Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Applied Cryo Technologies, a leading provider of technology, equipment, and services for the transportation, storage, and distribution of liquefied hydrogen and other cryogenic gases.
The acquisition of Applied Cryo Technologies provides Plug Power with significant capabilities, expertise, and technologies, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling, allowing the company to expand its green hydrogen ecosystem and lower the cost of hydrogen infrastructure and logistics networks.
Plug Power welcomes over 200 new employees based in Houston, Texas.
“This is a natural fit for Plug Power, and our new team members,” said Andy Marsh, CEO of Plug Power. “We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.”
Plug Power is the world’s largest buyer of liquid hydrogen and has constructed a “hydrogen highway” across the United States, including over 165 refueling stations that service fleets of hydrogen-powered trucks, forklifts, and e-mobility vehicles in commercial industries across the country.
This is another step toward Plug Power’s goal of creating a complete green hydrogen ecosystem, from renewable hydrogen production to storage and transportation for customers in North America and beyond.