Plug Reaches 7.5 GW in BEDP Contracts for Global Electrolyzer Projects
Rhea-AI Summary
Plug Power has reached a major milestone with 7.5 gigawatts (GW) in global Basic Engineering and Design Package (BEDP) contracts for electrolyzer projects. This achievement reflects growing demand for green hydrogen and underscores Plug's leadership in PEM electrolyzer technology. BEDP contracts provide essential engineering details for full plant design and can lead to significant revenue from electrolyzer sales. Recently, Plug secured a 3 GW contract with Allied Green Ammonia in Australia and has 4.5 GW of BEDP contracts in the U.S. and Europe. Each GW translates to $0.5B to $0.75B in potential revenue, highlighting Plug's ability to scale its business and drive the green hydrogen revolution.
Positive
- Plug Power achieved 7.5 GW in global BEDP contracts, indicating significant business growth.
- Recent 3 GW BEDP contract secured with Allied Green Ammonia in Australia.
- Additional 4.5 GW of BEDP contracts in the U.S. and Europe.
- Potential revenue per GW ranges from $0.5B to $0.75B.
- Demonstrates leadership in PEM electrolyzer technology and green hydrogen plants.
Negative
- None.
News Market Reaction
On the day this news was published, PLUG declined 3.67%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company’s BEDP Offering Propels Growth of Electrolyzer Business
LATHAM, N.Y., June 25, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has achieved a significant milestone reaching 7.5 gigawatts (GW) in global Basic Engineering and Design Package (BEDP) contracts since introducing the offer two years ago.
“The introduction of our BEDP has significantly propelled the growth of our electrolyzer business,” said Plug CEO Andy Marsh. “This milestone not only highlights the increasing demand for green hydrogen but also underscores Plug’s industry leading position in PEM electrolyzer technology and driving the green hydrogen revolution.”
A BEDP provides the engineering and plant integration details to allow a full plant front-end engineering design (FEED) study to proceed purposefully and efficiently and to understand, in detail, the capital and operating expenditures associated with running a potential plant.
Following the project development work and completion of BEDP and FEED activities, customers select suppliers and look to secure a Final Investment Decision (FID). The maturity and track record of the technologies and suppliers involved contributes to any green hydrogen project reaching FID.
The general timeline for these projects to move from BEDP and FEED to FID is approximately 6-18 months. At that point, the BEDP funnel could translate into electrolyzer sales, with each GW representing up to
Most recently, Plug closed a 3 GW BEDP contract with Allied Green Ammonia for an electrolyzer project in Australia. The company has an additional 4.5 GW of BEDP contracts spanning the U.S. and Europe.
Plug's ability to scale its electrolyzer business demonstrates its expertise in Proton Exchange Membrane (PEM) technology and liquid hydrogen plants, being the sole electrolyzer OEM supplier constructing green hydrogen plants.
For more information about Plug’s BEDP contracts, please see our detailed blog post on this subject: https://www.plugpower.com/plugs-7-5-gw-basic-engineering-and-design-package-contracts-bedp/
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. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug 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 year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.
For more information, visit www.plugpower.com.
Plug Power Safe Harbor Statement
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: Plug’s expectations with respect to BEDP projects, including timeline to FID, funnel into potential electrolyzer sales and potential revenue. 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, 2023, Plug’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 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
Fatimah Nouilati
Allison
plugPR@allisonpr.com
FAQ
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