy to structure a package that is beneficial for the company and the community and we are grateful for the cooperation between our partners; Okefenokee EMC, the Georgia Department of Economic Development and the City of Kingsland. This type of forward-thinking collaboration is what makes projects work in Southeast Georgia.”
Assistant Director Alyce Thornhill represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce division on this project in partnership with the Camden County Joint Development Authority, Georgia Ports Authority, Georgia Power, and Okefenokee EMC.
“Having Plug Power expand its footprint to Georgia is exciting news for this growing industry,” said Georgia Ports Authority (GPA) Executive Director Griff Lynch. “The Ports of Savannah and Brunswick provide the capacity needed for auto part imports and auto exports, making the I-95 corridor perfectly suited for this type of development.”
“Georgia is a great place to do business, and because of that, we continue to attract the jobs of the future,” said GDEcD Commissioner Pat Wilson. “Many thanks to Plug Power for choosing to invest in Georgia, and for helping bolster our green technology ecosystem. Congratulations to our partners in Camden County, and thank you for your efforts to help bring jobs to Georgia that positively impact our economy and our environment.”
The Camden County plant joins previously announced facilities in South Central Pennsylvania and the Western New York Science, Technology and Advanced Manufacturing (STAMP) Park as key milestones toward Plug Power’s goal of producing over 500 tons per day of hydrogen by 2025. Together with Plug Power’s existing plant in Tennessee, acquired in 2020 as part of its vertical integration strategy, and its PEM stack and electrolyzer Innovation Center in Rochester, NY, this plant further strengthens the company’s position as a leader in advancing the clean hydrogen ecosystem. Plug Power is already the largest buyer of liquid hydrogen globally and has built more hydrogen refueling stations than any other company in the world.
This announcement comes as companies and governments are racing to boost green hydrogen supplies and generation capacity. Experts forecast that green hydrogen will play an essential role in meeting greenhouse gas emissions targets worldwide, particularly in the transportation and logistics sectors. Hence, exponential growth in the hydrogen economy is expected to accelerate, reaching up to 500-800 million tonnes used per year by 2050 and making up 20 percent of global energy demand. Facilities like the Camden County plant are critical for making green hydrogen cost-competitive with fossil fuels and boosting adoption in the coming decade.
About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.
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 expectations regarding its multi-year investment and growth, PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. 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, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. 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.
Media Contact
Ian Martorana
The Bulleit Group
(415) 237-3681
plugpowerpr@bulleitgroup.com