Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, signed a definitive agreement to acquire Frames Group, a leader in turnkey systems integration for the energy sector.
 
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 world-class 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.
 
The acquisition is expected to be completed by the end of the year once all required approvals have been obtained. The transaction includes €85M in cash and €30M in earnouts.
 
Loyens & Loeff advises Plug Power in this transaction. The core team comprises Jan-Willem van Rooij (Energy & Infrastructure M&A), Skander Kedri (Energy & Infrastructure M&A) and Maurits de Jonge (Energy & Infrastructure M&A). This transaction is a great example of our Energy & Infrastructure Team’s ongoing work, involvement and expertise in hydrogen projects.