Latham, New York, November 9, 2021 (GLOBE NEWSWIRE) - Plug Power Inc. (NASDAQ: PLUG), a leading supplier of turnkey hydrogen solutions for the global green hydrogen economy, has signed an acquisition The final agreement of the leading company Frames Group is the integration of turnkey systems in the energy sector. Frames has more than 35 years of experience in the design, construction and supply of processing equipment, separation technology, flow control and protection systems for water and renewable energy solutions. Frames is headquartered in the Netherlands and has approximately 300 employees, mainly in Europe and India.
Plug is systematically adding complementary advantages and capabilities through key acquisitions, joint ventures and other partnerships to build a hydrogen ecosystem. Plug has steadily acquired capabilities in key technologies and key supply chain areas such as fuel cell membrane electrode assembly (MEA), hydrogen transportation logistics and electrolyzers, and provides its customers with turnkey green hydrogen solutions. Cooperation with Renault, SK, Acciona, Fortescue Future Industries, Airbus and Lhyfe provides access and scale to the new plug market.
The acquisition of Frames will support Plug Power's goal of reaching 3 gigawatts (GW) of installed electrolyzer capacity by 2025. Plug will combine its world-class stacking technology with Frames' system integration capabilities to provide a series of independent power plants ranging from 1 megawatt (MW) containers to 1,000 MW.
"Frames Group provides excellent services to many of the world's largest energy suppliers in a cost-effective manner. We look forward to a common journey to provide value to customers around the world through our green hydrogen solutions," Plug Power Chief Executive Officer Officer Andy Marsh said. "Plug Power will become one of the largest pure green hydrogen ecosystem companies."
With Frames' long-term foundation in Europe, with the support of its extensive European customer base, supply chain and manufacturing capabilities, Plug Power continues to expand and deepen its influence in Europe. Through the acquisition of Frames, organic growth and partnerships, Plug will now have 200 employees in Europe. It is planned to open a new European headquarters in North Rhine-Westphalia, Germany in early 2022. Plug has also invested in manufacturing facilities, service centers and green hydrogen funds in Europe.
The revenue opportunities brought about by this acquisition include a backlog worth about 100 million euros and a huge project pipeline. The project will generate revenue for major onshore and offshore energy suppliers by 2023. The transition between renewable energy and green hydrogen.
The relationship between Frames and Plug Power can be traced back to 2017. "We are very happy to be part of the Plug Power organization," said Frans Roozendaal, CEO of Frames Group. "There is a good cultural fit and consistency between our teams, and we have been developing as a partner for many years. Together with the Plug Power team, we can help our current customer base, accelerate their journey, and enable them Decarbonization of energy products."
Once all necessary approvals have been obtained, the acquisition is expected to be completed by the end of this year. The transaction includes 85 million euros in cash and 30 million euros in proceeds.
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 in response to 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 the significant risks and uncertainties of Plug Power Inc. ("PLUG"), including but not limited to the expected 2022 business Released, and more vehicle prototypes are expected. 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 annual report on PLUG Form 10-K for the year ended December 31, 2021 and the quarterly report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. Excessive reliance 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.
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. Although the oil and gas industry has always been our core market, we have also seen a strong expansion of downstream and renewable energy activities.
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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