Plug Reaches 7.5 GW in BEDP Contracts for Global Electrolyzer Projects

LATHAM, N.Y., June 25, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has achieved a significant milestone reaching 7.5 gigawatts (GW) in global Basic Engineering and Design Package (BEDP) contracts since introducing the offer two years ago.

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“The introduction of our BEDP has significantly propelled the growth of our electrolyzer business,” said Plug CEO Andy Marsh. “This milestone not only highlights the increasing demand for green hydrogen but also underscores Plug’s industry leading position in PEM electrolyzer technology and driving the green hydrogen revolution.”

A BEDP provides the engineering and plant integration details to allow a full plant front-end engineering design (FEED) study to proceed purposefully and efficiently and to understand, in detail, the capital and operating expenditures associated with running a potential plant.

Following the project development work and completion of BEDP and FEED activities, customers select suppliers and look to secure a Final Investment Decision (FID). The maturity and track record of the technologies and suppliers involved contributes to any green hydrogen project reaching FID.

The general timeline for these projects to move from BEDP and FEED to FID is approximately 6-18 months. At that point, the BEDP funnel could translate into electrolyzer sales, with each GW representing up to $0.5B to $0.75B in potential revenue.

Most recently, Plug closed a 3 GW BEDP contract with Allied Green Ammonia for an electrolyzer project in Australia. The company has an additional 4.5 GW of BEDP contracts spanning the U.S. and Europe.

Plug's ability to scale its electrolyzer business demonstrates its expertise in Proton Exchange Membrane (PEM) technology and liquid hydrogen plants, being the sole electrolyzer OEM supplier constructing green hydrogen plants.

For more information about Plug’s BEDP contracts, please see our detailed blog post on this subject: https://www.plugpower.com/plugs-7-5-gw-basic-engineering-and-design-package-contracts-bedp/

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.