Brookfield Renewable and Plug Power have entered into an agreement for Plug Power to procure renewable electricity from Brookfield Renewable’s 100% renewable energy portfolio in the
The agreement with Brookfield Renewable advances Plug Power’s green hydrogen generation strategy, including its goal for over 50% of its hydrogen supplies to be produced from renewable resources by 2024. Plug Power’s plant will be one of the first green hydrogen facilities in
“We are excited to be partnering with Brookfield Renewable, a global leader in renewable generation, and anticipate opportunities to build upon this relationship in the coming years,” said Andy Marsh, CEO of Plug Power. “This marks important progress in our steady march to achieve our overall hydrogen strategy of building green liquid hydrogen generation facilities with strategic partners in the
“Brookfield Renewable is excited by the opportunity to support one of North America’s first industrial-scale green hydrogen production plants, drawing from our 7,300-megawatt portfolio of hydropower, wind, solar and storage facilities located in 34 states across the U.S.,” said Brookfield Renewable
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 efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 35,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately
| Contact information – Plug Power: | |
| Media: | |
| Ian Martorana | |
| The Bulleit Group | |
| (415) 237-3681 | |
| [email protected] | |
| Contact information – Brookfield Renewable: | |
| Media: | Investors: |
| Claire Holland | Cara Silverman |
| Senior Vice President – Communications | Manager - Investor Relations |
| (416) 369-8236 | (416) 649-8172 |
| [email protected] | [email protected] |
Cautionary Statement Regarding Forward-looking Statements
This communication contains "forward-looking statements" within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties about Plug Power and Brookfield Renewable, including but not limited to statements about Plug Power’s procurement of renewable electricity from Brookfield Renewable, which is expected to facilitate Plug Power’s production of green liquid hydrogen,the potential establishment of a broader relationship between the parties to pursue additional green hydrogen development opportunities, Plug Power’s green hydrogen generation strategy and the expected growth of the hydrogen economy. You are cautioned that such statements should not be read as a guarantee of future performance or results of either Plug Power or Brookfield Renewable, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, risks and uncertainties referenced in Plug Power’sand Brookfield Renewable’s respective public filings with the Securities and Exchange Commission (the “SEC”) and Canadian securities regulators, as applicable. For additional disclosure regarding these and other risks faced by PLUG and Brookfield Renewable, respectively, see disclosures contained in the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2019 and the disclosures contained in the "Risk Factors" section of the most recent Form 20-F of BEP and other risks and factors that are described therein and that are described in BEP’s and Brookfield Renewable Corporation’s registration statement on Form F-1/F-4 filed in connection with the distribution of BEPC’s class A exchangeable subordinate voting share (“BEPC Shares”) and the acquisition of TerraForm Power, Inc. and the Canadian prospectus filed with the securities regulators in
No securities regulatory authority has either approved or disapproved of the contents of this communication. This communication is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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