LATHAM, N.Y.— Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, is partnering with Apex Clean Energy, a leading developer and operator of utility-scale wind and solar power facilities.
Apex and Plug Power have established a Collaboration Agreement designed to accelerate the shift to clean energy and mutually promote the advancement of green hydrogen in the United States.
The Collaboration Agreement with Apex Clean Energy is a key milestone to advancing Plug Power’s green hydrogen strategy and shows continued dedication towards executing Plug Power’s goal to utilize over 50% green hydrogen by 2024. All green hydrogen generated from this Collaboration Agreement will support Plug Power’s objective to decarbonize the broader transportation and logistics industries while facilitating the anticipated growth of the hydrogen economy.
The network of green hydrogen facilities will be designed leveraging Apex’s development pipeline of renewable projects. The relationship is expected to grow substantially over time, leveraging each other’s capabilities in hydrogen and renewable energy infrastructure development. According to McKinsey, the global hydrogen economy could be as large as $2.5T by 2050.
“We expect the levelized cost of hydrogen produced by renewables to continue to decline while providing active returns for our investors,” said Andy Marsh, CEO for Plug Power. “Green hydrogen represents a substantial growth opportunity for the broader renewable industry that accelerates decarbonizing the electric grid and producing clean hydrogen fuel to serve many industries.”
“To accomplish the mission of a 100% clean energy economy, it is essential that we move aggressively to ramp up the green hydrogen supply chain,” said Mark Goodwin, president and CEO of Apex Clean Energy. “This partnership with Plug Power is a significant step towards achieving a carbon-free future.”
About Plug Power
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 35,000 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.
About Apex Clean Energy
Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit www.apexcleanenergy.com.