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I have a problem with that paper / article.
He says the processing of electricity from alterative energy to the output of hydrogen is less than 50% efficient.
But he says oil has an output greater than 1. But that ignors transporting crude out of the ground, to a refinery, the energy used and cost of the refinery, transporting to a power plant, and the difference in efficiency of burning oil ( or gas ) vs using a fuel cell.
I agree their are some differences in efficiency depending on use. Fuel cell cars are much better than a gas engine ( even one burning hydrogen ) and less or no improvement in a power plant but you can't totally ignore the cost of getting oil or gas from the ground to the power plant.
Toofuzzy
CEF - Q-1 revenues ought to be in the $120-$150 million range based on PLUG history and growth.
If gross revenues are below $120, I have some worries.
The $500 million in impairments includes shutting down facilities, severance and other RIF costs, inventory carry costs and losses.
These are just my estimates, and I would be interested in anyone else's thoughts.
how do you get $150mil and $500mil of impairments
I wonder if we are involved in any of these? https://www.energy.gov/articles/biden-harris-administration-announces-first-projects-receiving-clean-energy-manufacturing
Sorry, but if their plan was to destroy themselves and implode the company and short, them, I guess you are right. Otherwise, I guess you are trying to be funny or sarcastic. If not, then you are delusional.
"I love it when a plan comes together"
- The major indices are starting to recover
- Plug short interest is increasing
- Plug trading volume is decreasing
- Positive press releases are coming
Fasten your seatbelt and enjoy the flight 😎
Only 2 weeks until Q1 earnings.
Could be, mayb lower
MORE BAD NEWS :
Q1 revenue will probably come in around $150mill....
Paul pretty much indicated this in the seasonality comment.....
We should expect some impairment charges of close to $500mill related to inventory and property plant and equipment...
Cash burn is running around $250mill for the Q....
Expect the share price to find its way to $1.50 after earnings, if not before.
I think the continued increase in Short Interest (30%) has been a key indicator of this Negative Trend in PLUG's share price.
Until there is a Major Positive Catalyst, this Negative Trend will continue.
There is NO BOTTOM.
Haven't posted in a while. Big Spender bought back into PLUG in October, 100 shares for $7.77.
Andy Marsh is running PLUG into the ground with Marsh-onomics.
Steve - Before every opportunity, I feed multiple analysts with tough questions to ask PLUG's leadership. Remember when one asked about the FFI JV ? Ole leaving ?
The problem Steve, is that PLUG only wants softball questions. No questions about key metrics or deals that have faded away ...
If an analysts has the gall to ask a tough or negative question do they get to participate in the future?
I strongly suspect that the GA plant is not fully operational and may not even producing H-2. Yes the plant is Open, will someone ask what the average TPD is?
I have to agree you never get bad news from PLUG unless an analyst asks a direct question. If you know one maybe you can get him or her to ask some tough questions.
Steve - SCMF lives in SC, not far from the plant in GA. His last visit was on a weekend, which might explain to lack of activity.
The Foodie company on the same dead end street says there is very little activity on the road, which leads me to believe that the plant is still not fully operational.... or worse. With only 3 businesses on the road, they can see every vehicle that enters or leaves at least during business hours.
A status update from the PLUG would be helpful, but if the news is negative, we will never be informed.
My concern is that operations are still limited or suspended.
SCMets on Yahoo has driven by a few times. I would go but it would take me all day to get there and back. He has never walked inside to ask what was going on, but just drove by I think.
Steve, et al, - Does anyone know anyone close to the shiny, new Hydrogen plant in Georgia, who can swing by and see if it is operational?
I hear that it is still not fully operational. I'm worried that it isn't even running.
Someone needs to swing by and give us an independent status report.
Well, if they had done thing right as you say we would be profitable by now instead of near financial collapse or a reverse split. You also realize all the misses on revenues quarter after quarter, the accounting issues and fine, the promise to be BE that never happened, the statement we don't need money and then dilution a few times. Lies, distortion, mismanagement and screw ups like the Ga. plant 3 openings. There's just too much to give these clowns a pass. Andy and Paul should fall on a knife if they were honorable men and resign.
Plug Doing Real Things: Kristinestad, Finland
April 16, 2024
https://www.plugpower.com/plug-doing-real-things-kristinestad-finland/
PLUG has done everything right as far as markets or its products - read Crossing the chasm and The Gorilla Game for confirmation.
we explicitly decided not to enter the heavy mobile market (buses, trucks trains ships etc) by ourselves (we do have JV s of course where the expertise in those vehicles exists but are using a generic fuel cell “motor” not custom ones like Ballard has). As Ballard are finding out even promises of 500-1000 units dont make the product line profitable.
After securing the Material handling market the generation of hydrogen to supply those customers is a great adjacent pin. Our electrolyzers are second to none. Thats why you see them being used in projects around the world - especially in Europe. They may not be the cheapest but they work and PLUG knows what is needed to make a project successful.
Material Handling GenDrives and electrolysers make 20-30% gross margins so are pretty good businesses. Hopefully the new factories mean that large stationary fuel cells will also be when they roll out in any volume.
By choosing partners for things like the aircraft industry and last mile delivery we share the risks and costs involved.
If only Sanjay hadnt been so confident in the date to get production plants up and running we wouldn't be in this mess. Permitting delays hit all our sites - and will do in the future until the govt sorts this out (see Senator Manchkin). New York is now 2 years late had it been on time we would be selling to third parties 50% of the hydrogen we produce for nice hefty margins.
We will find out soon!
B_B - From $75 to $2.00 ... That's quite the Squeeze !
I don't think PLUG does anything well.
If we break through $2.26, we will hit the $1.00's soon after.
Maybe a ceo who knew how to run a business would be better…
start doing what we do well
Andy is good at squeezing the shorts.😎
I expect a record quarter with narrowed losses.
The estimates/expectations are very low.
Suspect most recent changes will not show this quarter, but a reduced inventory and spending since projects have stopped ought to stem the losses a bit. We should see a small decease in our fuel cost. Things should improve on the cost and revenue side as the supply of our own fuel increases, the price increases and the savings from layoffs show up. The big offset is the increased share count that hangs over us. We need a Hail Mary pass.
So, Ballard, a once second-rate fuel cell provider we used to use that put out a sub-par product must be doing better because they seem to be getting quite a few deals we are not getting. The shotgun approach.to going after everything and not doing anything that well, but forklifts, seems to have hurt us. Maybe it is time to focus on what we do best or the most potentially profitable and sell off other units? I wonder what the drone, airplane and van businesses have cost us versus their potential any time in the near future. Maybe it is time to start asking the hard questions and start doing what we do well.
Only 3 weeks until Q1 earnings.
Ballard announces orders for 70 hydrogen fuel cell engines for delivery to Wrightbus in 2024
Tue, Apr 16, 2024
https://finance.yahoo.com/news/ballard-announces-orders-70-hydrogen-123000406.html
More BAD NEWS:
$2.79 ! PLUG just broke through the $2.82 support like it wasn't even there.
Look out below !
There is still too much news 🤣
Japan’s first hydrogen and biofuel hybrid passenger ship enters service
April 16, 2024, by Fatima Bahtic
https://www.offshore-energy.biz/japans-first-hydrogen-and-biofuel-hybrid-passenger-ship-enters-service/
Japan’s largest steelmaker to invest billions of yen into hydrogen-based direct iron reduction
Nearly 60% of the bill will be footed by the Japanese government
15 April 2024 By Polly Martin
https://www.hydrogeninsight.com/industrial/japan-s-largest-steelmaker-to-invest-billions-of-yen-into-hydrogen-based-direct-iron-reduction/2-1-1626984
Air Products to open two new hydrogen refuelling stations in Germany
By Molly Burgess on Apr 15, 2024
https://www.gasworld.com/story/air-products-to-open-two-new-hydrogen-refuelling-stations-in-germany/2137220.article/
Hyundai to start hydrogen vehicle trials in Guangzhou this year
By Moon Joon-hyun Published : April 12, 2024
Hyundai Motor Group plans to expand operations at its HTWO Guangzhou facility -- its first overseas hydrogen fuel cell system production plant -- by initiating pilot projects for commercial hydrogen fuel cell vehicles this year.
https://www.koreaherald.com/view.php?ud=20240412050553
China's homegrown hydrogen-powered train completes test run at 160 km/h
Mar 21, 2024
https://www.globaltimes.cn/page/202403/1309256.shtml
China's largest green hydrogen refuelling station is selling H2 at a seventh of the cost of the fuel in California
Sany claims its integrated production and fuelling complex supplies hydrogen at cost parity with diesel
15 March 2024 By Polly Martin
https://www.hydrogeninsight.com/transport/chinas-largest-green-hydrogen-refuelling-station-is-selling-h2-at-a-seventh-of-the-cost-of-the-fuel-in-california/2-1-1613409
Forvia establishes new hydrogen energy business entity in China
11/03/2024
https://www.jeccomposites.com/news/spotted-by-jec/forvia-establishes-new-hydrogen-energy-business-entity-in-china/
Air Liquide China breaks ground on $20m hydrogen filling centre
By Molly Burgess Mar 06, 2024
https://www.gasworld.com/story/air-liquide-china-breaks-ground-on-20m-hydrogen-filling-centre/2135313.article/
China’s Clean-Truck Surprise Defies the EV Slowdown Narrative
By Colin McKerracher 5 maart 2024
…..
The first is that hydrogen fuel cells are finally making their presence felt, with over 1,000 fuel cell-powered heavy trucks sold in December. That’s the highest tally yet and more than twice that of any previous month. China is providing very generous incentives for truck manufacturers to deploy fuel cell vehicles, and the market is starting to respond.
…..
https://www.bloomberg.com/news/newsletters/2024-03-05/china-s-clean-truck-surprise-defies-the-ev-slowdown-narrative
China goes big on green hydrogen using renewable energy surplus
KOHEI FUJIMURA and NAOYUKI TOYAMA March 5, 2024
https://asia.nikkei.com/Business/Energy/China-goes-big-on-green-hydrogen-using-renewable-energy-surplus
World's longest hydrogen pipeline, covering 700km, set for construction work this year at a cost of $845m
The Chinese record-breaker could facilitate renewable H2 exports from a port near Beijing, developers claim
29 February 2024 By Rachel Parkes
https://www.hydrogeninsight.com/production/worlds-longest-hydrogen-pipeline-covering-700km-set-for-construction-work-this-year-at-a-cost-of-845m/2-1-1605339
China's four-seater hydrogen-fueled internal combustion engine aircraft completes maiden flight
2024-01-30
https://www.ecns.cn/m/news/cns-wire/2024-01-30/detail-ihcxhitc4314201.shtml
Ballard announces succession of two Weichai nominees to Board of Directors
Jan 02, 2024
https://www.ballard.com/about-ballard/newsroom/news-releases/2024/01/02/ballard-announces-succession-of-two-weichai-nominees-to-board-of-directors
Ballard in China
https://www.ballard.com/about-ballard/ballard-in-china
China's green hydrogen investment tops 300 billion yuan in first nine months, leading the world
Nov 20, 2023
https://www.globaltimes.cn/page/202311/1302162.shtml
GE’s hydrogen-ready turbines ordered for 1.7 GW gas plant in China
The Chinese State Development & Investment Corp has ordered two hydrogen-ready gas turbines from GE Vernova for a new combined-cycle power plant.
10.11.2023
https://www.power-eng.com/news/ges-hydrogen-ready-turbines-green-1-7gw-gas-plant-in-china/
China’s First Hydrogen Fuel Cell Vessel Enters Service
OCT 11, 2023
https://maritime-executive.com/article/china-s-first-hydrogen-fuel-cell-vessel-enters-service
China's largest green hydrogen project — a $4bn, 640MW ammonia/methanol facility — begins construction
28 September 2023 By Leigh Collins
https://www.hydrogeninsight.com/production/chinas-largest-green-hydrogen-project-a-4bn-640mw-ammonia-methanol-facility-begins-construction/2-1-1525815
SINOPEC TO BUILD 1,000 HYDROGEN FUELING STATIONS BY 2025
2023-09-20
https://senecaesg.com/insights/sinopec-to-build-1000-hydrogen-fueling-stations-by-2025/
An Interesting Read:
From Another Board;
"A lot of people on this board talking about the DOE loan coming through and the stock climbing. Reminds me of the GA plant opening (or waiting for months for it to open). By the time in finally happened it did nothing for the stock price. Waiting for a loan is no way to bet on a successful company. The facts are Andy and Paul (Laurel and Hardy) set ridiculous forecasts, dropped hints of partnerships, boldly told us again and again they would be breakeven end of 2023. They are both so out of touch with running a business, they ran Plug into the ground. The cost cutting measures should have been done a year ago. I really don't see a positive outcome for Plug, it feels too late. Margins are all negative, fuel delivery negative, help me out if you know something different. I am long but totally soured on management."
B_B - SPAM Much ?
BMW Reignites Investor Interest in Green Hydrogen
Paul Hoffman Apr 15, 2024
During BMW’s annual investor conference, the green hydrogen sector received a positive jolt when the BMW CEO, Oliver Zipse, affirmed the company’s dedication to advancing the technology. BMW (FWB:BMW) has already deployed a fleet of hydrogen fuel cell cars worldwide for more than a year. The company plans to introduce three hydrogen vehicles at dealerships in the upcoming year. This announcement follows a period of subdued activity in the hydrogen automotive industry.
https://www.tipranks.com/news/bmw-reignites-investor-interest-in-green-hydrogen
Hyundai Motor ramps up hydrogen bus production in 2024
2024.04.15
South Korea’s sole hydrogen bus manufacturer Hyundai Motor Co. is set to boost its hydrogen bus production capacity sixfold in 2024 after sales of electric buses made in China surpassed those for domestically made ones for the first time.
According to industry sources on Sunday, Hyundai Motor‘s Jeonju plant recently ramped up its annual production capacity for hydrogen buses to 3,000 units, up from 2023’s 500 units. This expansion comes on the heels of a recent facility upgrade dedicated to hydrogen bus production at the company’s Bus 1 plant.
The Jeonju plant serves as a specialized production hub for buses and other large commercial vehicles. Hydrogen buses were primarily mass-produced at Bus 2 Plant until 2023, following trial operations at the Bus 1 plant.
With this increase in annual production capacity, Hyundai Motor is forecast to produce and sell over four times the number of hydrogen buses compared to 2023, amounting to about 1,500 units. According to data from the Ministry of Land, Infrastructure, and Transport, Hyundai Motor sold around 370 hydrogen buses that year.
.....
https://pulsenews.co.kr/view.php?year=2024&no=276814
No panic yet at Plug Power.
The insiders are not selling.
Hydrogen is hot, so the talented managers (Jose Luis Crespo, Cortney Mittelsteadt, Hector Maza, David Mindnich etc.) could easily get a good job elsewhere, but they are not leaving Plug Power.
HyLight raises $4M for hydrogen-powered airship drones
The HyLighter offers easy control, long-range sustainable data collection with HD cameras and advanced sensors for precise detection and analysis.
Cate Lawrence 2 minutes ago
.....
The weight of hydrogen fuel cells has always been a pain point in aviation— "For one kilo of hydrogen, you have 20 kilograms of cylinders, "explained Bocken.
However, HyLight has solved the problem by removing the cylinders and storing the hydrogen directly inside the envelope (aka balloon). This is much lighter than air, allowing the airship to float and carry payloads aloft.
Hydrogen is used as both the lifting gas in the envelope and the fuel source. It enables the HyLighter to achieve exceptional endurance, allowing it to fly for up to 10 hours, over 350 km, at 35 km/hr.
.....
https://tech.eu/2024/04/15/hylight-raises-4m-for-hydrogen-powered-airship-drones/
This hydrogen engine is revolutionizing the automotive industry: neither American nor German
by D. García 04/14/2024
The new hydrogen engine the industry has been waiting years for arrives directly from Korea. Imagine one that leaves internal combustion behind and doubles its range. This is precisely what they have achieved by developing a new type of injection, which could be described as second-generation. We show you all the technical characteristics of this invention that comes to unseat the electric cars.
.....
https://www.ecoticias.com/en/korean-hydrogen-engine-cars-future/970/
German chancellor hails Germany-China hydrogen technology cooperation
2024-04-15
CHONGQING, April 14 (Xinhua) -- Federal Chancellor of Germany Olaf Scholz said on Sunday he is impressed by the cooperation between German and Chinese enterprises in the field of hydrogen technology, and Germany is willing to continue to deepen friendly exchanges with China and push bilateral cooperation to a new level.
Scholz on Sunday visited a Sino-German joint venture and a Sino-German cooperative scientific research project on water monitoring, among others, after his arrival earlier the day in Chongqing Municipality to kick off his three-day official visit to China.
At the joint venture Bosch Hydrogen Powertrain Systems (Chongqing) Co., Ltd., Scholz learned about the hydrogen powertrain products and fuel cell powertrain solutions, and experienced the assembly of hydrogen fuel cell power modules.
Scholz said the company's technology progress and the factory construction speed were gratifying.
Scholz is being accompanied by senior representatives of a number of renowned German companies, including Siemens, Bayer, Mercedes-Benz, BMW, and Zeiss.
More than 5,000 German companies are operating in China -- which has been Germany's largest trading partner for many years.
https://english.news.cn/20240415/6ca8f1d1676a41caa9a2f5bbc1cdc52b/c.html
We lost the EV race and now we are losing the Hydrogen race.
Thanks to the manipulative fossil fuel companies and the slow populist government.
Steve, agree. What puzzles me the most is the fact that the Treasury Department and the DOE seem to have conflicting interests. Instead of collaborating on these important issues, they seem to be in conflict. Furthermore, the DOE, which has many more years of experience on every aspect of the hydrogen economy, instead of taking a leading role and provide guidance to the Treasury Department on setting the guidelines, is playing a passive, wait and see role on the sidelines.
B_B - Wow. Congrats.
What is the value of this deal to PLUG ?
A one-off ? Continuing revenues?
Did PLUG make enough to cover the celebration?
Sadly, that looks like where we are heading also. 45V was important to signal it is isafe to dip your toes in the water and they messed it up and delayed it. Prett typical of this administration to promise a bunch and then slow walk it or forget about it. Gee, sounds like Andy. Either way Plug cannot get a break. This story is getting uglier.
“We are thrilled to celebrate, in partnership with MOL, the inauguration of one of Europe’s largest green hydrogen plants supporting a refinery,” said Andy Marsh, CEO of Plug Power.
“As a potent way to reduce carbon emissions within refinery operations, we are proud to equip MOL with cutting-edge electrolyser technology to efficiently produce green hydrogen.”
Having started up its first green hydrogen production plant last year, the country is set to have several more operational green hydrogen plants in the near future.
MOL launches largest green hydrogen plant in Central/Eastern Europe
By Anthony Wright on Apr 12, 2024
https://www.gasworld.com/story/mol-launches-largest-green-hydrogen-plant-in-central-eastern-europe/2137167.article/
https://www.plugpower.com/in_the_news/
Shares in hydrogen truck maker Nikola slump by 25% after chairman recommends reverse stock split
Move to reduce the number of shares is needed to avoid delisting from Nasdaq exchange, the US company admits
12 April 2024 By Leigh Collins
https://www.hydrogeninsight.com/transport/shares-in-hydrogen-truck-maker-nikola-slump-by-25-after-chairman-recommends-reverse-stock-split/2-1-1626367
More Bad News :
When you are a struggling company in a nascent sector, you don't want to hear "Delays and Cancellations.".
Delays and Cancellations in new orders.
Delays and Cancellations in existing projects starts or completions
Delays and Cancellations in FUNDING.
The Hydrogen Sector and PLUG are facing growing DELAYS and CANCELLATIONS
When we should be seeing exponential growth.
NOT GOOD.
Could newly announced public consultation on US hydrogen tax credits delay their roll-out?
Treasury Department now seeks comments on proposed emissions value request process
12 April 2024 By Leigh Collins
A new public consultation related to one aspect of the controversial proposed regulations for the US 45V hydrogen production tax credit was announced yesterday by the US government that could further delay the implementation of the all-important subsidy.
…..
However, it seems that only projects planning to use technologies that are not included in the official emissions modelling tool — 45VH2-GREET (Greenhouse gases, Regulated Emissions, and Energy use in Technologies) — would need to apply for a PER. The GREET model only covers electrolysis, methane and landfill gas reforming, and coal and biomass gasification, leaving out production methods such as waste-to-hydrogen and pyrolysis (heating methane in the absence of air so CO2 cannot be produced).
The PER clause in the NPRM document provides no detail about how the government would determine the provisional emissions rate — which seems to have led the Treasury Department to launch a public consultation on this process.
Developers and members of the public now have until 13 May to comment on the new PER proposals.
This means that it is highly unlikely that the controversial 45V regulations will be finalised until after this new consultation ends and is analysed by government officials — suggesting that regulations are unlikely to be finalised until June at the earliest.
…..
The GREET model has also proved to be controversial among developers because it is due to be updated annually or can be replaced by a similar system as determined by the Energy Secretary of the day, meaning that projects that qualify for one tax credit bracket in one year might not qualify for that same tax bracket the following year — adding a layer of uncertainty that is unhelpful for calculating future income and securing loans.
…..
https://www.hydrogeninsight.com/policy/could-newly-announced-public-consultation-on-us-hydrogen-tax-credits-delay-their-roll-out-/2-1-1626130
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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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