Plug Power together with its partners plans to develop three green hydrogen production plants in Kokkola, Porvoo and Kristinestad

US based Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy listed on the New York Stock Exchange, plans to develop three green hydrogen production plants in Finland. Plug’s planned green hydrogen production sites are expected to create around 1,000 direct jobs and over 3,000 indirect jobs in Finland, significantly boosting the local economy.

Today, at a signing ceremony at Business Finland's headquarters in Helsinki, Plug's CEO Andy Marsh secured the commitment of three Finnish municipalities, Kokkola, Kristinestad and Porvoo, to access land, kicking off these historical projects.

Andy Marsh said, "Already one of the largest players in the European hydrogen market, Plug is accelerating its commitment to Europe at an unprecedented scale with these three planned historic industrial sector projects collaborating with both financial and industrial partners. We are proud to commit our know-how and turnkey hydrogen solutions towards helping Finland deliver on its vision to become a European leader of the green hydrogen economy."

The sites will be strategically located in Finland to take advantage of its abundant decarbonized and clean energy sources, such as nuclear, wind and hydro power, resulting in the production of 850 tons per day (TPD) of green hydrogen, or 2.2 gigawatts (GW) of electrolyzer capacity, by the end of the decade.

"This investment is significant for Europe, showcasing Finland's international competitiveness and marking a remarkable achievement. With an innovative ecosystem and self-sufficient, carbon-free energy production, Finland has attracted green investments, like that from Plug, into the European value chain. Collaboration with our regions has been outstanding, demonstrating how small towns can lead industrial progress. This project will boost economic activity, create jobs, and foster well-being for years to come," said Markku Kivistö, Head of Cleantech Industry at Invest in Finland, part of Business Finland.

Using Plug's PEM electrolyzer and liquefaction technology, the green hydrogen produced at these sites will support the production of ammonia and green direct reduced iron (DRI), reduce dependence on fossil fuels, and materially support the decarbonization of Europe.

• Kokkola: This site is expected to generate 85TPD of liquid green hydrogen, and up to 700 kt of green ammonia per year, using 1GW of electrolyzers. The liquid green hydrogen will be produced for local use and for export to western Europe from the Port of Kokkola. Green ammonia will also be exported through the same port.
• Kristinestad: The 1GW electrolyzer plant located close to a former coal plant will generate green hydrogen for green steel production (2.0 mt/y of DRI/HBI produced) exported from the port of Kristinestad.
• Porvoo: This site will produce up to 100TPD by 2030. The hydrogen will be used for local mobility and exported through pipeline injection to Western Europe.

"We are proud to be at the forefront of the green transition towards a more sustainable economy. We have consistently developed our infrastructure with a focus on attracting industrial investments. Kokkola is committed to support the installation of Plug's project in Kokkola South, and we are delighted about the estimated several hundreds of industrial jobs that will be created with Plug's establishment," said Jonne Sandberg, the Development Director of Kokkola.

"In Kristinestad, we have been working for a long time on developing green energy through wind power, solar power, and hydrogen. We are a European pioneer in the green transition. We are doing everything in our power to ensure the success of the project in Kristinestad. It will have positive impacts on the entire region's economy," said Mila Segervall, the Mayor of Kristinestad.

"A significant clean tech hub is developing in Porvoo. We are pleased to welcome international operators to the Kilpilahti area, which is a key location for the green transition in Finland and Northern Europe. The discussion with Plug has been open and smooth, which is important for the success of the process," said Jukka-Pekka Ujula, the Mayor of Porvoo.

These projects are expected to represent some of the largest investments in the European market. Plug has initiated discussions with large financial investors and debt providers. Plug is collaborating with financial partners to secure optimal capital solutions, and industrial partners to secure offtake commitments from creditworthy counterparties before these projects get to FID by the 2025/2026 timeframe.

"I am very pleased to see Plug has identified Finland as the right place for their investments. We have ambitious goals in the hydrogen economy, so investments like this are exactly what we need. This is a big part of the future of Finnish industrial policy," said Minister of Economic Affairs Mika Lintilä.

For the development of the ammonia plant, Plug is partnering with Hy2Gen, the global project developer of renewable hydrogen, ammonia and hydrogen-based e-fuels. Plug is working closely with Fingrid and Gasgrid to ensure electric grid capacities and development of hydrogen infrastructures. For the development of the DRI/HBI plant, a form of green reduced iron, Plug is partnering with GravitHy, an industrial company dedicated to decarbonizing the steel value chain.

These projects will enhance European energy security. This scale of electrolyzer capacity accounts for close to 5% of the RePower EU plan, which has targeted 10 million tons of renewable hydrogen produced in Europe by 2030. These projects will support the development of green electricity and green hydrogen around the European backbone pipeline near the Bothnian Bay and contribute to Finland's efforts to become carbon neutral by 2035, a goal set by the Finnish government in the National Climate and Energy Strategy.

Interview inquiries for Business Finland

Heli Hemgård
Business Finland
+358 40 901 5219
heli.hemgard (at) businessfinland.fi

Interview inquiries (in Finland) for Plug Power

Jenni Rajahalme
Kumppania Oy
+358 40 720 5755
jenni.rajahalme (at) kumppania.fI

Interview inquiries for international media for Business Finland

Salla Salovaara
Business Finland
salla.salovaara (at) businessfinland.fi

Interview inquiries (for international media) for Plug Power

Caitlin Coffee
Allison+Partners
plugPR (at) allisonpr.com