February 1, 2023

Plug and Nikola Announce Collaboration to Push Hydrogen Economy Forward

Companies enter into a Green Hydrogen Supply Agreement. Plug will be supplying green hydrogen to Nikola starting in 2023, and ramping up to a 125 TPD take-or-pay commitment as Plug’s green hydrogen network continues to come online.

Nikola to purchase a 30 TPD liquefaction system from Plug for its Arizona Hydrogen Hub

Plug to purchase up to 75 Nikola Tre FCEVs over the next three years

Emphasizes Plug’s commitment to sustainability by driving down greenhouse gas emissions within the hydrogen ecosystem

LATHAM, N.Y., Dec. 15, 2022 (GLOBE NEWSWIRE) — Plug Power (Nasdaq: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced a strategic relationship focused on moving the hydrogen economy forward.

Plug and Nikola have executed a Green Hydrogen Supply Agreement. Plug will be supplying green hydrogen to Nikola starting January 1, 2023, with volumes ramping up to 125 tons per day (TPD) as Plug’s green hydrogen production network continues to come online. The agreement anticipates 125 TPD volume by the end of 2026, with 80% under a take-or-pay contract.

Nikola has awarded Plug the contract to provide one 30 TPD hydrogen liquefaction system for Nikola’s recently announced Arizona hydrogen hub. The Plug designed, engineered and manufactured liquefaction system is for the first phase of Nikola’s Arizona hydrogen hub, with a potential to scale up to 150 TPD. Nikola plans to provide access of up to 300 TPD of hydrogen supply and up to 60 hydrogen dispensing stations by 2026. Nikola’s Arizona hub is currently going through the permitting and rezoning process, and procurement of long-lead equipment is underway. Plug’s hydrogen liquefaction system has one of the most energy-efficient and cost-effective designs on the market, utilizing hydrogen as the refrigerant in the main liquefaction cycle.

“Nikola and Plug share a common vision for sustainable, efficient, energy solutions which supports our commitment to decarbonize the transportation industry,” said Nikola President, Energy, Carey Mendes. “This strategic relationship will help underpin Nikola’s ambitious growth plans to expand the hydrogen energy business and to support the adoption of Nikola’s zero-emission Class 8 trucks.”

As part of Plug’s commitment to advancing the decarbonization of energy, up to 75 Nikola Tre Fuel Cell Electric Vehicle (FCEVs) will be purchased over the next three years to bring green hydrogen to Plug customers in North America, with the first trucks being delivered in 2023. This initiative underscores Plug’s commitment to decarbonize the hydrogen ecosystem by driving down Plug’s current scope 1 emissions by as much as 50%, while decarbonizing the hydrogen supply chain for its customers. The acquired FCEVs will be paired with Plug’s liquid hydrogen tankers. The Plug hydrogen tanker is the largest and lightest trailer ever manufactured, with unprecedented over-the-road payloads.

“Today’s announcement demonstrates Plug’s leadership in the green hydrogen economy and its ability to make the adoption of hydrogen as easy as possible,” said Sanjay Shrestha, CSO and General Manager of Energy Solutions for Plug. “Our vertically integrated solutions, which are designed to fit individual customer needs, include hydrogen production equipment or the delivery of green hydrogen fuel, whichever is preferred. We look forward to our strategic relationship with Nikola as we advance the hydrogen economy forward.”

A proven leader in the hydrogen economy, Plug is building the world’s first end-to-end green hydrogen ecosystem and remains on track to have 500 TPD of green hydrogen generation network in North America by 2025 and 1,000 TPD on a global basis by 2028. Plug’s green hydrogen supply, combined with other sources of hydrogen, is expected to help Nikola further buildout a robust portfolio and Nikola FCEV sales.

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 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 design, construction, commissioning and operation of each hydrogen generation plant and through the use of Plug’s electrolyzers, liquefaction capabilities and cryogenic tankers, PLUG’s targets of 45 tons per day of green hydrogen production by the end of 2022 in North America, 500 tons per day by 2025 in North America, and 1,000 tons per day globally by 2028. PLUG’s plans to provide its industry-leading liquefaction equipment for Nikola’s recently announced Arizona hydrogen hub. Plug’s equipment will be engineered to produce 30 metric-tons per day in its first phase, and will scale up to 150 metric-tons per day upon completion. Plug’s commitment to advancing the decarbonization of energy; the initial order of up to 75 Nikola Tre Fuel Cell Electric Vehicles (FCEVs) to support Plug operations in the transport of green hydrogen to customers in North America. The acquired FCEVs potential to pair with Plug’s liquid hydrogen tankers; the claim that they are the largest and lightest trailer ever manufactured, and potential for unprecedented over-the-road payloads. Plug’s option to assist Nikola in marketing FCEVs as part of its comprehensive energy solutions to its customers; Plug’s expectation to benefit from Nikola’s projected heavy-duty truck demand for hydrogen through increased asset utilization; Enabling more efficient operations and lower costs, while supporting continued supply growth through capacity expansions at existing facilities and the development of new hubs. The supply could help Nikola de-risk hydrogen development through supply that blends with and enhances other hydrogen supply sources to create a robust portfolio, which is expected to enable Nikola FCEV sales in key markets, starting in 4Q 2023. 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.

Plug Media Inquiries

Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com

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