Company Announcements

SLINGERLANDS, N.Y., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, is collaborating with Carreras Grupo Logístico to launch a complete green hydrogen ecosystem in Spain. The initiative will aim to establish, through a fuel cell technology advantages validation project, the first hydrogen-powered logistics site in Spain at Carreras Grupo Logístico's logistics center in Masquefa, Barcelona.

Plug is working with Carreras to replace existing lead-acid battery-powered forklifts with hydrogen fuel cells to support decarbonization and efficiency improvements of Carreras Grupo Logístico’s operations. The transition to green hydrogen will improve energy efficiency, productivity, and sustainability while reducing operational costs.

The project at Masquefa will serve as a testing site to evaluate the improvements using Plug’s technology over batteries. Insights gained from the project will be used to scale the hydrogen fuel cell technology across other sites in Spain and integrate it into Carreras Group’s core logistics business that includes 46 warehouses.

If the project is successful, Plug will deliver to Carreras Grupo Logístico a complete green hydrogen ecosystem, including hydrogen fuel cells, a 1 MW (megawatt) electrolyzer, and a hydrogen refueling station.

"We are excited to work with Carreras Grupo Logístico to usher in a landmark moment: the first hydrogen-powered logistics site in Spain,” noted Plug CEO Andy Marsh. “This strategic collaboration highlights the transformative potential of hydrogen-powered solutions to achieve the twin goals of decarbonization and operational gains in the logistics sector.”

The benefits of hydrogen fuel cells over lead-acid batteries are vast: fuel cells can be refueled within minutes compared to several hours for batteries. The technology increases productivity by minimizing equipment downtime and requires less frequent servicing for a significantly reduced operational cost. Moreover, hydrogen fuel cell technology contributes to reducing the carbon footprint – a priority for Carreras Grupo Logístico.

The global market for hydrogen fuel cell forklifts is growing, with increasing adoption in North America, Europe, and Asia. Major companies like Amazon and Walmart have already deployed tens of thousands of hydrogen fuel cell forklifts in their operations, citing improved productivity and cost savings as key benefits.

About Plug

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 69,000 fuel cell systems and over 250 fueling stations, more than anyone else 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 built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers 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’s ability to implement a complete green hydrogen ecosystem with Carreras Grupo Logístico and establish the first hydrogen-powered logistics site in Spain; expectations that Plug’s technology will be an improvement over batteries and plans for insights from the project will be used to scale hydrogen fuel cell technology and integrate into Carreras Grupo Logístico’s core logistic business; expectations that the transition to green hydrogen will improve energy efficiency, productivity, and sustainability while reducing operational cost; and expectations that the global market for hydrogen fuel cell forklifts is growing. 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, 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. 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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