Plug Power Stock Price, News & Analysis

Plug Power Inc (NASDAQ: PLUG) has announced that its Chief Strategy Officer, Sanjay Shrestha, has been awarded the 2021 Rock Stars of the Supply Chain honor by Food Logistics. Under Shrestha’s leadership, Plug Power acquired United Hydrogen and Giner ELX, boosting its green hydrogen generation targets to 500 tons per day by 2025. The global hydrogen economy is anticipated to reach $10 trillion by 2050, with demand from logistics and transportation sectors. Plug Power aims to become a leader in this growing market and supports major clients’ sustainability goals.

Zamansky LLC is investigating Plug Power (NASDAQ: PLUG) for potential breaches of fiduciary duties by its senior officers and board. This follows Plug Power's announcement of a restatement of financial statements for fiscal years 2018 and 2019 due to accounting errors, raising concerns over whether misleading statements were made to investors. A federal securities class action has been filed, alleging that the company did not adequately disclose information regarding its internal controls over financial reporting. Shareholders can contact Zamansky LLC for legal rights consultation.

Plug Power Inc. (NASDAQ: PLUG) announced it is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of its 2020 Form 10-K. The company intends to restate prior financial statements and has until May 17, 2021 to file the report with the SEC. If unsuccessful, Plug Power plans to submit a compliance restoration plan, potentially allowing an extension until September 13, 2021. This notification does not affect the trading of its stock. Plug Power continues to advance its hydrogen solutions and has deployed over 40,000 fuel cell systems.

Plug Power is advancing its green hydrogen strategy by ordering two 15 ton per day liquefaction plants from Chart Industries. This initiative aims to establish the first green hydrogen generation network in the United States, with the plants located in the Mid-Atlantic and Southeast regions and expected to be operational by the end of 2022. Plug Power plans to produce 1,000 tons of green hydrogen globally by 2028, leveraging in-house electrolyzers and renewable electricity.

Plug Power Inc. (NASDAQ: PLUG) is set to present its global strategy for green hydrogen and fuel cell adoption during investor conferences on March 17 and 18, 2021. CEO Andy Marsh will speak at the 33rd Annual Roth Conference at 3:00 pm ET and Santander Climate Dialogue at 11:00 am ET. CSO Sanjay Shrestha will present at the Evercore ISI CEO Energy Summit at 3:20 pm ET. Plug Power is a leader in comprehensive hydrogen fuel cell solutions, having deployed over 40,000 systems globally and being the largest buyer of liquid hydrogen, promoting sustainability and efficiency.

Plug Power (NASDAQ: PLUG) will restate its financial statements for 2018 and 2019 due to accounting errors related to non-cash items. The restatement affects the book value of assets and certain costs but is not expected to impact cash position or business operations. Gross billings targets remain at $475 million for 2021, $750 million for 2022, and $1.7 billion for 2024. CEO Andy Marsh emphasizes commitment to transparency. The company aims to finalize and file its Form 10-K as soon as possible following the identified restatement items.

Plug Power Inc. (NASDAQ: PLUG) has announced an expanded partnership with Universal Hydrogen Co. to enhance the hydrogen value chain for aviation. This includes a minority investment by Plug Power, enabling Universal Hydrogen to construct a subscale aircraft powertrain by Q2 2021. The companies aim to make green hydrogen cost-competitive with jet fuel by 2025. With over 40,000 fuel cell systems deployed and plans for five regional green hydrogen facilities, Plug Power is positioned to advance the green hydrogen economy.

Plug Power (NASDAQ: PLUG) announced plans to build North America's largest green hydrogen production facility in New York, producing 45 metric tons daily using hydropower. This $290 million investment aims to support the Northeast's freight transportation decarbonization and create 68 jobs. The plant will complement existing operations and contribute to a goal of 500 tons per day by 2025. Supported by state incentives, the facility signifies a significant step in New York's clean energy initiatives, aligning with the state's carbon neutrality goal by 2050.

Plug Power and SK Group have finalized a $1.6 billion partnership aimed at accelerating hydrogen solutions in Asian markets, including China. A virtual signing ceremony marked the beginning of this collaboration, which includes forming a joint venture to establish a fuel cell factory in Korea, targeting gigafactory production by 2023. SK Group will hold approximately 9.6% of Plug Power shares post-investment. This alliance positions both companies to leverage their strengths in the burgeoning hydrogen economy, anticipated to reach significant economic value in South Korea.