Latham, New York, December 9, 2021 (GLOBE NEWSWIRE) - Plug Power Inc. (NASDAQ: PLUG) is a leading supplier of turnkey hydrogen solutions for the global green hydrogen economy and has completed the The acquisition of the turnkey industry leader Frames Group after the announcement of the final agreement on November 9, 2021, system integration in the energy sector. The acquisition of Frames Group adds engineering, process, and system integration expertise to Plug Power, allowing the company to expand the delivery of green hydrogen solutions.
"We are delighted to welcome the 300 new employees of Plug Power today and expand our global presence in the Netherlands, India, the United Arab Emirates, Malaysia and Brazil. Frames Group’s process and control system integration expertise and Plug Power’s world-class electrolysis The combination of tank technology will help us achieve our goal of producing more than 1,000 tons of green hydrogen per day by 2028," said Andy Marsh, CEO of Plug Power. "This further proves Plug Power's commitment to investing in the development of a green hydrogen economy in Europe."
Through the acquisition of Frames, Plug Power continues to strengthen its capabilities, providing a series of turnkey electrolyzer solutions from 1 megawatt (MW) container systems to 1,000 MW independent factories.
About Plug Power Plug Power, as a leading supplier of integrated hydrogen fuel cell turnkey solutions, is building a hydrogen economy. While the power, energy, and transportation industries continue to undergo paradigm shifts to cope with climate change and energy security, the company’s innovative technologies provide power for electric motors using hydrogen fuel cells while achieving sustainable development goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the company has deployed more than 50,000 fuel cell systems for electric vehicles, more than any other company in the world, and has become the largest buyer of liquid hydrogen, building and operating a hydrogen highway in North America. Plug Power provides important value propositions for end customers, including meaningful environmental benefits, efficiency improvements, fast refueling and lower operating costs. Plug Power's vertically integrated GenKey solution connects all key elements to provide electricity, fuel and services to customers such as Amazon, BMW, IKEA, Carrefour, and Walmart. The company is now using its proprietary technology, modular product architecture and basic customers to rapidly expand into other key markets, including zero-emission road vehicles, robots and data centers. www.plugpower.com.
Safe Harbor Statement This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which involve significant risks and uncertainties of Plug Power Inc. ("PLUG"), including but not limited to information regarding the objectives of PLUG Declaring that it will produce more than 1,000 tons of green hydrogen per day by 2028, and the expectation of Frame's engineering, process, and system integration expertise to help PLUG achieve this goal. Such statements are subject to risks and uncertainties, which may cause actual performance or results to differ materially from those expressed in these statements. For further explanation of the risks and uncertainties that may cause actual results to differ from those expressed in these forward-looking statements, as well as general risks related to PLUG’s business, please refer to PLUG’s public documents filed with the US Securities and Exchange Commission, including as of 2020 The "Risk Factors" section of the PLUG Form 10-K Annual Report for the year ended December 31, 2021 and Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021 Quarterly report. Readers are cautioned not to rely too much on these forward-looking statements. Forward-looking statements are made as of the date of this agreement, and PLUG assumes no obligation to update such statements due to new information.
About Frames Group Frames was established in 1984 as a valve actuator company. In the past 35 years, we have rapidly expanded in terms of product portfolio and geographic scope. Together with our customers, suppliers and employees, we inject vitality into the world. Frames designs, builds and provides processing equipment, separation technology, flow control and protection systems, renewable energy and water solutions.
Our core competence is process and control system integration. At Frames, we transform your process and control concepts into compact, highly integrated and autonomous skid-mounted solutions. Our network of offices covers the world and we continue to add new technologies to our product portfolio.
Our vision is to be your preferred partner for all energy challenges. We will achieve this goal by using our expertise and core values to better understand the needs of our customers. Therefore, we will continue to develop our skills and technologies to exceed your expectations, and continue to strive to create sustainable added value for our customers.
Plug Power Media Contact Caitlin Coffee Allison + Partners plugPR@allisonpr.com Frames Group Media Contact Mr. Suerd Polderdijk s.polderdijk@frames-group.com
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