Plug Power acquires Frames Group to support hydrogen production
By Bradley Osborne - 6th December 2021
USA / Netherlands – Plug Power Inc, a manufacturer of fuel cell systems and electrolysers based in Latham, New York, USA, has acquired Frames Group of Alphen aan den Rijn, the Netherlands, a manufacturer of processing equipment primarily for oil and gas treatment plants. Plug Power will be turning Frames’ expertise to hydrogen production.
Frames’ systems integration capabilities will reportedly help Plug Power to deliver a range of electrolyser products, from 1 MW containers to 1,000 MW standalone plants, contributing to the company’s goal of achieving an electrolyser capacity of 3 GW by 2025. The acquisition also deepens Plug Power’s presence in the European market, adding 200 employees to its workforce on the Continent. The transaction was made with EUR85m in cash and EUR30m in earnouts. Completion of the acquisition is expected by the end of the year.
