Plug Power Inc (NASDAQ:PLUG), the US-based provider of turnkey hydrogen solutions, last week closed the acquisition of Dutch energy transition and hydrogen solutions provider Frames Group for EUR 115 million (USD 130.1m).
The acquisition price includes EUR 85 million in cash and EUR 30 million in earn-out payments, as agreed in November. The deal aligns with Plug Power’s efforts to scale up the delivery of green hydrogen solutions and grow its footprint in Europe.
Frames Group makes processing equipment, separation technologies, flow control and safeguarding systems, for water and renewable energy solutions. The company also offers containerised hydrogen electrolysis packages and options for generation, storage and transport of green hydrogen.
Plug Power’s plan is to combine its stack technology with Frames’ systems integration capabilities in order to offer turnkey electrolyser solutions ranging in size from 1-MW containers to 1,000 MW standalone plants. The US firm said it will aim to achieve an installed electrolyser capacity of 3 GW by 2025 and will also seek to produce over 1,000 tonnes of green hydrogen daily by 2028.
“We are thrilled to welcome today 300 new employees within Plug Power, and to expand our presence globally, with employees in the Netherlands, India, the United Emirates, Malaysia and Brazil,” said Andy Marsh, CEO for Plug Power.
(EUR 1.0 = USD 1.132)
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