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JB, I took the liberty to fix the link in your previous post.
https://www.reuters.com/business/energy/german-gas-industry-warns-over-wavering-support-hydrogen-ramp-up-2024-09-18/
Banger - Those prices are for generic hydrogen.
The data is composite so no single producer can be identified.
The regional location seems to be the major factor in the price range.
Hi Jack
Can you clarify if that was for generic any color hydrogen and for hydrogen trucked to your point of use not generated on site.
Thanks
Catalytic converters contain valuable metals, including platinum, palladium, and rhodium. The black market demand for these precious metals has surged, leading thieves to target catalytic converters as a lucrative source of quick income.Jan 25, 2024
A typical SCR unit uses a solid catalyst, containing vanadium/tungsten oxides coated on a titanium substrate.
—-the application of selective catalytic reduction (SCR) catalysts is a promising solution that —-can be rapidly adopted from conventional diesel engines.——
Copper-based SCR catalysts have an early light-off temperature and reach maximum efficiencies of up to >99%. On the other hand, vanadium systems promise almost no secondary N2O emissions.
Seems like a toss up, cost wise.
And SCR catalysts already used in diesel engines.
Tino Speaks !
I agree. We can eliminate the harmful toxic emissions from most vehicles ... It's only a matter of money.
Adding the cost of expensive emissions reduction equipment to an already expensive Hydrogen application is a lot like hydrogen itself.
YES ... it can be done and Yes , it works ; but it is NOT economical in the real world.
Thank you for linking a credible scientific journal, instead of 2 guys in Trucker Hats with a microphone.
There are ways to eliminate NOx from H2 combustion. While this statement is technically correct it is meant to confuse the uninformed for his benefit..........Become informed...........
https://www.sciencedirect.com/science/article/pii/S0306261923014095
JB..
whats your opinion on Dean Fullerton and the irobot ceo??
Following up on my previous post, the following are related quotes from a recent interview with Nikola's CEO (a Plug Power partner), Steve Girsky.
Minute 6:06 into the video/interview
"Disrupting that market, we're trying it on the truck side we're trying it on the fuel side and and we encourage partners on the fuel side also. But let's be honest Allan we need like-minded Partners, we're trying to build a coalition of a purpose-built coalition a coalition of the Willing people who are like-minded we have since we put trucks on the road. We are getting more interest from potential partners than we ever have, but if we have a Big Oil Company come over and say we want to partner with you on stations that's great because they have money, we're Capital constrained, but there's one problem we move faster than they do, and the second problem is, if they're late by a year, no one in their company cares, if we're late by a year we're out of business. We go to work every day like our life depends upon it, because it does, this is all we do, and we need to find Partners who feel the same way."
WTM - Post all you want, but if you are not critical, know that I will be.
And note that LINDE is trading near their ALL TIME HIGH, and buying PLUG is a rounding error for them. Also NOTE that LINDE kept PLUG in business by supplying PLUG with hydrogen when PLUG was not able to make hydrogen or supply their customers.
Thank you Linde.
So Linde makes money, Linde makes lots of hydrogen profitably, Linde is successful.
PLUG makes a little bit of hydrogen (in comparison), PLUG isn't profitable and PLUG is trading near their ALL TIME LOWS.
Guess which stock I hold as a long and guess which stock I like to short?
JB, I believe in posting all relevant information, direct or indirect/anectodal, big or small, positive or negative, and let the readers decide for themselves. Occasionally, I may provide an opinion, but when I do, I make it clear that it's my opinion.
Case in point, the recent presentation by Lutz Decker, Chief Technology Officer at Linde, a major competitor of Plug Power. I advertised the presentation twice, a few days before and on the same day. Took the time during the presentation to take snapshots of the slides, and posted them to the board the same day. In a separate post, I also provided insights discussed during the presentation or the Q&A, not included in the slides.
In the second slide from Lutz's presentation (reproduced below), it says that Linde as the "World's Largest Operator along H2 Value Chain" only has a pathetic 40 MW electrolyzer capacity installed. This indicates to me that, unlike Plug Power, Linde has not prioritized green hydrogen production in their strategy.
I would therefore be very skeptical of any green hydrogen related comments from Linde. They may for instance be purposely downplaying green hydrogen, not do anything to promote it, perhaps even the opposite, hoping that Plug Power goes out of business, to then take over Plug Power's green hydrogen production business. Just my opinion.
WTM - CORRECTION :
I did watch the video. As soon as I saw that it was just a couple of guys with a microphone and a camera, the credibility and value went to Zero.
WTM - This is anecdotal information, and two different guys with a microphone and camera can produce the opposite show.
Instead, I watch experts like Lutz and go to important conferences where I can gather facts from the Experts like Lutz and his Boss, face to face, before I would listen to information on the internet.
WTM - Have you ever heard the phrase , "I saw it on the internet so it must be true..."?
You know that I am very critical of what gets posted, since most is Off Topic and Nonsense. I urge you to be more critical.
JB, it's clear that you haven't even watched the video, as you are coitizing the video, which makes the same point as you are, that EV and hydrogen trucks are not yet competitive with diesel, and thus, not yet economically feasible.
WTM - Did you attend the Webinar Last Week on Hydrogen ?
I remember Lutz from LINDE saying that hydrogen for vehicles and hydrogen stations were NON-Starters because of the NEGATIVE ROI.
When the Head of Technology for the Largest Hydrogen Producer in the World says Hydrogen vehicles are a No Go, I tend to believe him before I believe 2 guys with a microphone and a camera.
Cost parity with diesel is a must for semi truck electrification to get in gear | WHAT THE TRUCK?
Start watching at minute 19:30 into the video for the sustainability program at the Port of Long Beach, and/or at minute 27:25 for a review of Nikola trucks (not mentioned in the video, the 5 hydrogen fuel tanks in the Nikola hydrogen fuel cell truck have a total storage capacity of 70 kgs of hydrogen).
FreightWaves
30.4K subscribers
Posted Sep 18, 2024
WTM - Here's a FUN FACT !
When you use Hydrogen in an internal combustion Engine (ICE) , it produces Harmful TOXIC Emissions !
Even GREEN HYDROGEN POLLUTES !
WTM - WOW ! This looks Really Expensive !
At a Major Hydrogen Conference this week we were told that BULK HYDROGEN costs between $15.00 and $23.00 per kg.
That is more than 4 times more than Electricity.
Electrolyzer Basics: Renewable Hydrogen Production
Plug Power
7.27K subscribers
Posted Sep 20, 2024
Hydrogen is the most abundent element in the universe. It plays an important role in the quest for sustainable, efficient energy solutions in the global move to the electrification of everything. But how is hydrogen produced and what can it be used for? Watch to learn.
Is PLUG really only getting less than 50 Cents on the Dollar in the lease deal which will net them $150 million if they are lucky ?
All of that money will be gone by October 1. If they don't close on the $1.6 billion by then, we DROP below $1.00.
Mac - ALL of Linde's projects are DELAYED .
Linde's projects are delayed for Strategic reasons.
PLUG's projects are delayed because they are BROKE.
For those of you who missed it (including Plug Power) , Houston hosted the largest global gas technology conference this week.
In one city and in one venue, you could meet with every company and every decisionmaker in the gas universe. So important is this event to the industry, Pres. George W. Bush was the keynote speaker, with other major CEO's as speakers and presenters.
As with events of this kind there were hundreds of Press Releases about deals and mergers and projects, but the Hydrogen Sector was unusually quiet.
Not many big deals were announced and to the contrary, most of the Hydrogen news was about deals and projects being delayed or scuttled. Only one positive press release for the entire industry , but also many negatives.
I bring this up because you are invested in this sector, and if you did not attend this conference you did not feel the malaise and negativity surrounding Hydrogen and Fuel Cells. The real players are saying an additional 2-5 years before hydrogen makes some traction and even that will be later and smaller than last year's estimates.
"Anything with a 2030 date, should be considered 2035, or dead." said one Important Banker.
Next year's event will be September 12 -17 in Milan, Italy, and I will be attending again as always.
Every PLUG Rally Fades within Days ....
From $75 to $1.00's , PLUG is a Penny Stock, and 98.67 % of the shareholders are in the RED.
There are three Very Ugly outcomes for PLUG if there is NO DOE LOAN.
Not, what I said. They cover raising the price and then when the price gets up, they open a new position. While this tactic makes sense for traders for the long-term guys, they just are hoping to ride it to zero and never have to cover. By the way Jack do you know the terms of the lease agreements? If so, please share for us that do not so we know you are just spouting an opinion based on nothing but bias.
Jb whats your thoughts on Dean Fullertonand irobots ceo?
"They just keep covering and then adding more on top to hold down the price so they never have to cover."
shorts keep covering so they will never have to cover?...
GUYS - The shorts are NOT causing PLUG's crash. .... Management is !
Have you run the numbers on the Lease deal ? PLUG isn't selling body parts ... PLUG just sold YOUR SOUL !
Shorts are NOT DUMB . They have done more analysis than you. We know PLUG is running out of money faster than they say, and do you know what that means ?
BANKRUPTCY.
Predatory Bankers will sell PLUG all kinds of deals to keep the body alive, but shareholders are the ones who will be hurt.
This new lease deal is a signal / nail in the coffin .
STEVE - I am really glad that you asked you asked : How is leasing selling body parts?
Have you seen the terms ? Have you calculated these terms and the impact they will have on PLUG's Margins, Earnings and Bottom Line ?
Steve this lease back is a terrible deal (have you noticed the share price today) and will be one of the reasons that PLUG could go BELOW $1.00 !
PLUG's margins are already (expletive) and the cost / haircut on this deal will only exacerbate the losses. Our incompetent Finance team knows PLUG is going broke and they need CASH FAST ! Forget the costs, we need the $150 million ASAP.
And we may have even created a new derivative , and we all know how good PLUG Finance is at valuing derivatives (Walmart , Amazon).
PLUG has resorted to selling organs and body parts in order to pay bills and stay alive, ... I doubt we will see the $1.6 Billion.
Steve, not familiar at all with shorting, as I don't do it, however, reposting the following related post from a small AI company Stocktwits board.
Here's a little chat gpt take on dark pool squeezes.
Stocks that are heavily shorted in dark pools can be more prone to a short squeeze, Here's why:
1. Hidden Short Positions
When stocks are heavily shorted in dark pools, the market may not be fully aware of the extent of the short interest. If the price of the stock starts to rise, short sellers may scramble to buy shares to cover their positions, leading to a short squeeze.
2. Low Transparency
Since dark pool trades are not immediately visible to the public, a stock's public short interest may appear lower than it actually is, making a sudden price surge unexpected and amplifying the potential for a squeeze when it happens.
3. Liquidity and Volatility
Stocks with high short interest, especially in illiquid markets like dark pools, can experience more extreme price movements because fewer shares are available for trading.
4. Market Catalysts
A short squeeze is typically triggered by a positive catalyst—good news, unexpected earnings
30% of shares short and most done in dark pools. They just keep covering and then adding more on top to hold down the price so they never have to cover.
How is leasing selling body parts? Most equipment companies offer this option. Also, a way to move inventory from the stockpile and increase cash flow. I'm not following your logic on this Jack.
“Hydrogen News: LA Welcomes New Refueling Station!”
They announced it last month and it didn’t help at all…so they set up a podium with a couple of low level politicians speaking to no one and announced it again…
And again, no one cares..
BAD NEWS !
Collectively, The Hydrogen Fuel Cell Sector is at NEW ALL TIME LOWS !
Hurry ! Today may be the last day that you can buy PLUG ABOVE $2.00.
CORRECTION :
Plug will NOT be supplying green hydrogen to Nikola at Tom's Station !
Plug and Nikola Announce Collaboration to Push Hydrogen Economy Forward
December 15, 2022
https://www.ir.plugpower.com/press-releases/news-details/2022/Plug-and-Nikola-Announce-Collaboration-toPush-Hydrogen-Economy-Forward/default.aspx
Highlights:
- Companies enter into a Green Hydrogen Supply Agreement. Plug will be supplying green hydrogen to Nikola starting in 2023, and ramping up to a 125 TPD take-or-pay commitment as Plug’s green hydrogen network continues to come online.
- Nikola to purchase a 30 TPD liquefaction system from Plug for its Arizona Hydrogen Hub
- Plug to purchase up to 75 Nikola Tre FCEVs over the next three years
- Emphasizes Plug’s commitment to sustainability by driving down greenhouse gas emissions within the hydrogen ecosystem
WTM - Wow ! Nothing to do with PLUG.
Thanks .
Hydrogen News: LA Welcomes New Refueling Station!
Hydrogen News
22.4K subscribers
Posted Sep 16, 2024
Tom’s Truck Center has made a groundbreaking move by opening the first hydrogen refueling station onsite at a commercial truck dealership. This significant event took place at their Santa Fe Springs location in Los Angeles County, marking an important milestone in California’s push towards a hydrogen-powered future. Strategically situated along Highway 5, one of the nation’s busiest corridors, this new station is part of the Nikola HYLA network and aims to support the transition to cleaner, zero-emission heavy goods transportation.
Steve - PLUG is having to sell body parts and organs in order to pay the bills.
Pretty Sad.
HUge up day for the market, news and the stock does nothing much at all.
Banger - THIS IS NEGATIVE NEWS !
From another Board :
"They (PLUG) are simply selling their very own equipment to a leasing company in order to raise much-needed funds but even utilizing the full $150 million would only help them surviving another couple of weeks."
WTM - You may have to wait.
The knowledge and information I gain has less value in bulk, and is better applied in context.
You and everyone else will get all of it as I apply it in my responses on this and other boards.
As an aside, I was looking for some familiar PLUG faces, but saw none, even though PLUG has offices in Houston.
This is a 3 Day event, so I certainly didn't see everyone. Hopefully I can today.
JB, again, I'm more interested in learning more details about the following quotes you made in a post yesterday. UK said he's also interested. Is there anything you learned that you can share with the board?
"I had a One-on-One with Lutz's BOSS ! Whereas Lutz danced around many questions especially costs and prices, his boss told me in great detail what grey vs green plants cost (CAPEX), OPEX, Bulk and retail. Linde, Air Products, Air Liquide and even NEL, Kogas and Sinopec and Sabic were open about pricing and strategies. All of my questions were addressed."
"For instance, I now know how the non-US companies are already taking advantage of the 45v rules in the US."
Yesterday I posted :
FED Cut .25% = $2.20
FED Cut .50% = $2.25
It looks like the reaction to the FED hits PLUG today.
WTM - Really Old News Rehashed.
PLUG has already delivered the equipment and booked the revenue for this project. We told this months ago.
And the study is just that. An engineering study, no PLUG equipment involved. Why does a study worth less than $100K earn a Press Release unless the company is really desperate to keep the share price above $2.00/share. A condition for getting a Loan ?
Lots more Nothing Burger PR's for some reason.
the news keeps flowing, hope this financial "platform" is better for PLUGs cash flow than the PPA contracts they signed with Walmart and never made anything off of.
https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Power-Launches-an-Equipment-Lease-Financing-Platform---Plug-is-Targeting-150-million-from-a-Combination-of-Debt-Leverage--Customer-Financing-Solutions/default.aspx
Plug Power Launches an Equipment Lease Financing Platform - Plug is Targeting >$150 million from a Combination of Debt Leverage & Customer Financing Solutions
September 19, 2024
Concurrently, Plug Signed Definitive Agreements for an Initial ~$44 Million in Direct Equipment Lease Financing Transactions with GTL Leasing, a Portfolio Company of Antin Infrastructure Partners
SLINGERLANDS, N.Y., Sept. 19, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has announced the establishment of an equipment leasing platform and is targeting over $150 million in the near to mid-term. This platform is intended to enable Plug to access capital by leveraging its equipment asset base and to provide equipment financing solutions to Plug’s customers to support equipment sales growth. As a first step in this platform, Plug signed three separate sale and leaseback transactions equivalent to ~$44 million with GTL Leasing (“GTL”), a portfolio company of Antin Infrastructure Partners (“Antin”). The sale and leaseback transactions include various gaseous and cryogenic assets such as trailers and storage tanks for the transport and storage of hydrogen molecules.
These transactions enable Plug to retain access to crucial hydrogen equipment while strengthening its financial position. The funds generated will be reinvested into Plug’s core operations and focused on driving long-term growth and expansion initiatives.
“These initial transactions and platform mark a crucial step in building a strategic partnership with partners like GTL. It provides for immediate capital with a path to additional capital over the near term, supports our growth in the green hydrogen sector, and aligns with Plug’s financial and operational objectives. We are excited about this partnership and are optimistic about the upcoming opportunities and benefits this platform will bring with GTL and other partners,” stated Plug CFO, Paul Middleton.
This platform aims to enhance operational efficiency and resource management for Plug, while offering partners like GTL a valuable investment opportunity to expand their existing portfolios of leased assets. The platform is expected to support Plug’s ongoing commitment to its strategic initiatives and operational capabilities.
For GTL and other potential participants, this partnership with Plug offers strategic benefits, including a stable, long-term revenue stream, material expansion, and diversification of their product portfolio, which further entrenches these lessors in the green hydrogen economy, and provides a pathway for significant expansion and growth over time.
“We are pleased to participate in these three transactions with Plug Power and to support their continued growth in the green hydrogen sector. These initial transactions and the participation in Plug’s equipment leasing platform align with our goal of investing and supporting innovative and sustainable hydrogen technologies, while also providing us with a stable revenue stream. We look forward to advancing our partnership with Plug Power and exploring further lease opportunities,” stated Michael Koonce, CEO of GTL Leasing.
“When we invested in GTL earlier this year, we aimed to inject capital to diversify and strengthen the business’s equipment portfolio, and these transactions deliver exactly that,” stated Nathalie Kosciusko-Morizet and Stephan Feilhauer, Senior Partner and Partner respectively at Antin Infrastructure Partners. “These transactions not only provide GTL with a robust portfolio of storage tanks and trailers—both cryogenic and gaseous—but also support some of the largest distribution centers in the U.S.” continued Kosciusko-Morizet and Feilhauer.
Goldman Sachs & Co. LLC acted as Plug Power’s financial advisor on the transactions.
About Plug Power
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com.
About GTL Leasing
GTL Leasing was established in 2013 and has grown exponentially over the last ten years to become the leading lessor of high-pressure gaseous hydrogen transport and storage equipment. Though hydrogen transport represents the majority of GTL’s fleet, GTL also leases trailers that transport other industrial gases along with a diversification into cryogenic hydrogen and hydrogen compressor/dispenser equipment. GTL provides customers with short- and long-term operating leases which typically include maintenance services provided by its team of highly skilled in-house technicians. GTL has facilities in Catoosa, Oklahoma and Livermore, California. For more information, visit www.gtlleasing.com.
About Antin Infrastructure Partners
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €31 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore, Seoul and Luxembourg, Antin employs approximately 220 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0).
Plug Power Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about Plug’s equipment lease financing platform, including whether, when or on what terms Plug may achieve its target of over $150 million from debt leverage and customer financing solutions in the near to mid-term; the timing and release of funds to Plug with respect to its initial $44 million transactions with GTL; Plug’s intention that the platform will enable it to access capital by leveraging its equipment asset base and to provide equipment financing solutions to Plug’s customers to support equipment sales growth; Plug’s belief that these transactions will enable Plug to retain access to crucial hydrogen equipment while strengthening its financial position and the use of funds to drive long-term growth and expansion initiatives; Plug’s belief that these initial transactions and platform will provide for immediate capital with a path to additional capital over the near term; Plug’s aim for the platform to enhance operational efficiency and resource management for Plug and offer partners a valuable investment opportunity; Plug’s expectation that the platform will support its ongoing commitment to strategic initiatives and operational capabilities; Plug’s belief that partnerships with GTL and other potential participants offers strategic benefits, including a stable, long-term revenue stream, material expansion, and diversification of their product portfolio and provides a pathway for significant expansion and growth over time. You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: our ability to achieve our business objectives and to continue to meet our obligations, which is dependent upon our ability to maintain a certain level of liquidity and will depend in part on our ability to manage our cash flows, and the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2023, the Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 and June 30, 2024, as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. We disclaim any obligation to update forward-looking statements except as may be required by law.
MEDIA CONTACT
Fatimah Nouilati
Allison
plugPR@allisonpr.com
Plug Signs Technical Evaluation Phase Contract for 25 MW of PEM Electrolyzers with Dourogás and CapWatt for 80,000 Ton Per Year Methanol Project
September 12, 2024
https://www.ir.plugpower.com/Press-Releases/default.aspx?_gl=1*ypp5jq*_ga*MTA3Nzg0NjI3NS4xNzI2NzQ1ODk0*_ga_MWCMJHDG1R*MTcyNjc0NTg5My4xLjEuMTcyNjc0NTkwOC40NS4wLjA.
Plug will collaborate to provide support during the Front End Engineering Design (FEED) phase
SLINGERLANDS, N.Y., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has secured a contract with H2DRIVEN, a project developed by Dourogás and CapWatt, to provide Technical Evaluation Phase (TEP) support for 25 megawatts (MW) of its Proton Exchange Membrane (PEM) Electrolyzers during the Front End Engineering Design (FEED) process for their green methanol project in Portugal.
Building on the success of its Basic Engineering and Design Package (BEDP) for larger-scale plants, Plug introduced a similar offering to support the development of projects considering multiple 5 MW PEM electrolyzer units. The TEP offering provides customers with technical information and support to advance their projects through the permit and funding application phase and the plant development phase while mitigating risks and making informed Final Investment Decisions (FID). Similar to Plug’s BEDP offering, the TEP offering will focus on delivering critical insights and technical expertise to support customers with their successful project execution.
Following a soft launch of this new engineering study and support offering, Plug is pleased to have secured a first TEP contract with H2DRIVEN. H2DRIVEN expects its project to produce 80,000 tons of green methanol annually by combining synthesis gas from biomass gasification with green hydrogen generated through water electrolysis powered by solar energy. This sustainable methanol will be utilized in heavy industry and mobility applications, contributing to a cleaner energy future.
The FEED process for the project will be led by collaborating closely with Plug to leverage its expertise in PEM technology. During the TEP, Plug will provide essential support and detailed information on its PEM electrolyzer technology, guiding the client through the FEED process.
“This agreement underscores our leadership and expertise in PEM electrolyzer technology,” said Plug CEO Andy Marsh. “With the world’s largest PEM electrolyzer plant and extensive real-world experience, we are well-positioned to provide the technical support needed to advance this project.”
H2DRIVEN aims to bolster the national economy and resilience by driving R&D and innovation, diversifying the production system, and reducing reliance on external markets. The initiative will aim to increase exports, support the EU’s technological sovereignty, and stimulate investment in R&D, leading to technical and scientific advancements. Additionally, H2DRIVEN is targeting development of two new high-tech production systems and a reduction in emissions by 105 kilotons of CO2 (carbon dioxide) annually by 2027.
Once the TEP is successfully executed, the H2DRIVEN project will proceed to the next phase of the project, the Final Investment Decision (FID). H2DRIVEN expects the project to be operational by the end of 2026.
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.
For more information, visit www.plugpower.com.
Plug Contracts with bp and Iberdrola Joint Venture to Supply 25 MW of PEM Electrolyzers for bp’s Castellón Refinery Project in Valencia, Spain
September 18, 2024
https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Contracts-with-bp-and-Iberdrola-Joint-Venture-to-Supply-25-MW-of-PEM-Electrolyzers-for-bps-Castelln-Refinery-Project-in-Valencia-Spain/default.aspx
LATHAM, N.Y., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, 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 will employ five of Plug’s 5 MW containerized PEM electrolyzers with a 25 MW capacity to decarbonize the operations at bp’s Castellón refinery in Valencia, Spain and is expected to avoid 23,000 tons of CO2 emissions per year.
Plug’s electrolyzers will be used at the project led by bp and Iberdrola to produce green hydrogen, replacing part of the refinery’s current use of gray hydrogen generated from natural gas in its operations.
"The selection of Plug's technology for this project serves as a clear example of our established industry expertise and proven technology,” stated Plug CEO Andy Marsh. "Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”
Plug will leverage its extensive experience in the green hydrogen industry, backed by 35 years of engineering and expertise following the acquisition of Frames in 2021. Plug's experience in deploying and operating PEM electrolyzer systems globally, highlighted by operating the largest system at its 15 ton per day (TPD) Georgia hydrogen production plant, underscores its ability to provide proven PEM electrolyzer technology for this project.
Plug's state-of-the-art Gigafactory in Rochester, N.Y., one of the largest PEM manufacturing facilities in the U.S., further demonstrates the company's ability to deliver on this project. Together, the Georgia plant and the Gigafactory are evidence of Plug's successful track record with PEM electrolyzer technology.
This deal marks the beginning of a long-term partnership and is the first step in decarbonizing bp's operations. The project will be developed in phases, with the potential expansion of up to 2 gigawatts (GW) of electrolysis capacity.
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.
For more information, visit www.plugpower.com.
About Iberdrola
Iberdrola is the largest utility in Europe, and one of the top three largest globally, serving a population of more than 100 million people around the world. The company has a workforce of over 42,200 and assets in excess of €150 billion. In 2023, Iberdrola posted revenues of nearly €50 billion, net profit of €4.8 billion, with nearly €9.3 billion paid in tax contributions in the countries where it operates. The company helps to support more than 500,000 jobs in communities across its supply chain, and global supplier purchases topped €18.1 billion in 2023.
A benchmark in tackling climate change, Iberdrola has invested more than €150 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
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Page is currently being updated - watch for more information about their recent acquisitions and competitors
Welcome to Plug Power
http://www.plugpower.com/Home.aspx
Plug Power is the leading provider of clean hydrogen and zero-emission fuel cell solutions that are both cost-effective and reliable.
In 2020/21 Plug Power cemented two major partnerships
https://www.plugpower.com/plug-power-and-sk-group-partnership/
https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Groupe-Renault--Plug-Power-Join-Forces-to-Become-Leader-in-Hydrogen-LCV/default.aspx
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead-acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future.
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