Docoh
Loading...

Thu. 14 Oct 2021, 9:11am ETBenzinga
In: M&A

 Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced that it has executed a definitive agreement to acquire Applied Cryo Technologies, Inc. (ACT), a leading provider of technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. The transaction is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions, including receipt of all approvals or the termination or expiration of all waiting periods required under applicable antitrust laws.
 

The acquisition of ACT adds significant capabilities, expertise, and technologies to Plug Power, which will help the company expand the green hydrogen ecosystem. With over 20 years of history, and customers like Amazon, Walmart and Home Depot, Plug Power is the largest buyer of liquid hydrogen globally and has built a ‘hydrogen highway' across the United States, which includes over 165 refueling stations that service fleets of hydrogen-powered trucks, forklifts and e-mobility vehicles from industries throughout the nation. Plug Power's hydrogen fuel cell technology also provides reliable, resilient on-site backup power for businesses and institutions, whether data centers, utilities, retailers or universities.

"With ACT's cryogenic technologies, Plug Power will enhance its ability to deliver and store green hydrogen from our growing footprint of plants throughout the world," said Andy Marsh, CEO for Plug Power. "ACT has been delivering excellence to the industrial gas and energy markets since 2012, and we're thrilled to welcome their incredible team to the Plug Power family. In the months ahead, we'll work together to rapidly scale ACT's cryogenic solutions and capabilities throughout the green hydrogen ecosystem, bringing us one step closer to a decarbonized future."

In addition to Plug Power's new green hydrogen production facility in California, Plug Power maintains a network of plants in New York, Tennessee, and Georgia that will help the company realize its ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028. Plug Power recently announced a new European headquarters in Germany and a joint venture with South Korea's SK E&S to accelerate the expansion of the hydrogen economy in Asia.

The acquisition of ACT will provide Plug Power with a host of efficiencies and capabilities, including:

  • Liquid hydrogen delivery network and fleet;
  • Liquid hydrogen storage; and
  • Hydrogen mobility fueling, which is particularly important for ports.
     

"We're excited about the road ahead with Plug Power," said Bob Ernull, President and CEO of ACT. "Andy and his team have a vision for a future of green hydrogen that aligns perfectly with everything we've built here at ACT. With our capabilities and expertise in hydrogen delivery and storage, together we have an unprecedented opportunity to build a robust green hydrogen ecosystem that serves business and industries throughout the world, helping build a more sustainable future."