Plug Power and Universal Hydrogen Expand Partnership to Include Investment and Global Green Hydrogen Supply for Aviation
02 Marzo 2021 - 1:00PM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions building the global green hydrogen economy,
today announced an expansion of the relationship with Universal
Hydrogen Co., a pioneer in hydrogen aviation. The companies
previously announced a partnership to develop a fuel cell-based
hydrogen powertrain for regional aircraft. The recent minority
investment by Plug Power will enable Universal Hydrogen to complete
the construction of a subscale aircraft powertrain by Q2 2021. In
addition to this strategic investment, the companies further agreed
to a global offtake relationship that will see green hydrogen
become cost-competitive with jet fuel by 2025.
Plug Power is an innovator and a leader in the green hydrogen
economy, with over 40,000 fuel cell systems, 150 fueling stations
deployed globally, and dispensing more than 40 tons of hydrogen
daily. The company also has a comprehensive solution for generating
green hydrogen including its leading electrolyzer technology and
liquefaction capabilities.
Plug Power recently announced its plans to build five regional
green hydrogen facilities in the United States. The combination of
low-cost renewables, strong capital position, and in house
electrolyzer and liquefaction technology all uniquely position Plug
Power to build out this green hydrogen network.
“When you think about renewables at 4 cents per kW-hr, it’s
clear that green hydrogen can be produced at prices equivalent to
or below fossil fuel based hydrogen in the near term,” said Andy
Marsh, Chief Executive Officer, Plug Power. “Universal Hydrogen’s
approach is a pragmatic, near-term plan to bring green hydrogen to
one of the hardest to decarbonize sectors—air travel.”
Following a successful ground demonstration, the teams will
retrofit the hydrogen fuel cell powertrain into a 40-60 passenger
regional aircraft, with first experimental flights slated for 2023
and entry into revenue service in 2025. Plug Power’s strategic
investment is the company’s latest commitment to the aerospace
industry following the completion of its June 2019 acquisition of
EnergyOr, a company that specialized in advanced lightweight and
compact PEM hydrogen fuel cell (HFC) systems for robotics,
small-scale material handling, and aerospace applications.
“This global supply agreement for green hydrogen will enable us
to deliver modular fuel capsules to airline operators at a price
that gives them equivalent unit economics to a conventional jet
fuel-powered regional aircraft in 2025, with additional operating
cost savings as the cost of hydrogen continues to decrease,” said
Paul Eremenko, Chief Executive Officer, Universal Hydrogen. “The
economics just make sense, and our order book speaks for itself.
We're thrilled to have Plug Power as a strategic partner and now an
investor as we make carbon-free flight a near-term reality.”
Today’s announcements advance Universal Hydrogen’s business
model of using modular capsules to distribute hydrogen via the
existing freight network directly to the aircraft, with no new
infrastructure needed for transport or airport operations which can
accelerate adoption of the new technology.
About Plug PowerPlug 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.
About Universal HydrogenUniversal Hydrogen is
dedicated to making hydrogen aviation a near-term reality. The
company is building a hydrogen ecosystem for aviation through
strategic partnerships and new technologies for hydrogen
distribution and propulsion. Founded in 2020 by former Airbus CTO
Paul Eremenko, together with eminent academic and entrepreneur
John-Paul Clarke, aviation and energy attorney Jon Gordon, and
Silicon Valley veteran Jason Chua, Universal Hydrogen takes a
flexible, scalable, and capital-light approach to hydrogen
logistics by transporting it in lightweight, aviation-certified
modular capsules over the existing intermodal containerized freight
network from green production sites to airports around the world.
To accelerate market adoption, Universal Hydrogen is also
developing a conversion kit to retrofit existing regional airplanes
with a hydrogen-electric powertrain compatible with the modular
capsule technology. For more information, go to hydrogen.aero.
Safe Harbor StatementThis 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.
Plug Power Media Contact
Ian MartoranaThe Bulleit Group
(415) 237-3681plugpowerpr@bulleitgroup.com
Universal Hydrogen Media Contact
Kate Gundry
Pluck PR
(617) 797-5174
Uh2@pluckpr.com
SOURCE: PLUG POWER
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