Plug Power, a leading provider of turnkey hydrogen solutions, signed a definitive agreement to acquire Frames Group, a leader in turnkey systems integration for the energy sector. With more than 35 years of experience, Frames designs, builds, and delivers processing equipment, separation technologies, flow control and safeguarding systems, for water and renewable energy solutions.
Frames’ relationship with Plug Power goes back to 2017. Headquartered in the Netherlands, Frames has about 300 employees located largely in Europe and India.
Plug Power is building a hydrogen ecosystem by systematically adding complementary strengths and capabilities through key acquisitions, joint ventures, and other partnerships. The company has steadily gained competency in key technology and critical supply chain areas such as fuel cell membrane electrode assemblies (MEAs), hydrogen delivery logistics and electrolyzers to deliver turnkey green hydrogen solutions for its customers.
Partnerships with Renault, SK, Acciona, Fortescue Future Industries, Airbus and Lhyfe provide access and scale in markets new to Plug.The Frames acquisition will support Plug Power’s goal to reach an installed electrolyzer capacity of three gigawatts (GW) by 2025.
Plug will combine its stack technology with Frames’ systems integration capabilities to deliver a range of turnkey electrolyzer solutions from one megawatt (MW) containers to 1,000 MW standalone plants.
Through the Frames acquisition, organic growth, and partnerships, Plug will now have 200 employees in Europe. Set to open its new European headquarters in North Rhine-Westphalia, Germany, in early 2022, Plug has also invested in a manufacturing facility, service center, and a green hydrogen fund in Europe.
Revenue opportunities from the acquisition include an order backlog valued at approximately €100 million and a sizeable project pipeline that will generate revenues through 2023 with major on-shore and off-shore energy providers seeking to transition to renewable energies and green hydrogen.