JANUARY, 10, 2023
LATHAM, N.Y., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has been awarded an order to deliver two 30-tons-per-day (TPD) hydrogen liquefaction systems (also known as hydrogen liquefiers) to TC Energy Corporation (TSX, NYSE: TRP). These 30TPD hydrogen liquefaction systems utilize a hydrogen refrigeration cycle and bring to market one of the most energy efficient designs to date.
Liquid hydrogen has superior energy density than gaseous hydrogen, making it easier to transport and use in hard-to-decarbonize sectors. By liquifying hydrogen with Plug’s highly efficient and reliable liquefaction systems, TC Energy will achieve significant cost savings, broader distribution coverage and overall energy efficiency with minimal hardware.
Through the acquisition of Joule Processing LLC in 2022, Plug gained core competency in liquefaction systems known for their operational efficiency, flexibility and reliability. Plug’s hydrogen liquefaction system has one of the most energy-efficient designs on the market utilizing hydrogen as the refrigerant in the main liquefaction cycle. This leads to the most efficient and cost-effective product on the market. In addition to bringing this system to market, Plug is also utilizing the systems in its nationwide network of green hydrogen generation plants including Texas, California and other locations.
“As a global leader in manufacturing reliable hydrogen liquefiers, Plug is focused on optimizing both capital and operational efficiency for our customers at every stage of the hydrogen value chain,” said Andy Marsh, CEO of Plug. “This deal validates our investment in Plug’s liquefaction capabilities as part of our vision to build an end-to-end green hydrogen solution. We share TC Energy’s commitment to providing sustainable and secure energy, and together we look forward to accelerating the growth of the hydrogen market.”
“TC Energy is advancing decarbonization solutions across Canada and the United States,” said Corey Hessen, TC Energy, executive vice president and president, Power & Energy Solutions. “Securing long-lead equipment and systems gives us a head start as we move to finalizing sites for hydrogen production and distribution hubs.”
The two hydrogen liquefiers are scheduled for delivery in Q2-Q3 2024 and will serve TC Energy facilities in North America that are not yet operational.
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 60,000 fuel cell systems and over 185 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver 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.
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: Whether TC Energy will achieve significant cost savings, broader distribution coverage and overall energy efficiency with minimal hardware from the delivery of the two hydrogen liquefiers. The timing of the plan to deliver the two hydrogen liquefiers in Q2-Q3 2024 and plans to serve future TC Energy plants in North America that are not yet in production. Plug’s plans to build and operate a green hydrogen highway across North America and Europe, with its state-of-the-art Gigafactory set to produce electrolyzers and fuel cells, and Plug’s planned multiple green hydrogen production plants that it expects to yield 500 tons of liquid green hydrogen daily by 2025. 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, 2021 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.
We’re a team of 7,000+ energy problem solvers working to move, generate and store the energy North America relies on. Today, we’re taking action to make that energy more sustainable and more secure. We’re innovating and modernizing to reduce emissions from our business. And, we’re delivering new energy solutions – from natural gas and renewables to carbon capture and hydrogen – to help other businesses and industries decarbonize too. Along the way, we invest in communities and partner with our neighbours, customers and governments to build the energy system of the future.
TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.
Stone Grissom / Suzanne Wilton
403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
403-920-7911 or 800-361-6522
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