Plug Contracts with bp and Iberdrola Joint Venture to Supply 25 MW of PEM Electrolyzers for bp’s Castellón Refinery Project in Valencia, Spain

LATHAM, N.Y., Sept. 18, 2024 (GLOBE NEWSWIRE) – Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from bp and Iberdrola's joint venture, Castellón Green Hydrogen S.L.4o. The project will employ five of Plug’s 5 MW containerized PEM electrolyzers with a 25 MW capacity to decarbonize the operations at bp’s Castellón refinery in Valencia, Spain, and is expected to avoid 23,000 tons of CO2 emissions per year. This project represents a significant step in reducing emissions for the energy industry.

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Plug’s electrolyzers will be used at the project led by bp and Iberdrola to produce green hydrogen, replacing part of the refinery’s current use of gray hydrogen generated from natural gas in its operations. This will help advance Europe's decarbonization targets by reducing reliance on fossil fuels.

"The selection of Plug's technology for this project serves as a clear example of our established industry expertise and proven technology,” stated Plug CEO Andy Marsh. "Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”

Plug will leverage its extensive experience in the green hydrogen industry, backed by 35 years of engineering expertise following the acquisition of Frames in 2021. The company's expertise is highlighted by its deployment of the largest PEM electrolyzer system at its 15-ton-per-day (TPD) Georgia hydrogen production plant, demonstrating its ability to provide proven technology on a large scale.

Plug's state-of-the-art Gigafactory in Rochester, N.Y., one of the largest PEM manufacturing facilities in the U.S., further demonstrates the company's ability to deliver on this project. Together, the Georgia plant and the Gigafactory showcase Plug's successful track record with PEM electrolyzer technology.

This deal marks the beginning of a long-term partnership and is the first step in decarbonizing bp's operations. The project will be developed in phases, with the potential expansion of up to 2 gigawatts (GW) of electrolysis capacity. This potential growth signifies a major advancement in Europe's hydrogen production capabilities.

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. The company has pioneered the first commercially viable market for hydrogen fuel cell technology, deploying over 69,000 fuel cell systems and more than 250 fueling stations worldwide. Plug is the largest buyer of liquid hydrogen globally.

With plans to operate a green hydrogen highway across North America and Europe, Plug has 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 2028. The company delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple sectors, including material handling, e-mobility, power generation, and industrial applications.

For more information, visit www.plugpower.com.

About Iberdrola

Iberdrola is the largest utility in Europe and one of the top three globally, serving a population of more than 100 million people worldwide. With a workforce of over 42,200 and assets exceeding €150 billion, Iberdrola is a major player in the global energy market. In 2023, Iberdrola posted revenues of nearly €50 billion, with a net profit of €4.8 billion, and paid €9.3 billion in tax contributions in the countries where it operates.

As a benchmark in tackling climate change, Iberdrola has invested more than €150 billion over the past two decades to help build a sustainable energy model based on sound environmental, social, and governance (ESG) principles. The company supports over 500,000 jobs in communities across its supply chain, with global supplier purchases exceeding €18.1 billion in 2023.

For more information, visit www.iberdrola.com.