Launch of Plug, Olin Corporation – GuruFocus.com

LATHAM, NY, Oct. 19, 2022 (GLOBE NEWSWIRE) — Power socket inc. (PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Olin Company (:OLN), a leading vertically integrated chlorine-alkali producer and marketer, today announced the launch of a joint venture that will begin with the construction of a 15-tonne-per-day hydrogen plant in St. Gabriel, Louisiana.

The joint venture, named Hidrogenii, will support supply reliability and speed to market for green hydrogen across North America, laying 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, the largest producer of electrolytic hydrogen in North America. Plug will be the joint venture’s exclusive hydrogen distributor and provide logistical support for delivery, while Olin will provide reliable hydrogen supply and operational expertise.

“Plug is working quickly to meet the growing demand for green hydrogen in North America and around the world,” said Andy Marsh, CEO of Plug. “By partnering with like-minded companies, such as Olin, we will 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 should then create more than 25 permanent full-time jobs in Louisiana.

“The Hidrogenii business advances our commitment to transform Olin’s hydrogen business into a value stream as we seek to increase the value of our 150,000 metric tons of annual hydrogen production capacity,” Scott said. Sutton, Chairman, President and CEO of Olin. “We are delighted to partner with Plug, a leader in sustainable hydrogen, to meet the growing demand for green hydrogen.”

The Louisiana plant joins Plug’s growing nationwide network of hydrogen plants in various planning and construction phases in New York, Tennessee, Georgia, Texas and California. By 2025, Plug plans 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 plans to produce 1,000 tonnes per day of liquid green hydrogen.

About the plug

Plug is building an end-to-end green hydrogen ecosystem, from generation, storage and delivery to power generation, to help its customers achieve their business goals and decarbonize the economy. Creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and more than 165 fueling stations, more than anyone else in the world, and is the largest liquid hydrogen buyer. 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 several production plants of green hydrogen which will produce 500 tons of liquid green hydrogen per day. by 2025. Plug will provide its green hydrogen solutions directly to its customers and through joint venture partners in multiple environments including material handling, electric 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 relating to Plug Power Inc. (“PLUG”), including, but not limited to, statements on the plans of PLUG to build a green hydrogen plant of 15 tons per day; expectations regarding its collaboration with its joint venture, Hidrogenii, including the expectation that the partnership 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 planned 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. statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such statements. For a more detailed 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 PLUG’s business generally, see PLUG’s public filings with of the Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the fiscal 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 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 one of the world’s leading vertically integrated manufacturers and distributors of chemical products and one of the United States’ leading manufacturers of munitions. Chemicals produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organic compounds, bleach, hydrogen and hydrochloric acid. Winchester’s primary 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.

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