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English Español Plug Power completes acquisitions of United Hydrogen and Giner ELX

These acquisitions enhance Plug Power’s position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel.



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Author: PetrolPlaza Correspondent Pablo Plaza

Plug Power Inc., a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has completed the acquisitions of United Hydrogen Group Inc. and Giner ELX. These acquisitions are in line with the company’s vertical integration strategy in the hydrogen business laid out in September of 2019 with plans to have more than 50% of the hydrogen used to be green by 2024.

These activities will enhance Plug Power’s position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel complementing its activities in the design, construction, and operation of customer-facing hydrogen fueling stations.

Plug Power is focused on becoming one of the largest green hydrogen generation companies in the United States over the next five years and globally thereafter.

This planned capacity addition of green hydrogen will serve the growing demand from current customers as well as position Plug Power to target existing large and growing hydrogen markets. The company projects that its existing customers will use almost 100 tons of hydrogen per day by 2024 and expects over 50% of that to be green hydrogen.

The acquisition of United Hydrogen Group, one of the largest privately held merchant hydrogen producers in North America, enhances Plug Power’s capabilities in hydrogen generation, liquefaction and distribution logistics.

Plug Power expects the Giner ELX acquisition to increase its overall green hydrogen supply capabilities and the company can add manufacturing capabilities to serve the global market for electrolyzers.

“Plug Power is working to build the modern clean hydrogen economy,” said Plug Power CEO, Andy Marsh. “Every decision we make is with an eye to the future, not the past. This closely aligns with the efforts that companies like United Hydrogen and Giner ELX have made to secure broad participation in the hydrogen economy, and to achieve the objectives of a clean environment and reduced dependence on foreign oil. We welcome these organizations into the Plug Power family where, as a team, we can accelerate the adoption of low carbon and zero carbon hydrogen on a global scale.”

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Kafantaris George

Fuel cells need hydrogen and Plug Power is smart to be able to offer both now. Meanwhile, our local oil companies are still asleep -- despite the frantic activity with hydrogen in Europe. Ditto for our anemic Department of Energy. It offers us crumbs -- and plenty of lip service -- to make sure we won’t notice our country is being left behind.