Plug Signs MOU with Allied Green Ammonia for 3GW of Electrolyzer Supply at World-Class Green Ammonia Production Facility

LATHAM, N.Y., May 03, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced the signing of a memorandum of understanding (MOU) with Allied Green Ammonia (AGA), an Australian Company focused on green ammonia production, to supply up to 3 gigawatts (GW) of Plug electrolyzer capacity for AGA's upcoming hydrogen to ammonia facility proposed for the Northern Territory of Australia.

Following the MOU, Plug and AGA plan to enter an agreement, as outlined in the MOU, to initiate a Basic Engineering and Design Package (BEDP) for the 3GW capacity project. The BEDP is expected to advance mid-May of this year, with final investment decision (FID) planned for Q4 2025 and the progressive delivery of the 3GW electrolyzer supply slated to begin in Q1, 2027.

"Ammonia producers have recognized the substantial advantages of cost and carbon reduction through electrolysis-based hydrogen," said Plug CEO Andy Marsh. "We're thrilled to sign this MOU and partner with AGA. Our expertise in constructing and operating large-scale hydrogen production facilities and our PEM electrolyzer manufacturing capability to support their 3GW project position us as the ideal partner for this endeavor."

Alfred Benedict, Founder & Managing Director of AGA, said: "Our MOU with Plug builds on a long list of leading global firms who are joining us on our journey to build one of the largest green ammonia production facilities in the world, in a strategically located part of Australia given its proximity to Asia. This agreement, in light of Plug's unrivalled expertise and complementary technologies, is a strong vote of confidence in our capabilities and a significant milestone in the planned delivery of Allied Green's facility, which will be one of the most energy efficient green hydrogen and green ammonia projects globally. Given our respective track records in delivering clean energy infrastructure, this agreement is a critical first step and a testament to the alignment of our respective visions to provide tangible solutions that enable the world to achieve net-zero."

Green hydrogen produced by Plug's electrolyzers can help decarbonize the ammonia production process by displacing Steam Methane Reforming (SMR) techniques. In addition to its environmental advantages, Plug's pressurized (40 bar) electrolyzer decreases downstream compression requirements and the extracted oxygen from electrolysis-based hydrogen can enhance efficiency in industrial power plants and furnaces due to its high-temperature combustion capability.

AGA's production facility will operate a 2500 metric ton-per-day (TPD) green ammonia process. It taps into abundant renewable energy resources and strong energy infrastructure, the proposed location Gove Peninsula strategically aligning with Asia's trading partnerships. The facility is geographically positioned to meet AGA's intended customers' growing needs, providing them with a reliable and secure supply of green ammonia from the region.

Plug is the leading manufacturer of PEM electrolyzers and currently operates the largest PEM electrolyzer deployment in the United States at its 15 TPD Georgia Hydrogen plant. This announcement follows Plug's recently announced BEDP contracts totaling 4.5 GW across the United States and Europe.

Plug's electrolyzers use electricity to produce hydrogen from water molecules in a process called electrolysis. The only byproduct in this process is oxygen, compared to traditional steam-methane reformation (SMR), which splits out hydrogen from natural gas and yields significant greenhouse gas emissions.

To learn more about becoming a Plug BEDP customer, contacts us at: https://www.plugpower.com/learn-more-about-plugs-electrolyzer-products/

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.

About Allied Green Ammonia
Allied Green Ammonia is an Australian based company with deep and proven in-house experience in building green ammonia capacity and other clean energy projects globally. We are partnering with the world's leading technology and materials providers to design, develop, construct and operate one of the world's largest and most efficient green ammonia production facilities. 

Allied Green Ammonia is positioning itself as a global industry leader in clean energy infrastructure and is rapidly advancing the development of its flagship green ammonia plant proposed for construction on the Gove peninsula in Australia's Northern Territory.

AGA deeply values the substantial support of, and its relationships with, its industry partners, the Northern Territory and Australian Governments and the Aboriginal and/or Torres Strait Islander peoples, and in consultation with the Gumatj Corporation. We look forward to delivering this critical piece of infrastructure that is expected to create thousands of local jobs while avoiding the release of millions of tonnes of carbon dioxide into the atmosphere and provide global industry with sustainable, clean and affordable fuels.

For more information, visit www.alliedgreen.com.au.

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 negotiate mutually agreeable BEDP terms with AGA; Plug's ability to complete the BEDP by anticipated date; AGA's Nhulunbuy, Grove Peninsula green ammonia project to reach FID; Plug's ability to deliver its products per the projected schedule; Plug's ability to maintain its expertise in constructing and operating large-scale hydrogen production facilities; Plug's ability to utilize its PEM electrolyzer manufacturing capabilities; and the ability of Plug's PEM electrolyzer product to decrease downstream compression requirements and/or enhance efficiency in industrial power plants and furnaces. 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 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. 

Plug Media Contact
Fatimah Nouilati
Allison
[email protected]