Plug and Arcadia eFuels Sign Strategic Partnership Covering More Than 1 GW of e-SAF Projects, Starting with 280 MW to Turn Danish Renewable Electricity into Jet Fuel

• Plug and Arcadia eFuels enter a strategic cooperation agreement positioning Plug as the preferred electrolyzer supplier for more than 1 GW of Arcadia eFuels’ e-SAF projects in Europe and the Americas
• 280 MW of Plug's GenEco electrolyzers will produce the hydrogen behind Project ENDOR at the Port of Vordingborg, Denmark
• Project ENDOR advances toward final investment decision
  

SLINGERLANDS, N.Y., Sept. 29, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced it has signed a 280-megawatt (MW) GenEco electrolyzer supply agreement with Arcadia eFuels for Project ENDOR in Denmark, together with a strategic cooperation agreement covering Arcadia's future projects. The agreement follows three years of joint engineering work, and deliveries will begin after the project issues notice to proceed.

ENDOR is Arcadia eFuels' flagship facility, located at the Port of Vordingborg on Denmark's south coast. Once built, it will use renewable grid power to run 280 MW of Plug electrolyzers, producing roughly 110 tons of renewable hydrogen a day. Arcadia eFuels will combine that hydrogen with captured carbon dioxide to make jet fuel that works in standard aircraft.

The strategic cooperation agreement extends the relationship beyond ENDOR. It positions Plug as the preferred electrolyzer supplier for four additional Arcadia eFuels projects in Europe and the Americas, representing more than 1 GW of potential electrolyzer capacity, along with priority access for Arcadia eFuels to Plug's manufacturing capacity as each project advances.

“Signing the ENDOR supply agreement alongside a strategic cooperation agreement positions Plug not only as the electrolyzer supplier for Arcadia eFuels' flagship project, but as their preferred partner across a pipeline of e-SAF developments in Europe and the Americas,” said José Luis Crespo, President and Chief Executive Officer of Plug. “This reflects continued confidence in our GenEco technology, our manufacturing capacity, and Plug's ability to deliver complex, high-capacity projects at scale. Europe remains our most active electrolyzer market, and e-SAF is one of the fastest-growing segments of demand as aviation fuel mandates take effect. Producing that fuel from European electricity and European carbon rather than imported oil also strengthens the continent's energy security.”

“Project ENDOR is on the path to final investment decision, and this supply agreement from Plug signifies one of the many project documents that have been finalized,” said Amy Hebert, Chief Executive Officer of Arcadia eFuels. “Sustainable aviation fuel made from renewable hydrogen and captured carbon is what will get aviation to its decarbonization targets, and Plug gives us a proven and bankable electrolyzer partner at the scale this project demands.”

e-SAF is produced from renewable electricity and captured carbon rather than crude oil. The EU's ReFuelEU Aviation mandate requires a rising share of sustainable aviation fuel at European airports, including a sub-target reserved for synthetic fuels from 2030, which makes projects like ENDOR both a compliance route for airlines and a domestic source of aviation fuel for Europe.

Plug is executing multiple projects with a combined capacity in the multi-gigawatt range across Denmark, the U.K., Spain and Portugal, including the 100 MW GenEco installation at Galp's Sines refinery. Project ENDOR extends that footprint into e-fuels as aviation fuel mandates take effect.

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 customers worldwide across material handling, industrial applications, and energy production, advancing energy independence and decarbonization at scale.

Plug has deployed electrolyzers on five continents, along with more than 76,000 fuel cell systems and 275 fueling stations, and is the world's largest user of liquid hydrogen. Its expanding generation network produces 40 tons of hydrogen per day, supplying large-scale projects that redefine industrial power for customers globally.

Headquartered in New York, with employees and state-of-the-art manufacturing facilities around the world, Plug powers global leaders like BMW, BP, Walmart, Amazon, and Home Depot.

For more information, visit www.plugpower.com.

About Arcadia eFuels
Arcadia eFuels is committed to building facilities to produce the world’s future fuels. These net-zero carbon fuels will allow the transport sector, namely aviation and shipping, to use fuels directly, without changes to existing engines and infrastructure. Arcadia eFuels aims to produce fuels worldwide to help meet the aviation industry’s decarbonization goals.

Please visit www.arcadiaefuels.com to learn more or contact us at info@arcadiaefuels.com.

Plug Safe Harbor

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding the expected development, financing, construction, final investment decision ("FID"), operation, timing, capacity, and performance of Project ENDOR; the anticipated supply and deployment of Plug's GenEco™ electrolyzers; expected renewable hydrogen production volumes; the production, market demand for, and adoption of e-sustainable aviation fuel ("e-SAF") and other synthetic fuels; the benefits of the strategic cooperation agreement with Arcadia eFuels; Plug's status as Arcadia eFuels' preferred electrolyzer supplier; potential future orders, projects, and opportunities associated with Arcadia eFuels' development pipeline; anticipated regulatory support, mandates, and market conditions for hydrogen and e-fuels; Plug's growth opportunities in Europe, the Americas, and other markets; and other statements regarding the Company's future operating results, financial condition, business strategy, performance, prospects, objectives, plans, and opportunities, are forward-looking statements. In addition, certain statements in this press release relating to Arcadia eFuels, Project ENDOR, and Arcadia eFuels’ other projects are based in part on information provided by Arcadia eFuels, or other third parties, which the Company has not independently verified, and the Company assumes no responsibility for the accuracy or completeness of such third-party information. Forward-looking statements can generally, but not always, be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate," "intend," "plan," "believe," "continue," "project," "potential," "target," "outlook," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among other things: whether Project ENDOR achieves FID and proceeds to construction and operation; whether Arcadia eFuels' additional projects in Europe and the Americas advance as currently anticipated; whether any potential future electrolyzer orders or projects materialize under the strategic cooperation agreement; the ability of the parties to satisfy contractual, financing, permitting, regulatory, and technical milestones; the availability and cost of renewable electricity and captured carbon dioxide; whether projected hydrogen production volumes, plant performance metrics, and e-SAF production targets are achieved; the development, economics, competitiveness, and demand for hydrogen, e-SAF, and synthetic fuels; changes in applicable laws, regulations, government incentives, sustainability mandates, and aviation fuel requirements; supply chain constraints, inflationary pressures, and project execution risks; Plug's ability to manufacture, deliver, install, and service its electrolyzer systems on anticipated schedules; the Company's ability to manage costs, maintain liquidity, and secure additional financing as needed; and general economic, market, competitive, geopolitical, and regulatory conditions. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these forward-looking 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 Plug's business generally, see Plug's public filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Plug's Annual Report on Form 10-K for the year ended December 31, 2025, Plug's subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance and speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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