Business
Plug Power Completes Acquisition of Applied Cryo Technologies
Applied Cryo Technologies’ Leadership in Cryogenic Equipment Helps Plug Power Advance Development of Green Hydrogen InfrastructureLATHAM, N.Y., Nov. 23, 2021
About this update from Plug Power, Inc.
[{"type":"text","content":"Applied Cryo Technologies’ Leadership in Cryogenic Equipment Helps Plug Power Advance Development of Green Hydrogen InfrastructureLATHAM, N.Y., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Applied Cryo Technologies, Inc., a leading provider of technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen and other cryogenic gases, following the definitive agreement announced on October 14, 2021. The acquisition of Applied Cryo Technologies adds significant capabilities, expertise, and technologies to Plug Power, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling, which will enable the company to expand its green hydrogen ecosystem and lower the cost of hydrogen infrastructure and logistics networks. Plug Power welcomes more than 200 new employees based out of Houston, TX. “This is a natural fit for Plug Power, and our new team members,” said Andy Marsh, CEO of Plug Power. “We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.” Plug Power is the largest buyer of liquid hydrogen globally and has built a ‘hydrogen highway’ across the United States, including over 165 refueling stations that service fleets of hydrogen-powered trucks, forklifts and e-mobility vehicles in commercial industries throughout the nation. This is another step in Plug Power’s ambition to create a complete green hydrogen ecosystem, from hydrogen production powered by renewables to storage and transportation, serving customers in North America and beyond. About Plug Power Inc. Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing effic...