NFE Enters Agreement with Plug Power for 120 MW Green Hydrogen Plant on Gulf Coast
Facility Expected to be One of the Largest Green Hydrogen Plants in
- Plug to Supply PEM Electrolyzer Technology, Equipment for NFE’s First Green Hydrogen Facility
Expected to be one of the largest of its kind in
“We are pleased to enter into this agreement that marks the beginning of our collaboration with Plug, a leader in electrolysis technology that shares our vision for the role of hydrogen in accelerating a clean and secure energy transition around the world,” said
The green hydrogen project site is strategically located on the banks of the
“Plug’s decarbonization goals and NFE’s energy transition goals are strongly aligned, and our partnership has strengthened at a pivotal time for the green hydrogen industry,”
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 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across
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This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the role and positioning of the hydrogen plant in the North American market; the development, construction, completion and operation of the facilities on time, within budget and within the expected specifications and design; anticipated benefits and efficiencies from the design, location, infrastructure and scalability of the project; success of the partnership with our counterparties and anticipated benefits to be derived from the partnership and experience from our partners; ability to benefit from favorable regulatory environment; and the ability to be an early mover in the industry. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the parties or the stock prices of such parties.
These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the development, construction or commissioning schedule of the facilities may be longer than we expect; unknown and unforeseen risks associated with the development of new projects, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, regulatory and legal challenges, instability or clarity of application of laws, and rules and regulations to the technology, among others; breach or failure by the parties to comply with the covenants and obligations under the agreements; nonpayment or nonperformance of obligations by the parties; the funding of the project may not be possible on the terms we expect; inability to realize the anticipated benefits from the technology or our partnerships; the ability of the parties to implement their respective plans, forecasts and other expectations; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; business disruption following the transaction; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
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