Plug Power Stock Price, News & Analysis

Plug Power Inc. (NASDAQ: PLUG) has signed a binding framework agreement with Allied Green Ammonia (AGA) for 3 GW of electrolyzer capacity for AGA's green hydrogen to ammonia plant in Australia. This follows the recent completion of an MOU and BEDP contracts. The partnership aims to build one of the world's largest green ammonia production facilities, with delivery expected in late 2026/early 2027.

AGA's facility, located at Gove Peninsula in the Northern Territory of Australia, is designed to produce approximately 2,700 metric tons per day of green ammonia. The collaboration aims to decarbonize ammonia production by replacing conventional Steam Methane Reforming with green hydrogen generated through Plug's advanced electrolyzers. This project is expected to produce green hydrogen and ammonia competitively compared to conventional carbon-intensive methods.

Plug Power Inc. (NASDAQ: PLUG) is collaborating with Carreras Grupo Logístico to launch Spain's first hydrogen-powered logistics site in Masquefa, Barcelona. The project aims to replace lead-acid battery-powered forklifts with hydrogen fuel cells, improving energy efficiency, productivity, and sustainability while reducing operational costs.

If successful, Plug will deliver a complete green hydrogen ecosystem, including fuel cells, a 1 MW electrolyzer, and a hydrogen refueling station. The initiative will serve as a testing site to evaluate the advantages of Plug's technology over batteries, with insights used to potentially scale across Carreras Group's 46 warehouses in Spain.

Hydrogen fuel cells offer significant benefits over lead-acid batteries, including faster refueling times, increased productivity, and reduced carbon footprint. The global market for hydrogen fuel cell forklifts is growing, with major companies like Amazon and Walmart already adopting the technology.

Plug Power Inc. (NASDAQ: PLUG), a leader in green hydrogen solutions, will participate in the Wolfe Research Utilities, Midstream & Clean Energy Conference 2024 in New York. Jose Luis Crespo, General Manager of Applications, will join a clean energy panel on October 1, 2024, from 8:50 - 9:40 AM EST.

A webcast of the presentation will be available at the provided link starting at 8:50 AM EST on the same day. The webcast will also be accessible through the Investor Resources section of Plug Power's website.

Plug Power Inc. (NASDAQ: PLUG) has launched an equipment lease financing platform, targeting over $150 million in the near to mid-term. This initiative aims to leverage Plug's equipment asset base and provide financing solutions to customers, supporting equipment sales growth. As part of this platform, Plug has signed three sale and leaseback transactions totaling ~$44 million with GTL Leasing, a portfolio company of Antin Infrastructure Partners.

The transactions involve various gaseous and cryogenic assets for hydrogen transport and storage. This move allows Plug to retain access to important equipment while strengthening its financial position. The generated funds will be reinvested into core operations, focusing on long-term growth. The platform is expected to enhance Plug's operational efficiency and resource management, while offering partners like GTL valuable investment opportunities in the green hydrogen economy.

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.