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Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion
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Agreements expand Plug’s reach in cryogenic equipment portfolio across sectors
International expansion of cryogenic equipment services with certification of liquid hydrogen storage tanks and transport trailers in Korea
LATHAM, N.Y., May 02, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced that it has been awarded contracts to supply cryogenic equipment to a multinational industrial gas company and a statewide electric utility company. Additionally, the company is in the final stages of completing an agreement to supply cryogenic equipment to another leading industrial gas company.
Through a strategic partnership with the multinational industrial gas company, Plug is set to supply five cryogenic trailers for the Canadian market to facilitate the transport of essential cryogenic industrial gasses like nitrogen, argon, and oxygen. Deliveries for this equipment are expected in early 2025.
In a separate agreement with a statewide electricity utility company, Plug received a purchase order for Liquefied Natural Gas (LNG) cryogenic mobile storage equipment, designed for the storage and dispensing of cryogenic LNG. Delivery of the equipment is scheduled to begin in Q4 of 2024.
Plug has been tapped by another leading industrial gas company to supply eight cryogenic trailers to the U.S. and Canadian market for the transportation of industrial gasses such as nitrogen, argon, and oxygen. Deliveries for this equipment are slated to commence in the latter half of 2025.
Plug CEO Andy Marsh: “With extensive expertise designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems, we are successfully building long term strategic partnership with customers and supporting their need to get their gas products to market through liquefaction and truck trailer transportation.”
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Plug is also focused on expanding its cryogenic equipment services internationally. As a follow on to the company securing the first international PEM electrolyzer certification in Korea, Plug has achieved Korean Gas Safety (KGS) certification for ASME Section XII and ASME Section VIII Div. 1 required to build bulk liquid hydrogen storage tanks and transport trailers to serve the growing demand in the South Korean market.
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