NATICK, MASS.--(BUSINESS WIRE)--
Electric Hydrogen Co. (EH2), a manufacturer of advanced, industrial-scale hydrogen electrolyzer technology, and New Fortress Energy Inc. (NASDAQ: NFE) announced today that they have entered into a definitive agreement for supply of EH2’s flagship 100 megawatt (MW) electrolyzer system to NFE’s green hydrogen project in Texas.
Expected to be one of the largest in North America, the facility will be enabled by EH2’s ground-breaking advanced electrolysis technology, capable of producing nearly 50 tons per day of green hydrogen. First hydrogen production is expected in the fourth quarter of 2024 with full commercial operation in 2025. The site and facility are scalable to 200 MWs in the future.
EH2 manufactures turnkey 100 MW electrolysis systems, including innovative electrolysis stacks with record-breaking efficiency, that can match the variability of renewable energy production with precision. The modular plant architecture significantly reduces on-site construction costs and complexity. The electrolyzer stacks are being manufactured at EH2’s 187,000-square-foot facility in Devens, Massachusetts, while balance-of-plant modules are being fabricated in Texas. Announced in May 2023, the high-rate production facility in Massachusetts is on schedule to produce up to 1.2 gigawatts of electrolyzer stacks annually.
“We are excited to enter into this agreement with Electric Hydrogen, a pioneer in electrolysis technology that shares our vision of enabling clean, abundant, and low-cost hydrogen to accelerate the energy transition around the world,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are focused on developing scalable solutions that have a real impact on decarbonizing hard-to-abate sectors of the global economy and given our background, believe we are uniquely positioned to be an early mover in the market.”
“We are thrilled to partner with Zero Parks, NFE’s hydrogen business, on this groundbreaking large-scale green hydrogen project. Together, we believe in our ability to accelerate green hydrogen towards fossil-parity, enabling industrial sectors to meaningfully reduce their emissions by the end of this decade. Our shared vision can only be realized by building green hydrogen plants at large scale and low cost, which is uniquely enabled by our technology and which this project will indisputably demonstrate,” said Raffi Garabedian, EH2’s Chief Executive Officer and Co-founder.
The transactions described in this press release are subject to customary terms and conditions.
About Electric Hydrogen
Electric Hydrogen manufactures the world’s most powerful electrolyzers, helping critical industries to produce the lowest cost green hydrogen. The company’s complete 100MW solution includes all system components required to turn water and electricity into green hydrogen, including power conversion, gas processing, water treatment, and thermal management. EH2 is helping make the United States a global leader in high-tech electrolysis manufacturing. Electric Hydrogen’s technology helps customers reach their climate objectives by making green hydrogen an economic inevitability. EH2 has a team of over 300 employees, based in Massachusetts and California, and has previously announced investment backing from some of the largest venture and strategic investors in the sector. For more information about Electric Hydrogen: https://eh2.com/
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About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.
For more specific information about NFE’s Zero Parks: https://www.newfortressenergy.com/zero
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: that the facility is expected to be one of the largest green hydrogen plants in North America; expectations regarding the supply of electrolyzer technology to the project; expectations regarding the design and capacity of the project, as well as the technology used and its benefits to the project, including ability to meaningfully reduce emissions by the end of this decade; scalability of the project and design; expected timelines for production and commercial operations dates; ability of NFE to be uniquely positioned to be an early mover in the market; and the ability to accelerate the timeline for green hydrogen to achieve cost parity with fossil resources.
These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: unknown and unforeseen risks associated with the development of new projects, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, regulatory and legal challenges, instability or clarity of application of laws, and rules and regulations to the technology, among others; risks related to the development, construction, conversion, completion or commissioning schedule for the facilities and related infrastructure; we will be unable to operationalize our plans for the projects; risks that we may not be able to realize the benefits of any such transactions or support customers’ needs; risks related to hydrogen operations and the power industry; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
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