This partnership brings together Olin,
North America's largest producer of
electrolytic hydrogen, with Plug Power, who is building an
end-to-end global green hydrogen ecosystem. Under the JV, Plug Power
will market the hydrogen and provide logistical support for delivery
while Olin will provide reliable hydrogen production and operational
support."Olin's 130-year history
of producing hydrogen as part of our chlor alkali production process
combined with Plug Power's leadership in the green hydrogen economy
creates a powerful partnership to serve the growing demand for green
hydrogen," noted Scott Sutton,
Chairman, President, and CEO of Olin. "This JV is a key step for
Olin as we seek to recognize the full potential of Olin's untapped
hydrogen supply capabilities across North
America. We are excited to partner with Plug Power, a true
leader in sustainable hydrogen, to serve the fuel cell market."
Plug Power has been investing heavily
in green hydrogen production, the future of clean energy. This JV
activity will expand Plug Power's existing work to build a "first of
a kind" green hydrogen generation network in
North America to help customers
achieve their sustainability goals of net-zero carbon emissions.
Plug Power is targeting 70 tpd by the end of this year and is on
track to deliver 500 tpd of green hydrogen production by 2025 and
1,000 tpd by 2028.
"We believe widespread availability of
green hydrogen will create a flywheel effect by making green
hydrogen ubiquitous and economical, helping accelerate the
proliferation of numerous fuel cell applications," said
Andy Marsh, CEO of Plug Power. "Olin
has proven itself as a leader and bringing Olin's reliable
production capabilities together with the expertise of Plug Power is
sure to make a lasting impact on the global hydrogen economy."
The joint venture is expected to be
operational in 2023.
COMPANY DESCRIPTIONS
Olin Corporation is a leading
vertically integrated global manufacturer and distributor of
chemical products and a leading U.S. manufacturer of ammunition. The
chemical products produced include chlorine and caustic soda, vinyls,
epoxies, chlorinated organics, bleach, hydrogen and hydrochloric
acid. Winchester's principal manufacturing facilities produce and
distribute sporting ammunition, law enforcement ammunition,
reloading components, small caliber military ammunition and
components, and industrial cartridges.
Plug Power is building an end-to-end
green hydrogen ecosystem, from production, storage and delivery to
energy generation, to help its customers meet their business goals
and decarbonize the economy. In creating the first commercially
viable market for hydrogen fuel cell technology, the company has
deployed more than 50,000 fuel cell systems and over 165 fueling
stations, more than anyone else in the world, and is the largest
buyer of liquid hydrogen. With plans to build and operate a green
hydrogen highway across North America
and Europe, Plug Power is building
a state-of-the-art Gigafactory to produce electrolyzers and fuel
cells and multiple green hydrogen production plants that will yield
500 tons of liquid green hydrogen daily by 2025. Plug Power will
deliver its green hydrogen solutions directly to its customers and
through joint venture partners into multiple environments, including
material handling, e-mobility, power generation, and industrial
applications.
Visit
www.olin.com and
www.plugpower.com for more information.
PLUG SAFE HARBOR
STATEMENT
This communication contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve significant
risks and uncertainties about Plug Power Inc. ("PLUG"), including
but not limited to statements about: The joint venture's
St. Gabriel, LA facility production
targets of approximately 15 tons of green hydrogen daily; Plug's
independent green hydrogen production network targets of 70 TPD by
the end of 2022 and targets of 500 TPD of green hydrogen generation
network in North America by 2025
and 1,000 TPD on a global basis by 2028; Plug's potential to assist
companies adopting green hydrogen to improve both efficiency and
sustainability of their operations, and the potential to reduce
their carbon footprint; PLUG's ability to meet global demand for
Hydrogen supply and decarbonization, and the joint venture's
expected operations starting in 2023. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to the
business of PLUG in general, see PLUG's public filings with the
Securities and Exchange Commission (the "SEC"), including the "Risk
Factors" section of PLUG's Annual Report on Form 10-K for the year
ended December 31, 2021 and any
subsequent filings with the SEC. Readers are cautioned not to place
undue reliance on these forward-looking statements. The
forward-looking statements are made as of the date hereof, and PLUG
undertakes no obligation to update such statements as a result of
new information.
OLIN CORPORATION
FORWARD-LOOKING STATEMENTS
This communication includes
forward-looking statements. These statements relate to analyses and
other information that are based on management's beliefs, certain
assumptions made by management, forecasts of future results, and
current expectations, estimates and projections about the markets
and economy in which we and our various segments operate. The
statements contained in this communication that are not statements
of historical fact may include forward-looking statements that
involve a number of risks and uncertainties.
We have used the words "anticipate,"
"intend," "may," "expect," "believe," "should," "plan," "outlook,"
"project," "estimate," "forecast," "optimistic," "target," and
variations of such words and similar expressions in this
communication to identify such forward-looking statements. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions, which are difficult to
predict and many of which are beyond our control. Therefore, actual
outcomes and results may differ materially from those matters
expressed or implied in such forward-looking statements. We
undertake no obligation to update publicly any forward-looking
statements, whether as a result of future events, new information or
otherwise. The payment of cash dividends is subject to the
discretion of our board of directors and will be determined in light
of then-current conditions, including our earnings, our operations,
our financial conditions, our capital requirements and other factors
deemed relevant by our board of directors. In the future, our board
of directors may change our dividend policy, including the frequency
or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and
assumptions involved in our forward-looking statements, many of
which are discussed in more detail in our filings with the SEC,
including without limitation the "Risk Factors" section of our
Annual Report on Form 10-K for the year ended
December 31, 2021, and our Quarterly Reports on Form 10-Q and
other reports furnished or filed with the SEC, include, but are not
limited to, the following:
Business, Industry and
Operational Risks
- sensitivity to economic, business
and market conditions in the United
States and overseas, including economic instability or a
downturn in the sectors served by us;
- declines in average selling prices
for our products and the supply/demand balance for our products,
including the impact of excess industry capacity or an imbalance
in demand for our chlor alkali products;
- unsuccessful execution of our
strategic operating model, which prioritizes Electrochemical Unit
(ECU) margins over sales volumes;
- failure to control costs and
inflation impacts or failure to achieve targeted cost reductions;
- our reliance on a limited number of
suppliers for specified feedstock and services and our reliance on
third-party transportation;
- higher-than-expected raw material,
energy, transportation, and/or logistics costs;
- the occurrence of unexpected
manufacturing interruptions and outages, including those occurring
as a result of labor disruptions, production hazards and
weather-related events;
- the failure or an interruption of
our information technology systems;
- failure to identify, attract,
develop, retain and motivate qualified employees throughout the
organization;
- our inability to complete future
acquisitions or successfully integrate them into our business;
- our substantial amount of
indebtedness and significant debt service obligations;
- risks associated with our
international sales and operations, including economic, political
or regulatory changes;
- the negative impact from the
COVID-19 pandemic and the global response to the pandemic,
including without limitation adverse impacts in complying with
governmental mandates;
- weak industry conditions affecting
our ability to comply with the financial maintenance covenants in
our senior credit facility;
- adverse conditions in the credit and
capital markets, limiting or preventing our ability to borrow or
raise capital;
- the effects of any declines in
global equity markets on asset values and any declines in interest
rates or other significant assumptions used to value the
liabilities in, and funding of, our pension plans;
- our long-range plan assumptions not
being realized causing a non-cash impairment charge of long-lived
assets;
Legal, Environmental and
Regulatory Risks
- changes in, or failure to comply
with, legislation or government regulations or policies, including
changes regarding our ability to manufacture or use certain
products and changes within the international markets in which we
operate;
- new regulations or public policy
changes regarding the transportation of hazardous chemicals and
the security of chemical manufacturing facilities;
- unexpected outcomes from legal or
regulatory claims and proceedings;
- costs and other expenditures in
excess of those projected for environmental investigation and
remediation or other legal proceedings;
- various risks associated with our
Lake City U.S. Army Ammunition Plant contract and performance
under other governmental contracts; and
- failure to effectively manage
environmental, social and governance (ESG) issues and related
regulations, including climate change and sustainability.
All of our forward-looking statements
should be considered in light of these factors. In addition, other
risks and uncertainties not presently known to us or that we
consider immaterial could affect the accuracy of our forward-looking
statements.
SOURCE Olin Corporation
