Plug Power Hosts Sen. Schumer at Green Hydrogen Plant in New York

LATHAM, N.Y., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Andy Marsh, CEO of Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, welcomed Senate Majority Leader Chuck Schumer on Wednesday to its green hydrogen production facility and electric substation under development in the New York Science, Technology and Advanced Manufacturing Park (STAMP), a 1,250-acre mega-site located at the center of upstate New York’s largest population, research, and workforce training hubs.

Schumer, a proponent of hydrogen energy, announced his plans to push for new jobs and tenants at STAMP and make it a domestic hub for the clean energy industries and semiconductor industries.

“The support of Sen. Schumer and Congress plays a key role in helping to bring affordable hydrogen to the market,” Marsh said. “We appreciate their leadership on the Infrastructure Investment and Jobs Act, which will help to promote the production and deployment of green hydrogen.”

Schumer, who has long sought clean energy solutions, spoke today about the government's role in promoting the adoption of hydrogen energy and driving down its costs through research and development to decarbonize the economy. He said, with the help of Plug Power, the country can jump start the 21st century hydrogen economy.

Schumer’s visit to STAMP comes as Plug Power builds new production plants across the U.S. with plans to produce 500 tons per day of liquid green hydrogen by 2025 and 1,000 tons per day globally by 2028. Green hydrogen is produced through the electrolysis of water with electricity generated from zero-carbon sources and only harmless oxygen is emitted during the process.

As North America’s largest green hydrogen production facility, the STAMP plant will produce 45 metric tons of green liquid hydrogen daily servicing the Northeast region. The plant will use 120 megawatts from Plug’s state-of-the-art PEM electrolyzers, which split water into hydrogen and oxygen through an electrochemical process, generated using clean New York hydropower.

The Plug plant is supported by a comprehensive state and local incentive package from the New York Power Authority, Empire State Development and Genesee County. Marsh and Schumer were joined by local officials including Genesee County Manager Matt Landers, Genesee County Legislature Chair Shelley Stein, Genesee County Legislators Chad Klotzbach and Gordon Dibble, Alabama Town Supervisor Robert Crossen, and GCEDC President & CEO Steve Hyde.

GCEDC President & CEO Steve Hyde: "The STAMP site was designed and is being built to enable the acceleration of new technologies and advances in manufacturing with our outstanding renewable energy and talent availability. The commitment by Plug Power to bring green hydrogen to the market with Project Gateway at STAMP, and of Senate Majority Leader Schumer to expand the benefits created by Plug Power and green hydrogen manufacturing, are true examples of STAMP's vision being implemented to the benefit of Genesee County, our region and state, and for the future of our economy and environment."

Plug Power regularly partners with the U.S. Department of Energy on hydrogen energy development. Sanjay Shrestha, Plug Power’s chief strategy officer, participated in this week’s Hydrogen Shot Summit.

About Plug Power Inc.
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 Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the Company has deployed over 40,000 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, 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.

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 expectations regarding its multi-year investment and growth, PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. 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. 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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