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Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, is pleased to announce an agreement to source 100% renewable energy supplies from Brookfield Renewable Partners L.P. (NYSE:BEP, TSX:BEP) ("BEP" and, together with Brookfield Renewable Corporation (NYSE, TSX: BEPC), "Brookfield Renewable"), which is, together with its institutional partners, an owner and operator of one of the world's largest publicly traded, pure-play renewable power platforms, to fully energize Plug Power's planned green hydrogen production plant, one of the first industrial-scale facilities in North America.
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 U.S. to facilitate Plug Power's production of approximately 10 tons of 100% green liquid hydrogen per day. The deployment of hydrogen fuel is widely viewed as critical for attaining a zero-carbon economy. The parties are in discussions to establish a broader relationship to pursue additional green hydrogen development opportunities.
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 North America and is anticipated to be a part of a future network spanning across the continent. The green hydrogen generated by this network will support Plug Power's mission to decarbonize the broader transportation and logistics industries, as well as to facilitate the anticipated rapid growth of the hydrogen economy that, according to consultancy McKinsey & Company, could reach $2.5 trillion by 2050.
"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 U.S. and globally thereafter."
"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 U.S. Chief Executive Officer Mitch Davidson. "This transaction is a testament to Brookfield Renewable's uniquely diversified portfolio and commitment to sustainability and decarbonization efforts globally."
