Renewable

November 10 (Renewables Now) - Plug Power Inc (NASDAQ:PLUG), the US-based provider of turnkey hydrogen solutions, has agreed to buy a Dutch group to scale the delivery of electrolysers and grow its footprint in Europe.

The acquisition target, namely Frames Group, makes processing equipment, separation technologies, flow control and safeguarding systems, for water and renewable energy solutions. Under the terms of the deal, Plug Power will pay EUR 85 million (USD 98.3m) in cash and possibly make EUR 30 million in earn-out payments to buy Frames.

The transaction should close by the end of the year, subject to securing the needed approvals. It is expected to bring in an order backlog of about EUR 100 million and a sizeable project pipeline to generate revenues through 2023.

This acquisition will allow Plug Power 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, it said.

Plug Power’s goal is to achieve an installed electrolyser capacity of 3 GW by 2025.

(EUR 1.0 = USD 1.157)