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Plug Power hits world milestone with 95 MW electrolyzer capability

Jul 9, 2024 | blog

SLINGERLANDS, N.Y. – Plug Power Inc. (NASDAQ:), an organization specializing in hydrogen gasoline cell techniques, has reached a major milestone within the hydrogen business by putting in and commissioning over 95 megawatts (MW) of electrolyzer techniques worldwide. These techniques, which at the moment are operational or within the commissioning part, have collectively produced over 1,500 metric tons of hydrogen.

The firm’s electrolyzer installations span throughout North America, Europe, Africa, Asia, New Zealand, and India. Plug Power has managed these world deployments in compliance with the various regulatory necessities of every area. The capacities of those techniques vary from 1 MW to 40 MW and are used at exterior buyer websites.

Plug Power’s CEO, Andy Marsh, emphasised the significance of this achievement, stating, “Deploying electrolyzer systems across multiple continents and producing over 1,500 metric tons of hydrogen, is a clear example that at Plug, we’re not just talking about the future of hydrogen – we’re actively building it today.”

The hydrogen produced at these websites is contributing to varied initiatives, together with the event of a inexperienced hydrogen refueling community, powering charging stations for fleet automobiles, and supporting mobility purposes similar to hydrogen gasoline cell-powered forklifts and lightweight industrial automobiles. Additionally, it’s utilized in industrial processes, similar to changing methane-fired furnaces.

Further increasing its capability, Plug is scheduled to ship and start commissioning 37 extra items within the second half of this yr, which is predicted to extend hydrogen manufacturing capability by 40 metric tons per day.

With the upcoming on-line techniques, together with a lately introduced 25MW electrolyzer for the European market, the corporate’s each day hydrogen manufacturing is projected to achieve 93 metric tons.

Plug Power is thought for creating the primary commercially viable marketplace for hydrogen gasoline cell know-how. It has deployed over 69,000 gasoline cell techniques and greater than 250 fueling stations worldwide.

The firm can also be the most important purchaser of liquid hydrogen and is working in direction of working a inexperienced hydrogen freeway throughout North America and Europe. By year-end 2028, Plug goals to have a number of inexperienced hydrogen manufacturing vegetation in industrial operation.

This information is predicated on a press launch assertion and ought to be thought of within the context of the dangers and uncertainties that will have an effect on future efficiency, as detailed in Plug Power’s public filings with the Securities and Exchange Commission.

InvestingPro Insights

Plug Power Inc. (NASDAQ:PLUG) has been forging forward with its bold hydrogen gasoline cell techniques, marking a major presence within the world inexperienced vitality sector. While the corporate’s strides in electrolyzer installations and hydrogen manufacturing are commendable, a take a look at the monetary metrics and InvestingPro Tips reveals a extra nuanced image.

InvestingPro Tips counsel that Plug Power is going through challenges with profitability and money circulation. The firm is just not anticipated to be worthwhile this yr and has been shortly burning by way of money. These components are crucial for potential buyers to think about, particularly when evaluating the sustainability of Plug Power’s enlargement efforts. For a extra in-depth evaluation, buyers can discover extra ideas at https://www.investing.com/pro/PLUG, the place 12 extra InvestingPro Tips can be found.

On the information entrance, the corporate’s market cap stands at roughly $1.96 billion USD, reflecting the market’s present valuation of the agency. However, the financials present a regarding pattern with a unfavorable P/E ratio (Adjusted) for the final twelve months as of Q1 2024, standing at -1.64. This signifies that buyers are paying for a share of the corporate’s losses, which is additional compounded by a gross revenue margin of -62.68% for a similar interval.

Despite the monetary challenges, it’s price noting that Plug Power’s inventory has seen a major return during the last week, with a 16.3% value whole return. This could possibly be indicative of market optimism in regards to the firm’s long-term prospects or a response to latest developments. Investors concerned about real-time updates and additional evaluation can use the promo code PRONEWS24 to stand up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to InvestingPro, which incorporates detailed metrics and skilled insights.

In abstract, whereas Plug Power is making noticeable developments in hydrogen gasoline cell know-how, its monetary well being and inventory volatility warrant cautious consideration by present and potential buyers.

This article was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.

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