SLINGERLANDS, N.Y., July 09, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, today announced a new multi-year enhanced supply agreement with a leading U.S.-based industrial gas company and longtime hydrogen partner through 2030. The agreement extends the companies' current strategic relationship through 2030, securing reliable hydrogen supply for Plug's growing applications business while significantly reducing the cost structure and improving cash flows.
As part of the extension, the strategic partner will continue to supply Plug with liquid hydrogen while immediately reducing the cost and collaborating on improved network efficiency. The extension aligns with Plug's strategic objectives to strengthen margins, enhance operational flexibility and support customer demand across a growing base of over 275 hydrogen-consuming customer sites and growing.
"This expanded agreement supports our mission to build on our already robust and resilient hydrogen network in the U.S.," said Andy Marsh, CEO of Plug. "As we continue to scale our applications business and build long-term partnerships with customers, reliable supply and cost efficiency are critical. This contract is a win for Plug, our customers, our suppliers and our margin profile. The immediate cost reduction complements our progress this year with Project Quantum Leap, focused on cost optimization and cash flow improvement."
Plug's diverse and growing customer base, along with the continued rollout of new sites, demands the ongoing expansion of its hydrogen solutions and supporting network. While Plug continues to scale its own hydrogen production capacity, current market dynamics and anticipated growth necessitate a mix of hydrogen solutions and strong partnerships to advance the industry. Strategic supply agreements like this one allow Plug to meet growing application demand while preserving resources and strengthening partnerships across the value chain.
Plug is rapidly expanding its generation network to ensure a reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee and Louisiana. Together, these facilities represent 40 tons per day of liquid hydrogen production capacity, with additional plants under development to further increase Plug's footprint and support national infrastructure needs. Plug is launching over 40 new sites in 2025 and anticipates continued growth in the industry in 2026 onward, expanding the need for more ubiquitous and cost-efficient hydrogen supply.
This announcement follows the recent passage of energy and tax legislation supporting U.S. clean hydrogen development. This legislation will provide strong tailwinds in the near and mid-term for additional market growth. Plug's expanded agreement with this partner highlights how strong U.S.-based industrial partnerships are advancing a domestic hydrogen economy to support this ongoing growth.
About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks and fueling infrastructure to industries such as material handling, industrial applications and energy producers-advancing energy independence and decarbonization at scale.
With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee and Louisiana, capable of producing 40 tons per day.
With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW and BP.
For more information, visit www.plugpower.com.
Safe Harbor
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: the ability for the supply agreement extension to secure reliable hydrogen supply, reduce the cost structure, and improve cash flows; the anticipated growth and scalability of Plug's applications business; the effectiveness of the collaboration to improve network efficiency; the supply agreement extension's ability to strengthen margins, enhance operational flexibility and support customer demand; the expansion of Plug's hydrogen solutions and supporting network; the ability for Plug to scale its own hydrogen production capacity; the capability of Plug's hydrogen plants to produce anticipated rate of liquid hydrogen; the success of Plug's plans to develop, build, and operate additional hydrogen plants; and the recent energy and tax legislation supporting U.S. clean hydrogen development ability to produce the anticipated industry tailwinds. 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, 2024 and Plug's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 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.
MEDIA CONTACT
Teal Hoyos
media@plugpower.com
Source: Plug Power
