Plug Power Inc 8-K, filed Oct 19, 2022
Plug Power Inc (PLUG)
About this 8-K
Plug Power Inc filed this 8-K on October 19, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File | (IRS Employer | ||
| of incorporation) | Number) | Identification No.) | ||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
On October 19, 2022, Plug Power Inc. (the “Company”) issued a press release announcing the launch of a joint venture with Olin Corporation (NYSE: OLN), a leading vertically integrated chlor alkali producer and marketer, to begin with the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana. A copy of the press release is furnished herewith as Exhibit 99.1.
The information included in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K are not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall this item and Exhibit 99.1 be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such future filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Title | |
| 99.1 | Press Release of Plug Power Inc. dated October 19, 2022. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Plug Power Inc. | ||
| Date: October 19, 2022 | By: | /s/ Paul Middleton |
| Name: Paul Middleton | ||
| Title: Chief Financial Officer |
Exhibit 99.1
Plug, Olin Corporation Launch Joint Venture
for
15-Ton-Per-Day Hydrogen Plant
Plug expects to produce 1,000 tons per day of liquid hydrogen by 2028.
LATHAM, N.Y., Oct. 19, 2022 — Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Olin Corporation (NYSE: OLN), a leading vertically integrated chlor alkali producer and marketer, announced today the launch of a joint venture to begin with the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana.
The joint venture, named Hidrogenii, will support reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration between the two companies.
The partnership brings together Plug, the company behind the end-to-end green hydrogen ecosystem, and Olin, North America’s largest producer of electrolytic hydrogen. Plug will be the exclusive marketer of the joint venture’s hydrogen and provide logistical support for delivery, while Olin will provide reliable hydrogen supply and operational expertise.
“Plug is working rapidly to meet the increasing demand of green hydrogen in North America and in the rest of the world,” Andy Marsh, CEO of Plug, said. “By partnering with like-minded companies, such as Olin, we’ll make the transition to hydrogen easy and affordable.”
The plant will benefit from state and local tax subsidies. The construction of the plant will create 160 jobs in 2022 and 215 jobs in 2023. The plant is then expected to create more than 25 permanent full-time jobs in Louisiana.
“The Hidrogenii venture advances our commitment to transform Olin’s hydrogen business into a value stream as we seek to grow the value of our 150,000 metric tons of annual hydrogen production capacity,” Scott Sutton, Olin Chairman, President, and Chief Executive Officer, said. “We are excited to partner with Plug, a leader in sustainable hydrogen, to serve the growing demand for green hydrogen.”
The Louisiana plant joins Plug’s growing national network of hydrogen plants in various planning and construction phases in New York, Tennessee, Georgia, Texas and California. By 2025, Plug expects to produce 500 tons per day of liquid green hydrogen, which will prevent 4.3 million metric tons of carbon dioxide emissions in North America. By 2028, Plug expects to produce 1,000 tons per day of liquid green hydrogen.
About Plug
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 North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com.
Plug Power Safe Harbor Statement
This communication contains “forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“PLUG”), including, but not limited to, statements about PLUG’S plans to build a 15-ton-per-day green hydrogen plant; expectations regarding its collaboration with its joint venture, Hidrogenii, including the expectation that partnering with the joint venture will make the adoption of green hydrogen easy and affordable; PLUG’s plans to build an end-to-end green hydrogen ecosystem and operate a green hydrogen highway across North America and Europe; the expected production of liquid green hydrogen by 2025 and 2028; and expectations regarding its joint venture partners and the uses and applications of its hydrogen solutions. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors'' section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2021 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
About Olin Corporation
Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
MEDIA CONTACTS:
Plug
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com