Plug Power Collaborates with Carreras Grupo Logístico for Implementation of a Complete Green Hydrogen Ecosystem

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. This partnership will establish the first hydrogen-powered logistics site in Spain at Carreras Grupo Logístico's logistics center in Masquefa, Barcelona.

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

The Masquefa project will serve as a testing site to evaluate the benefits of Plug’s technology compared to batteries. Insights gained from this project could lead to the scaling of hydrogen fuel cell technology across Carreras Group’s 46 warehouses in Spain.

If the project is successful, Plug will deliver a complete green hydrogen ecosystem to Carreras Grupo Logístico, including fuel cells, a 1 MW electrolyzer, and a hydrogen refueling station. "We are excited to work with Carreras Grupo Logístico," said P*lug CEO Andy Marsh*, "to create the first hydrogen-powered logistics site in Spain and achieve decarbonization and operational gains in the logistics sector."

Hydrogen fuel cells offer significant advantages over lead-acid batteries: they can be refueled within minutes compared to hours for batteries, leading to increased productivity, reduced downtime, and lower operational costs. This technology also contributes to a reduced carbon footprint, which is a priority for Carreras Grupo Logístico.

The global market for hydrogen fuel cell forklifts is expanding, with adoption growing in North America, Europe, and Asia. Companies like Amazon and Walmart have deployed tens of thousands of hydrogen fuel cell forklifts, citing productivity and cost savings as key benefits.

About Plug

Plug is building an end-to-end green hydrogen ecosystem, including production, storage, delivery, and energy generation, to help its customers meet business goals and decarbonize the economy. As the leader in hydrogen fuel cell technology, Plug has deployed over 69,000 fuel cell systems and 250 fueling stations globally, more than any other company. Plug is also the largest buyer of liquid hydrogen.

With plans to develop a green hydrogen highway across North America and Europe, Plug is operating a state-of-the-art Gigafactory and developing multiple green hydrogen production plants targeting commercial operation by 2028. Plug delivers its solutions directly to customers and through joint venture partners across various sectors, including material handling, e-mobility, power generation, and industrial applications.

For more information, visit www.plugpower.com.