Plug receives $10 million Department of Energy grant to lead development of advanced hydrogen refueling station in Washington State

SLINGERLANDS, N.Y., Sept. 05, 2024 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a global leader in end-to-end hydrogen solutions for the green hydrogen economy, has been awarded $10 million by the U.S. Department of Energy (DOE) to demonstrate a next-generation hydrogen refueling infrastructure for medium- and heavy-duty vehicles at scale. Plug’s project, HYPER-Fuel (“the Project”), is a hydrogen refueling station architecture with cryogenic and liquid-to-gas dispensing.

This funding is part of the DOE program. Investment of 62 million dollars in 20 projects in 15 states The goal is to accelerate the deployment of next-generation clean hydrogen technologies. These initiatives will advance key aspects of hydrogen bunkering infrastructure, demonstrate hydrogen-fueled container handling equipment for port operations, and improve critical processes for the efficient, timely, and equitable deployment of hydrogen technologies.

In collaboration with Washington State University (WSU), the University of Maryland at College Park, and the National Renewable Energy Laboratory (NREL), Plug will develop a high-flow, direct-fill hydrogen fueling station. The fueling station, based on Plug’s GenFuel technology, will offer fueling rates in excess of 8 kg/min, a daily capacity of more than 2 tons, and options for pressurized hydrogen at 350 and 700 bar, including advanced distribution of subcooled and cryocompressed liquid hydrogen. The project aims to address growing hydrogen infrastructure needs for heavy-duty on-road vehicles.

“We are grateful for the Department of Energy’s support, which underscores Plug’s leadership in the hydrogen sector,” said Plug CEO Andy Marsh. “With more than 250 high-performance fueling stations under our belt – more than any other company globally – our proven expertise uniquely positions us to lead this important commercial demonstration project.”

“This station solves the chicken-and-egg dilemma holding back the hydrogen economy: With integrated cooling, we can minimize evaporative losses, which eases the barrier to adopting hydrogen fuel for heavy-duty applications,” said Jacob Leachman, who directs Washington State University’s Hydrogen Properties for Energy Research (HYPER) Laboratory. “The research and testing opportunities will significantly advance the field. We couldn’t be more excited to partner with Plug again on DOE projects.”

As lead partner, Plug will oversee engineering, construction, operation, and training. WSU will leverage its advanced cryogenics laboratory to develop and optimize thermal fluid models for the station and will serve as the end-use operator. NREL will research sensor and leak technologies, while the University of Maryland will assess safety risks and reliability. Engineering will be conducted by Plug’s team at its Vista headquarters in Slingerlands, NY, with support from its cryogenics research and development center in Colfax, WA.

This project is focused on proving that these advanced technologies are commercially viable solutions. Rather than conducting R&D as part of the project, Plug will build a fueling station in Pullman, Washington, that is expected to be operational in 2026 and could ultimately fuel WSU and community vehicles. This station model could also be replicated in New York and across the country to meet growing refueling demands and support broader adoption of hydrogen fuel cell technology. WSU-Pullman and the Pacific Northwest are an ideal location for this project as there is significant momentum around the Pacific Northwest H2 Hub, of which Plug is also a partner, and Washington State’s zero-emission vehicle mandate by 2035, which the university must meet.

“This historic federal research funding is further evidence that Plug is a global leader in hydrogen technology. I couldn’t be more proud that this work is centered right here in upstate New York,” said U.S. Senate Majority Leader Chuck Schumer.

“Plug Power is a pioneer in clean energy innovation, and this grant helps solidify the Capital Region’s role at the forefront of the transition to a green energy economy,” said Senator Gillibrand. “I am proud to see the Department of Energy make this $10 million investment and look forward to continuing to work with Plug Power to build a green future.”

“Clean hydrogen offers us the opportunity to secure a clean energy future, but these opportunities can only be realized with strong, forward-thinking federal investments,” said Congressman Paul Tonko (NY-20). “That’s why I’ve worked hard during my time in Congress to drive investments in clean hydrogen research and development. I’m thrilled that Plug Power will play this central role in developing our innovation economy, and I will continue to do everything I can to support their powerful work and ensure our nation’s leadership in clean energy technologies.”

“Our nation’s clean hydrogen economy is coming to life, but there is still much work to be done to advance the national strategy and underlying technologies,” said Dr. Sunita Satyapal, Director of the U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office and Coordinator of DOE’s Hydrogen Program. “These selected projects will play a critical role in advancing technologies for hydrogen fueling infrastructure and port operations, and will complement other Biden-Harris Administration investments in clean hydrogen. The advancements made by these projects will help grow clean hydrogen markets in hard-to-decarbonize sectors of the U.S. economy, such as heavy industry and heavy transportation.”

Earlier this year, the Department of Energy selected Plug for a total of nine awards for clean hydrogen electrolysis, manufacturing, and recycling activities under the Bipartisan Infrastructure Act. These awards highlight Plug’s leadership in the industry and its commitment to developing the green hydrogen economy.

About Plug

Plug is building an end-to-end green hydrogen ecosystem – from production, storage and delivery to power generation – to help its customers meet their business goals and decarbonize the economy. By creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and more than 250 fueling stations – more than any other in the world – and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug has built a state-of-the-art gigafactory in Rochester, New York, to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants with the goal of beginning commercial operations by the end of 2028. Plug offers its green hydrogen solutions directly to its customers and through joint venture partners in multiple environments, including materials handling, e-mobility, power generation, and industrial applications.

For more information, please 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 regarding: Plug’s expectation that it will develop a high-flow, direct-fill hydrogen fueling station in partnership with Washington State University (WSU), the University of Maryland at College Park and the National Renewable Energy Laboratory (NREL) and the parties’ respective roles; Plug’s expectation that the fueling station will offer fueling rates in excess of 8 kg/min, a daily capacity of >2 tonnes, and options for 350 and 700 bar pressurized hydrogen, including prospective dispensing of subcooled and cryocompressed liquid hydrogen; Plug’s expectation of the fueling station to be built in Pullman, including the timing of its coming online in 2026, its ability to ultimately fuel WSU and community vehicles, and whether this model of the station could be replicated in New York and across the country. 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 more detailed 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 Plug’s business generally, please refer to 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, 2023, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. 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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