Sale Marks Plug’s Largest Multi-Site Electrolyzer Order in Europe, Strengthening the Company’s EU Presence
The Renewable Green Hydrogen Produced by Lhyfe Using Plug’s Systems is Intended for Mobility Applications
NANTES, France and LATHAM, N.Y., Sept. 08, 2022 (GLOBE NEWSWIRE) -- Lhyfe (EURONEXT: LHYFE), a pure player in renewable green hydrogen, has placed an order for ten 5 megawatt (MW) European manufactured PEM (proton exchange membrane) electrolyzer systems with Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, for production of green hydrogen across multiple plants in Europe. This is the largest electrolyzer order placed by a French company.
With these electrolyzers of a total capacity of 50 MW (equivalent to up to 20 tons per day), Lhyfe aims to produce a renewable green hydrogen using primarily wind and solar-power for various mobility applications in Europe, including forklifts and light commercial vehicles, such as the Master Van from Hyvia, Plug’s joint venture with Renault with hydrogen deliveries as early as 2023. Lhyfe and Plug, having initiated a strategic relationship in October 2021, will also jointly develop 300MW of renewable green hydrogen plants across Europe by 2025.
“We’re moving quickly to deliver on a shared ambition with Lhyfe to reduce carbon emissions in Europe’s mobility sector at scale. Renewable green hydrogen demand will only increase as both the private and public sectors seek to decarbonize operations to reach sustainability goals as well as improve energy security,” said Andy Marsh, CEO of Plug. “In addition to high-performing electrolyzers, we are bringing to Lhyfe deep mobility opportunities through our joint venture with Renault and our experience deploying hydrogen-powered forklift solutions for customers like Amazon and Walmart.”
The electrolyzers will be assembled in Europe. Plug’s 5MW turnkey electrolyzer is the largest available outdoor solution with the smallest footprint in the market.
Lhyfe will be developing each hydrogen plant, achieving high performance. Lhyfe will also operate each site, manage renewable energy as well as renewable green hydrogen commercialization and delivery.
Matthieu Guesné, founder and CEO of Lhyfe said, "This milestone demonstrates the acceleration of the development of Lhyfe's production unit projects. We have now demonstrated our ability to produce renewable green hydrogen from renewable energies and the relevance of our strategy to deploy numerous production sites for environmentally friendly and accessible hydrogen throughout Europe. It is now time to implement our projects. Expectations are high: this successful partnership with Plug Power allows us to meet them with confidence."
Plug has been a leader in PEM electrolysis for nearly 50 years and was recently named the number one hydrogen electrolyzer company by Guidehouse Insights. The company has been present in Europe for over a decade and has made significant progress in deploying hydrogen applications with key European industrial, logistics and vehicle manufacturing customers, including a joint venture with Renault called HYVIA. From its European Service and Logistics Center in North Rhine-Westphalia, Germany, Plug has installed or won contracts for several PEM technology solutions in Germany, France, The Netherlands, Italy and Portugal.
Created in Nantes in 2017, Lhyfe produces and supplies renewable green hydrogen for mobility and industry. Its production plant and its commercial pipeline will allow access to renewable green hydrogen in industrial quantities and form part of a virtuous energy model benefitting the environment. It is a member of Hydrogen Europe and France Hydrogène. Lhyfe inaugurated its first green hydrogen industrial production site in September 2021. It currently has 93 projects in its pipeline across Europe, 20 of which will be in advanced development by 2026, contributing to the decarbonization of mobility and industry. A research programme started in 2019 should also lead to the start of a test phase in real conditions for the world’s first floating electrolyzer linked to a floating wind farm planned for autumn 2022. Lhyfe is listed at Euronext in Paris (LHYFE - FR0014009YQ1).
For more information go to www.lhyfe.com
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Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com.
Plug Power 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 and Lhyfe’s plans to jointly develop green hydrogen production plants throughout Europe, with targets to generate a total capacity of 300MW by 2025; Plug’s PEM electrolyzer technology enabling Lhyfe to produce 20 tons per day of green hydrogen for various mobility applications in Europe; Plug PEM electrolyzers being assembled in Europe; Expected deployment of the electrolyzers to take place throughout 2023, starting in the first quarter of 2023, with Hydrogen production expected to be fully operational as early as the second quarter. 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.
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