30 MW Barrow Green Hydrogen Project Achieves Final Investment Decision with Plug Power Electrolyzer Supply

GenEco™ PEM electrolyzers to power industrial hydrogen production facility in Barrow-in-Furness, Cumbria

SLINGERLANDS, N.Y., May 20, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced that the 30-megawatt (MW) Barrow Green Hydrogen project in Barrow-in-Furness, Cumbria (UK), where Plug is supplying electrolyzers, has reached final investment decision (FID).

The Barrow Green Hydrogen project is being delivered by Green Hydrogen Energy Company (GHECO), the joint venture established in 2023 by Schroders Greencoat, the specialist renewables and energy transition infrastructure manager, and Carlton Power, the British independent energy infrastructure company (previously referred to as the Carlton Power/Schroders Greencoat joint venture).

The Barrow project will supply c100GWh of green hydrogen per annum to Kimberly-Clark’s manufacturing plant in the town, where the company manufactures consumer products including Andrex® and Kleenex®. The Kimberly-Clark Barrow site will reduce its consumption of natural gas by up to 50% with a reduction of 18,300 tonnes of CO2 emissions. Meanwhile, a long-term power purchase agreement with SEFE, an international energy company and the former Gazprom Germania, which was nationalized in 2022, has been agreed on for the supply of renewable electricity.

Under the finalized agreement, Plug will supply 30 MW of its GenEco™ Proton Exchange Membrane (PEM) electrolyzers.

The Barrow project will feature six 5 MW Plug GenEco PEM electrolyzers, using renewable electricity to produce green hydrogen. The project was originally announced as part of Plug’s award to supply a combined 55 MW of GenEco electrolyzers across three UK green hydrogen projects: Barrow, Trafford and Langage. With FID now in place, Barrow is the first of GHECO’s three projects to move into execution. Trafford and Langage continue to progress toward their respective FIDs. Together, the three projects serve as blueprints for industrial decarbonization and energy security, advancing the UK’s low-carbon hydrogen ambitions.

The three hydrogen projects are supported under the UK Government’s Hydrogen Business Model through its Hydrogen Allocation Round 1 (HAR1). Once operational, the Barrow-in-Furness facility is expected to be a major driver of the hydrogen economy in North-West England.

“With Barrow now having reached FID, we are moving our largest UK project from award into execution and advancing the delivery of industrial-scale green hydrogen to Kimberly-Clark, a multinational corporation,” said Jose Luis Crespo, President and Chief Executive Officer of Plug. “This milestone reflects continued confidence in our GenEco electrolyzer technology and its proven performance at scale across projects. We expect Barrow to be the first of several Plug-supplied projects in Europe to transition into execution this year, with our technology ready to support delivery at scale.”

Kristian Høeg Madsen, Co-Head of Hydrogen Investments at Schroders Greencoat, said:

“We have significant ambitions to grow the GHECO platform, reaching Final Investment Decision on Barrow is therefore a key milestone for Schroders Greencoat, as well as the UK’s emerging hydrogen economy. Through our origination, structuring and execution capabilities, we have combined a Contract for Difference, a long-term PPA with SEFE and a credible industrial offtake in Kimberly-Clark to build exactly the kind of contracted, inflation-linked infrastructure our investors are looking for. This represents an exciting milestone for the project, and we are delighted to start construction of this pioneering asset.

“We believe hydrogen is central to the next phase of the energy transition and projects like Barrow demonstrate how Schroders Greencoat can unlock opportunities for investors and deploy institutional capital at pace to decarbonise hard-to-abate sectors. Building on our long track record in renewable and energy transition aligned infrastructure, Barrow marks our first move into hydrogen at scale and is the first of many such projects we expect to deliver.”

Eric Adams, Hydrogen Director at Carlton Power, said, “Plug Power’s electrolyzer technology and proven execution capabilities make them a strong partner as we and Schroders Greencoat together advance our hydrogen ambitions in the UK.”

Plug brings proven expertise in large-scale hydrogen production, including operation of the largest electrolytic liquid hydrogen plant in the United States, with additional facilities in Tennessee and Louisiana. Its GenEco electrolyzers are designed for high efficiency and reliability, supported by long-term service solutions that help optimize performance and reduce lifecycle costs.

Europe remains one of Plug’s most strategic growth markets. The company is advancing multi-gigawatt electrolyzer projects across the U.K., Spain, and other European markets, supported by a global opportunity pipeline exceeding $2 billion. The Barrow project underscores Plug’s expanding role as a trusted industrial solutions provider, helping make green hydrogen more cost-effective and accessible for industrial, utility, and infrastructure customers worldwide.

About Plug Power

Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

About Schroders Greencoat

Schroders Greencoat is the specialist energy transition infrastructure manager of Schroders Capital, the global private markets arm of Schroders Group. Founded in 2009, it is one of the most established and largest pure-play energy transition managers in Europe*, with a 15+ year track record and team presence in key locations across Europe and the US. Schroders Greencoat manages around $12.5 billion across a range of funds and mandates investing across the energy transition in the UK, Europe, US and Asia**, through which it manages more than 445 assets with a net generation capacity in excess of 7.8GW.

For more information, please visit https://www.schrodersgreencoat.com.

* Infrastructure Investor Rankings (2024) – Top 50 largest infrastructure managers based on capital raised between 2019-2024.

** As of 31 December 2025, Figures include two assets in construction or under forward purchase agreements. Inclusive of 125 assets for which management was transferred over from two other managers. Assets in APAC are advised by Schroders Greencoat and managed by Schroders Investment Management (Hong Kong) Limited.

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 continued status of Plug’s hydrogen plant in Woodbine, Georgia as largest electrolytic liquid hydrogen production facility in the United States; Whether other Plug supplied projects in Europe transition to execution in 2026; Whether any of the projects in the global opportunity pipeline advance to execution or positive financial investment decisions; whether Plug’s industrial solutions will help make green hydrogen more cost-effective and accessible for industrial, utility, and infrastructure customers worldwide. 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, 2024 and Plug’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 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.

MEDIA CONTACTS
Plug Power – Teal Hoyos: media@plugpower.com

Schroders Greencoat – Jessye Brandon: jessye.brandon@schroders.com

Sodali & Co, Schroders Capital PR: schroderscapital@sodali.com

Carlton Power – Paul Taylor: paul@taylorkeogh.com