Plug Power Inc. (NASDAQ: PLUG) and ACCIONA Energía have presented
to the Government of Navarra (Spain) their Valle H2V Navarra joint
project to build an industrial-scale, green hydrogen production
plant in Rocaforte, Sangüesa.
The project, currently in the development stage,
involves the construction of a 25MW electrolyzer on the land plots
adjacent to the Sangüesa biomass plant. The electrolyzer will be
powered by hybrid renewable energy produced at a photovoltaic plant
(25MW) and a wind farm (24MW), both newly built facilities that are
currently under development.
The plans of Plug and ACCIONA Energía entail a
total associated investment of €87 million, and the creation of
over 500 direct, indirect, and induced jobs during the construction
of the plant.
Once built, the plant will reach a total
production of 3,880 tons of green hydrogen per year. The aim is to
use 90% of the green hydrogen production for consumption by the
main energy-intensive industries in the area, such as paper, glass,
steel, food and automotive, contributing to their decarbonization
and the reduction of their CO2 emissions, including Plug’s
customers in material handling, stationary power, and on-road
mobility applications. The remaining 10% will be used for the
transport sector through the installation of a hydrogen station at
the same location.
The project envisages the possibility to expand
the hydrogen plant in the future, depending on the evolution of
demand, to double the initially planned power (50MW) of
electrolysis.
PROJECT OF INTEREST FOR THE
REGION
Several representatives from the Navarra
Government attended the presentation, including the President,
María Victoria Chivite, the Regional Minister of Economic and
Business Development Mikel Irujo, and the General Director of
Industry, Uxue Itoiz. In addition, the Mayor of Sangüesa Lucía
Echegoyen, and the President of the Rocaforte Council María Eugenia
Pérez, participated too. Representing the project was the Chairman
of ACCIONAPLUG and CEO of ACCIONA Energía, Rafael Mateo, the CEO of
ACCIONAPLUG, Alan Ripa, and the European Sales Director for the
Applications Business unit of Plug, Alasdair Leapman.
The President of Navarra, María Chivite,
announced during today's meeting that the regional government is
declaring the Valle H2V Navarra project an investment of interest
for the region at its session tomorrow. This will speed up its
processing and development. She also highlighted the "strategic"
nature of this project, not only because of the investment and the
jobs created, but also because "it will provide clean energy to the
industrial ecosystem of the region, where there are companies that
are large consumers of energy, and because it will place Sangüesa
on the innovation map".
The project brings together all the key elements
of the green hydrogen value chain: renewable energy generation,
production infrastructure, storage, and distribution of green
hydrogen. At this time, it will be one of the largest hydrogen
plants commissioned in Europe.
"Valle H2V Navarra was created with the
objective of being the first operational green hydrogen generation
plant at industrial scale in Navarra, and to give a qualitative and
quantitative boost to the decarbonization of the industry in the
region," said Rafael Mateo, Chairman of ACCIONAPLUG and CEO of
ACCIONA Energía. "In addition, this project is of particular
interest thanks to its scalability and replicability, as it will
provide an operational example of the contribution of green
hydrogen in the energy transition."
The Valle H2V Navarra project plans to start
generating green hydrogen by the end of 2024, thus enabling the
government of Navarra to comply with the Navarra Green Hydrogen
Agenda, a roadmap for the development of a green hydrogen
ecosystem, which foresees the installation of between 10MW and 30MW
of production by 2024 and 150MW by 2030 in the region.
COMPETITIVE GREEN HYDROGEN
SOLUTIONS
The Valle H2V Navarra project is being developed
by ACCIONAPLUG, a 50/50 joint venture between ACCIONA Energía,
world leader in renewable energies, and Plug Power, leading
provider of turnkey hydrogen solutions for the global green
hydrogen economy, such as electrolyzers, fuel cells, and
liquefaction.
The joint venture, based in Madrid, combines
Plug's best-in-class electrolyzer technology and ACCIONA Energía's
status as the leading distributor of 100% renewable energy in Spain
and Portugal, countries where ACCIONAPLUG is working on the
development of green hydrogen projects.
Spain and Portugal are ready to play a leading
role in the European economy's path to decarbonization, benefiting
from high levels of renewable resources. The Spanish government
presented its hydrogen roadmap in October 2020 and Portugal
approved its own in August 2020. ACCIONAPLUG's goal is to reach 20%
market share by 2030.
About Plug
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 created the
first commercially viable market for hydrogen fuel cell (HFC)
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 delivers
a significant value proposition to end-customers, including
meaningful environmental benefits, efficiency gains, fast fueling,
and lower operational costs. Plug’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.
ACCIONA Energía is the largest 100% renewable
energy company with no fossil legacy in the world. It has 11.4GW of
renewable energy and commercial operations in 30 countries. With 30
years of experience, ACCIONA Energía offers a complete portfolio of
tailor-made energy solutions for its corporate and institutional
clients to meet their decarbonization goals. ACCIONA Energía is
committed to the highest environmental, social and corporate
governance (ESG) standards. ACCIONA S.A., a leading global company
in the provision of regenerative solutions for a decarbonized
economy, is the reference shareholder of ACCIONA Energía.
www.acciona-energia.com
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. Such forward looking statements
are: the plans of ACCIONA Energía and Plug Power investing €87
million to fund the industrial-scale, green hydrogen production
plant (“Plant”); the construction of the Plant creating 500 direct,
indirect, and induced jobs; the Plant reaching a total production
of 3,880 tons of green hydrogen per year; using 90% of the
production of green hydrogen generated by the Plant for consumption
by the main industrial sectors; the possible expansion of the
Plant, including doubling the initially electrolysis power; and the
Plant generating green hydrogen by the end of 2024. 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.
SOURCE: PLUG POWER
Global Media Contact
Caitlin CoffeeAllison+Partners(312)
635-8204PlugPR@allisonpr.com
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