Plug Power Stock Price, News & Analysis

Plug Power Inc. (NASDAQ: PLUG) has secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from bp and Iberdrola's joint venture, Castellón Green Hydrogen S.L. The project aims to decarbonize bp's Castellón refinery in Valencia, Spain, using five 5 MW containerized PEM electrolyzers. This initiative is expected to avoid 23,000 tons of CO2 emissions annually by replacing gray hydrogen with green hydrogen in refinery operations.

Plug CEO Andy Marsh highlighted the company's industry expertise and proven technology. The project represents a significant opportunity for Plug in the European green hydrogen market. Plug's experience includes operating the largest PEM electrolyzer system at its 15 ton per day Georgia hydrogen production plant and manufacturing capabilities at its Rochester Gigafactory. This deal marks the beginning of a long-term partnership with potential expansion up to 2 gigawatts of electrolysis capacity.

Plug Power Inc. (NASDAQ: PLUG) has secured a contract with H2DRIVEN, a project by Dourogás and CapWatt, to provide Technical Evaluation Phase (TEP) support for 25 MW of PEM Electrolyzers during the FEED process for a green methanol project in Portugal. The project aims to produce 80,000 tons of green methanol annually, combining biomass gasification with green hydrogen powered by solar energy. Plug's TEP offering will provide critical insights and technical expertise to support the project's development.

H2DRIVEN's initiative aims to boost Portugal's economy, drive R&D, and reduce emissions by 105 kilotons of CO2 annually by 2027. The project is expected to be operational by the end of 2026, pending successful execution of the TEP and Final Investment Decision.

Plug Power Inc. (NASDAQ: PLUG), a leader in comprehensive hydrogen solutions for the green hydrogen economy, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference in New York. Jose Luis Crespo, General Manager of Applications, will present on the company's business on Tuesday, September 10, 2024, at 9:00 AM ET. A webcast of the presentation will be available on the conference website and later posted on Plug Power's Investor Resources section. This event provides an opportunity for Plug Power to showcase its business strategies and developments to potential investors and industry professionals.

Plug Power Inc. (NASDAQ: PLUG) has announced the completion of undertakings related to its 2023 SEC settlement. The company, a leader in green hydrogen solutions, certified with the SEC Staff on August 30, 2024, that it has fully complied with the settlement terms, including remediating material weaknesses. CEO Andy Marsh expressed satisfaction with concluding the SEC settlement and reaffirmed Plug Power's commitment to ongoing compliance and governance best practices as they continue to lead in the green hydrogen economy development.

Plug Power Inc. (NASDAQ: PLUG) has been awarded a $10 million grant from the U.S. Department of Energy (DOE) to lead the development of an advanced hydrogen refueling station in Washington State. The project, named HYPER-Fuel, will demonstrate next-generation hydrogen refueling infrastructure for medium and heavy-duty vehicles at scale.

Key features of the project include:

• Liquid-to-gaseous dispensing and cryogenic dispensing architecture
• Fueling rates exceeding 8 kg/min
• Daily capacity of over 2 tonnes
• Options for both 350 and 700 bar pressurized hydrogen

Plug is collaborating with Washington State University, the University of Maryland at College Park, and the National Renewable Energy Laboratory on this initiative, which is part of the DOE's $62 million investment in clean hydrogen technologies across 15 states.

Plug Power Inc. (NASDAQ: PLUG) has appointed Colin Angle, former CEO of iRobot, to its Board of Directors. Angle, co-founder of iRobot and developer of the Roomba robot vacuum, brings extensive experience in technology innovation, robotics, and strategic leadership. His appointment aligns with Plug Power's goals of advancing the hydrogen economy and expanding globally.

CEO Andy Marsh and Chairman George McNamee expressed enthusiasm about Angle's addition, citing his visionary leadership and track record in transforming technology into successful products. Angle's expertise is expected to guide Plug Power in scaling operations and achieving strategic objectives focused on sustainability, revenue growth, and profitability.

Plug Power Inc. (NASDAQ: PLUG) reported key developments and strategic milestones in Q2 2024. The company's revenue reached $143.4 million, with a net loss of $262.3 million and an EPS loss of $0.36. Highlights include:

1. Improved hydrogen margins due to increased production capacity and strategic price increases.
2. Deployment of over $70 million in electrolyzer systems.
3. Appointment of Dean Fullerton as COO.
4. Progress on a joint venture hydrogen plant with Olin
5. Securing 7.5 GW in global BEDP contracts.
6. Advancement in the DOE loan process for green hydrogen initiatives.
7. Successful remediation of material weaknesses in internal controls.

Plug Power projects 2024 revenue between $825 million and $925 million, reflecting expected growth in electrolyzer, cryogenic, and material handling businesses.

Plug Power Inc. (NASDAQ: PLUG), a leader in comprehensive hydrogen solutions for the green hydrogen economy, has announced it will release its 2024 second quarter results on Thursday, August 8, 2024. The company will host a conference call at 8:30 AM ET on the same day to discuss the results. Investors and interested parties can join the call via a toll-free number or access the webcast directly from Plug's homepage. A playback of the call will be available online for a period following the event.

Plug Power Inc. (NASDAQ: PLUG) has appointed Dean Fullerton as its new Chief Operating Officer (COO). Fullerton, a 14-year Amazon veteran, joins Plug from his previous role as Vice President of Global Engineering and Security Services at Amazon. In his new position, Fullerton will be responsible for project execution, manufacturing, supply chain, and hydrogen generation on a global scale.

Fullerton's extensive experience includes overseeing Operations Engineering, Planning and Analytics, and Global Security at Amazon. He played a important role in building Amazon's hydrogen economy team, resulting in significant carbon footprint reduction and cost savings. The appointment is seen as a strategic move for Plug Power, leveraging Fullerton's expertise to expand its logistics operations and scale up its green hydrogen ecosystem.