Up to $2.4 Billion Will Support the
Development and Scaling of Clean Hydrogen Infrastructure in
California and Along the Gulf
Coast
ARLINGTON, Va., Oct. 13,
2023 /PRNewswire/ -- The AES Corporation (NYSE: AES)
announced today that it is part of two Regional Clean Hydrogen Hubs
receiving funding from the US Department of Energy. The two
selections stand to receive up to $2.4
billion of grant funding allocated by the Bipartisan
Infrastructure Law (BIL) to develop Clean Hydrogen Hubs across the
country.
AES is part of two of the awarded hubs: the Alliance for
Renewable Clean Hydrogen Energy Systems (ARCHES) Hub in
California, which was allocated up
to $1.2 billion, and the HyVelocity
Hub in the Gulf Coast of Texas and
Louisiana, which was allocated up
to $1.2 billion. Through these
Hubs, AES expects to secure funding for new green hydrogen projects
which it will own and operate in those regions, along with
associated renewables.
"We are very pleased that two of the Regional Clean Hydrogen
Hubs in which AES is participating were selected by the DOE to
receive grants," said Andrés Gluski, AES President and Chief
Executive Officer. "These announcements, together with our joint
venture in North Texas with Air
Products, consolidate AES' position as one of the leaders in
producing Green Hydrogen in America."
Over the past year, over 30 regional consortiums consisting of a
variety of governments, private companies, academic institutions
and non-profits were formed to compete for the Department of
Energy's Hydrogen Hub funding. The Regional Clean Hydrogen
Hubs program was established by the BIL and has allocated
$7 billion to build 7 regional clean
hydrogen hubs across the US, with a focus on creating networks of
hydrogen producers, consumers and local infrastructure that
advances the availability and use of clean hydrogen. Development
plans for the hubs in which AES is participating are expected to be
finalized over the next several years with operations commencing in
the latter part of the decade.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy
company accelerating the future of energy. Together with our
many stakeholders, we're improving lives by delivering the greener,
smarter energy solutions the world needs. Our diverse
workforce is committed to continuous innovation and operational
excellence, while partnering with our customers on their strategic
energy transitions and continuing to meet their energy needs
today. For more information, visit www.aes.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and of the Securities
Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, those related to future earnings, growth and
financial and operating performance. Forward-looking statements are
not intended to be a guarantee of future results, but instead
constitute AES' current expectations based on reasonable
assumptions. Forecasted financial information is based on certain
material assumptions. These assumptions include, but are not
limited to, our expectations regarding accurate projections of
future interest rates, commodity price and foreign currency
pricing, continued normal levels of operating performance and
electricity volume at our distribution companies and operational
performance at our generation businesses consistent with historical
levels, as well as the execution of PPAs, conversion of our backlog
and growth investments at normalized investment levels, rates of
return consistent with prior experience and the COVID-19
pandemic.
Actual results could differ materially from those projected in
our forward-looking statements due to risks, uncertainties and
other factors. Important factors that could affect actual results
are discussed in AES' filings with the Securities and Exchange
Commission (the "SEC"), including, but not limited to, the risks
discussed under Item 1A: "Risk Factors" and Item 7: "Management's
Discussion & Analysis" in AES' 2022 Annual Report on Form 10-K
and in subsequent reports filed with the SEC. Readers are
encouraged to read AES' filings to learn more about the risk
factors associated with AES' business. AES undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except where
required by law.
Any Stockholder who desires a copy of the Company's 2022 Annual
Report on Form 10-K filed March 1,
2023 with the SEC may obtain a copy (excluding the exhibits
thereto) without charge by addressing a request to the Office of
the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia
22203. Exhibits also may be requested, but a charge equal to the
reproduction cost thereof will be made. A copy of the Annual Report
on Form 10-K may be obtained by visiting the Company's website at
www.aes.com.
Website Disclosure
AES uses its website, including its quarterly updates, as
channels of distribution of Company information. The
information AES posts through these channels may be deemed
material. Accordingly, investors should monitor our website,
in addition to following AES' press releases, quarterly SEC filings
and public conference calls and webcasts. In addition, you
may automatically receive e-mail alerts and other information about
AES when you enroll your e-mail address by visiting the "Subscribe
to Alerts" page of AES' Investors website. The contents of
AES' website, including its quarterly updates, are not, however,
incorporated by reference into this release.
Investor Relations: Susan
Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Stephanie Cathcart
571-294-6824, stephanie.cathcart@aes.com
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