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Plug Power Completes Acquisition of Applied Cryo Technologies

By November 23, 2021 3   min read  (474 words)

November 23, 2021 |

Fuel cells works, Plug Power Continues Executing on its Green Hydrogen Strategy with Purchase of Hydrogen Liquefaction System from Chart Industries
  • Applied Cryo Technologies’ Leadership in Cryogenic Equipment Helps Plug Power Advance Development of Green Hydrogen Infrastructure

LATHAM, N.Y.— Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Applied Cryo Technologies, Inc., a leading provider of technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen and other cryogenic gases, following the definitive agreement announced on October 14, 2021.

The acquisition of Applied Cryo Technologies adds significant capabilities, expertise, and technologies to Plug Power, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling, which will enable the company to expand its green hydrogen ecosystem and lower the cost of hydrogen infrastructure and logistics networks.

Plug Power welcomes more than 200 new employees based out of Houston, TX. “This is a natural fit for Plug Power, and our new team members,” said Andy Marsh, CEO of Plug Power. “We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.”

Plug Power is the largest buyer of liquid hydrogen globally and has built a ‘hydrogen highway’ across the United States, including over 165 refueling stations that service fleets of hydrogen-powered trucks, forklifts and e-mobility vehicles in commercial industries throughout the nation. This is another step in Plug Power’s ambition to create a complete green hydrogen ecosystem, from hydrogen production powered by renewables to storage and transportation, serving customers in North America and beyond.

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 50,000 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.

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