Verdagy and Samsung Engineering Announce a Global Joint Development & Marketing Agreement

The Ideal Partnership of Technology, Expertise and Cost to Accelerate Green Hydrogen Adoption and Decarbonize Hard-to-Abate Industries

MOSS LANDING, Calif., March 7, 2024 /PRNewswire/ -- Verdagy, a green hydrogen electrolysis company with over a decade of technology and product development, announced today that it has entered into a joint development and marketing agreement with Samsung Engineering, a world leading engineering solutions and project management company. Verdagy and Samsung Engineering will collaborate on infrastructure-scale projects for the production of green hydrogen to jointly provide green hydrogen project developers with preeminent engineering and project management solutions.

Verdagy and Samsung Engineering Announce a Global Joint Development & Marketing Agreement

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"Verdagy is accelerating the adoption of green hydrogen by providing customers the most capital-efficient, reliable and scalable electrolyzer solutions. Coupling Verdagy's products with Samsung's engineering expertise and track record of executing infrastructure scale projects is a win for green hydrogen developers," explains Verdagy CEO Marty Neese.

"Samsung Engineering is excited about this agreement, since Verdagy has commercialized high efficiency, reliable, cost-competitive electrolyzers," said Wonsik Cho, Vice President of Samsung Engineering. "Verdagy's flexible architecture is also well suited for a broad set of applications and geographies, making it an ideal solution for our projects across the globe."

The partnership is imperative to accelerate the adoption of green hydrogen; society has recognized green hydrogen as the most attractive solution to reduce 25% of global energy-related carbon dioxide emissions by decarbonizing difficult-to-abate sectors such as fertilizers, oil and gas, mining, transport and steel.

About Verdagy

Verdagy is innovating advanced electrolysis technology for the large-scale production of green hydrogen. Its industry-leading solution reduces both upfront capital costs and ongoing operating expenses, to achieve the industry's lowest levelized cost of hydrogen. In addition to its Silicon Valley factory, Verdagy operates its R&D and highly automated commercial pilot plants in Moss Landing, California where it continues to advance its cutting-edge technology. For more information, visit: www.verdagy.com.

About Samsung Engineering Co., Ltd

At Samsung Engineering, we aim to create value based on the world's best technological competence and contribute to our clients, society and people. Samsung Engineering as one of the world's leading engineering solutions and project management companies, has served its clients in a variety of industries such as energy transition, oil-gas processing, refinery, petrochemical, environmental, industrial and bio. Providing professional services across the whole project cycle ranging from professional feasibility-studies to design, procurement, construction, commissioning, maintenance & operation. Samsung Engineering has completed more than 1,000 projects worldwide.

To prepare for ESG-based eco-friendly businesses for the future, we expanded our value chain to the business of operating green infrastructure, such as water treatment facilities and incinerators, and green solution business for energy optimization and carbon neutrality. To preemptively respond to changes in the global energy industry and take the lead in resolving global warming, we will provide optimal solutions based on our technologies and expertise.

For more information, please visit www.samsungengineering.com

SOURCE Verdagy