Plug Power completes acquisition of Applied Cryo Technologies

Plug Power Inc. (NASDAQ: PLUG), a provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Applied Cryo Technologies, Inc., a 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 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.

“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”, said Andy Marsh, CEO of Plug Power.

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.

Author: KS

Source: Plug Power Inc.

Topic: Business News | Hydrogen News

Market: Hydrogen Stocks