Plug Power Completes Acquisition of Frames Group
09 Dicembre 2021 - 10:01PM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, completed
the acquisition of Frames Group, a leader in turnkey systems
integration for the energy sector, following the definitive
agreement announced on Nov. 9, 2021. The acquisition of Frames
Group adds engineering, process, and systems integration expertise
to Plug Power, enabling the company to scale the delivery of green
hydrogen solutions.
“We are thrilled to welcome today 300 new employees within Plug
Power, and to expand our presence globally, with employees in the
Netherlands, India, the United Emirates, Malaysia and Brazil. The
Frames Group’s process and control systems integration expertise,
combined with Plug Power’s world-class electrolyzer stack
technology, will help us attain our goal of producing over 1,000
tons per day of green hydrogen by 2028,” said Andy Marsh, CEO for
Plug Power. “This is further evidence of Plug Power’s commitment to
invest in developing the green hydrogen economy in Europe.”
Through the acquisition of Frames, Plug Power continues to build
out its capabilities to deliver a range of turnkey electrolyzer
solutions from one megawatt (MW) containerized systems to 1,000 MW
standalone plants.
About Plug PowerPlug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell 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 meeting
sustainability goals. Plug Power created the first commercially
viable market for hydrogen fuel cell technology. As a result, the
Company has deployed over 50,000 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, Ikea, 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.www.plugpower.com.
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 goal of
producing over 1,000 tons per day of green hydrogen by 2028 and
expectations regarding Frame’s engineering, process, and systems
integration expertise helping PLUG to attain that goal. 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, 2020 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2021, June
30, 2021 and September 30, 2021. 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.
About Frames GroupFrames was founded in 1984 as
a valve actuator company. Over the past 35 years we have expanded
rapidly both in portfolio and geographic reach. Working together
with our clients, suppliers, and employees we are energizing the
world. Frames designs, builds, and delivers processing equipment,
separation technologies, flow control & safeguarding systems,
renewable energy and water solutions.
Our core competence is process and control system integration.
At Frames, we convert your process and control concepts into
compact, highly integrated and autonomous skid-mounted solutions.
We have a global reach through our network of offices and are
continuously adding new technologies to our portfolio.
Our vision is to be the first-choice partner in all your energy
challenges. We will achieve this by utilizing our know-how and core
values to better understand the needs of clients. Therefore, we
will continue to develop our skills and technologies to exceed your
expectations, continuously striving to create sustainable added
value for our clients.
Plug Power Media ContactCaitlin CoffeeAllison +
PartnersplugPR@allisonpr.comFrames Group Media
ContactMr. Suerd
Polderdijks.polderdijk@frames-group.com
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