Plug Power Inc. has agreed a definitive agreement to acquire Applied Cryo Technologies, Inc. (ACT), a provider of technology, equipment and services for the transportation, storage and distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases.
Houston, Texas-based ACT, a manufacturer of highly engineered equipment servicing multiple applications throughout the industrial gas and energy industries, adds significant capabilities, expertise, and technologies to Plug Power, which will help the company expand the green hydrogen ecosystem. ACT’s services include upfront engineering, fabrication, and repair and maintenance and last year unveiled its ‘Goldilocks’ Microbulk Delivery semitrailers series
The transaction is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions, including receipt of all approvals or the termination or expiration of all waiting periods required under applicable antitrust laws.
“With ACT’s cryogenic technologies, Plug Power will enhance its ability to deliver and store green hydrogen from our growing footprint of plants throughout the world,” said Andy Marsh, CEO for Plug Power.
“ACT has been delivering excellence to the industrial gas and energy markets since 2012, and we’re thrilled to welcome their incredible team to the Plug Power family. In the months ahead, we’ll work together to rapidly scale ACT’s cryogenic solutions and capabilities throughout the green hydrogen ecosystem, bringing us one step closer to a decarbonised future.”
Plug Power claims the acquisition gives the New York-based company efficiencies and capabilities including:
Bob Ernull, President and CEO of ACT, said, “We’re excited about the road ahead with Plug Power. Andy and his team have a vision for a future of green hydrogen that aligns perfectly with everything we’ve built here at ACT. With our capabilities and expertise in hydrogen delivery and storage, together we have an unprecedented opportunity to build a robust green hydrogen ecosystem that serves business and industries throughout the world, helping build a more sustainable future.”
With customers including Amazon and Walmart, Plug Power claims to be the largest buyer of liquid hydrogen globally and has built a ‘hydrogen highway’ across the US, which includes over 165 refuelling stations that service fleets of hydrogen-powered trucks, forklifts and e-mobility vehicles from industries throughout the nation. Plug Power’s hydrogen fuel cell technology also provides reliable, resilient on-site backup power for businesses and institutions, whether data centers, utilities, retailers or universities.
In addition to Plug Power’s new green hydrogen production facility in California, Plug Power maintains a network of plants in New York, Tennessee, and Georgia that will help the company realise its ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.