Plug Power Inc (PLUG)

[Jack_Bolander]

Banger - Every PR is the same. Weak on details and metrics . And then ... Gotcha !

Walmart. Amazon. Riley. Every deal turns out not to be as good as originally advertised.

Now ANDY is guesstimating 4-6 months ? Like the Georgia Plant ?

I'll take the OVER, Please !

[uksausage]

Andy put some details on the process now and it includes an environmental impact stucy for Texas. I thought that was done years ago otherwise they wouldn't be allowed to have done the preparation work. Any study like that adds months to the timeline - Andy seemed to think 4-6 and in parallel the paperwork and other conditions can be addressed.

market realizing that the loan money wont come through until year end.

BUT it probably allows other forms of project financing to be secured with the loan money paying it off, but at what interest rate?

wish we ha a CEO who could actually understand cash and interest rates etc.

[B_B!]

Friday/tomorrow options expiration
I think it will recover after UK & Europe close (11:30 AM).

[Jack_Bolander]

It looks like the DOE Loan was not enough to reverse the NEGATIVE TREND.

[Penny chatter]

That would work

[Jack_Bolander]

WTM - It's not very often that we agree, but Sanjay is responsible/culpable for much of PLUG's decline along with Paul and Andy.

If Sanjay succeeds Andy, I will definitely be shorting PLUG. Most of Wall Street know what is happening inside of PLUG and no one is impressed with PLUG's "leadership".

I wish Ole was still here.

[WeTheMarket]

PC, JB, Andy should buy back the shares he sold when PLUG was $65.

[WeTheMarket]

UK, agree, which reminds me of the reason why Sanjay should never be promoted to CEO, as he is the main reason for Plug Power being way behind schedule with their own green hydrogen production, not to mention the repeated promises/lies on when the Georgia hydrogen plant would be coming online. In fact, I wish that Sanjay would be fired, and believe that Sanjay should have been fired long ago.

[Jack_Bolander]

Penny - Actually PLUG is selling shares. ATM

PLUG doesn't have enough cash on hand to buy back shares.

The sure sign of a struggling / ailing / beleaguered company

[Penny chatter]

Buy back news is what's needed

[Tahoe2468]

Makes sense

[uksausage]

How can a company relaxes so much positive PR with no green up days ??

All these PR are long term beneficial to the company (maybe).
The focus is on executing a plan to get their cash burn under control given the delays to the H2 plants. (Georgia 18 months late, Texas, NY not really started but should have been open last year)
The stock price will move when earnings results show that they can survive another 12 months or more (funding from the loan will not be available until end 2024 - yes some will be retrospective for the $300m spent in Georgia)
If interest rates come down then customers will be able to finance the projects lined up and our inventory should start to move again.

showing better margins from fuel sales now c 50% are in house H2 and supposedly lower service costs on more modern genDrives are also key to the numbers game analysts are watching.

There are green days but as Jack says every rally fades in 3 days, until finances are demonstrably under control.

[uksausage]

Really, I suspect financing will depend on interest rates at the end of next year which hopefully will be much lower than current rates . The biggest hold up on world wide hydrogen investments IMHO.
With the current potential orders growing by the GW a month I wonder what the projected costs of 1 or 5 MW electrolysers are for 2026. The DOE grants to get the prices down I hope will act as a catalyst as well.

At current market conditions these projects would not meed FID criteria but in 18 months, who knows?

[Tahoe2468]

They should just put a PR out that they are going to go BK probably make the stock go up $10. How can a company relaxes so much positive PR with no green up days ??

[Jack_Bolander]

B_B and Banger - Another Nothing Burger ?

A pre-Feed, pre-FID study worth less than $100,000.

This project won't qualify for financing.

[uksausage]

there is nothing in the post referred to to indicate this.

relocation fees are standard at C suite level positions. It does re-inforce Sanjay as being critical to their business though. I guess Andy is getting on in years and I have been saying he needs to be made some sort of Emeritus position so he can continue promoting hydrogen solutions but take a back seat to running the business. Sanjay is not the “running the business” guy either. Suggest Andy is President and a new comer form energy businesses appointed as CEO

But nothing in the announcement of awards suggests this is imminent.

7.5 GW of BEDP contracts now 2026 and 2027 are going to be busy!

[B_B!]

Plug Signs 3 GW BEDP Contract with Allied Green Ammonia for Electrolyzer Project in Australia
May 16, 2024
Supporting its growth targets, Plug brings its total BEDP global contracts to 7.5 GW
LATHAM, N.Y., May 16, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced the signing of a Basic Engineering and Design Package (BEDP) with Allied Green Ammonia (AGA), an Australian company focused on green ammonia production, for a three-gigawatt (GW) electrolyzer plant supplying hydrogen to AGA’s planned ammonia facility proposed for the Northern Territory of Australia.

Plug’s BEDP offering is instrumental for project owners like AGA to support their Front-End Engineering Design (FEED) and incorporate Plug’s electrolyzers into the basic design of the overall plant, enabling project owners to make the final investment decision (FID). The FID for AGA’s hydrogen-to-ammonia facility, with a capacity of 2,700 metric ton-per-day (TPD) green ammonia, is planned for Q4 2025.

The BEDP contract announcement follows the recently announced memorandum of understanding for the supply of Plug’s Proton Exchange Membrane (PEM) electrolyzers with delivery slated to begin in Q1 2027.

“Moving this major green hydrogen-to-ammonia project to the BEDP phase is a sign of its maturity in the development process,” noted Plug CEO Andy Marsh. “In total, we now have 7.5 GW of BEDP contracts globally to support our growth targets.”

Alfred Benedict, Founder & Managing Director of AGA, said: “Our contract with Plug builds on a long list of leading global firms who are joining us on our journey to build one of the largest green ammonia production facilities in the world, in a strategically located part of Australia given its proximity to Asia. This BEDP agreement is a significant milestone in the development of Allied Green’s facility, which will be one of the most efficient green hydrogen and green ammonia projects globally. Given our respective track records in delivering clean energy infrastructure, this agreement is a critical first step and a testament to the alignment of our respective visions to provide tangible solutions that enable the world to achieve net-zero.”

Green hydrogen produced by Plug’s electrolyzers can help decarbonize the ammonia production process by displacing Steam Methane Reforming (SMR) techniques. In addition to its environmental advantages, Plug's pressurized (40 bar) electrolyzer decreases downstream compression requirements, and the extracted oxygen from electrolysis-based hydrogen can enhance efficiency in industrial power plants and furnaces due to its high-temperature combustion capability. The Plug modular units are completely factory-assembled and can easily be transported by sea and road to remote locations.

AGA’s production facility will operate a 2,700 metric ton-per-day (TPD) green ammonia process. Tapping into abundant renewable energy resources and a strong local energy infrastructure, the proposed Gove Peninsula location strategically aligns with Australia’s trading partnerships with Asia. The facility is geographically positioned to meet AGA’s intended customers’ growing needs, providing them with a reliable and secure supply of green ammonia from the region.

Plug is the leading manufacturer of PEM electrolyzers and currently operates the largest PEM electrolyzer deployment in the United States at its 15 TPD Woodbine, Ga., hydrogen plant. This announcement follows Plug’s recently announced BEDP contracts totaling 4.5 GW, bringing Plug’s total BEDP contracts to 7.5 GW to date spanning across the United States, Europe and Australia.

The BEDPs contain all the information for a clients’ Front-End Engineering Design (FEED) project phase to develop a mature project execution plan and financial models required to bring the projects to FID. The total of 7.5 GW of signed BEDP contracts of mature projects will support Plug’s growth targets.

https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Signs-3-GW-BEDP-Contract-with-Allied-Green-Ammonia-for-Electrolyzer-Project-in-Australia/default.aspx

[Jack_Bolander]

Remember: If Andy leaves the share price will certainly double, if he is replaced with a competent CEO.

[mikman77]

Remember if Andy leaves the sp will double!

[B_B!]

It’s been a busy day for Hyvia, which this morning received a visit from Andy Marsh, Plug’s CEO. He was at Versailles on the day before for Choose France and is now in Rotterdam for meetings.

Was this part of Andy's farewell tour?

[B_B!]

NO Andy Marsh
Is Sanjay replacing Andy Marsh?

Andy trusted Sanjay and I trusted Andy 😭

[Jack_Bolander]

B_B - Classic Arrogance!

[B_B!]

May 15, 2024 Form8-K Current report filing

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 9, 2024, the Compensation Committee of the Board of Directors (the “Board”) of Plug Power Inc., a Delaware corporation (the “Company”), approved retention awards for certain key employees, including certain of the Company’s named executive officers, to enable the Company to retain and motivate such key employees during a critical period. The following named executive officers of the Company each received a retention award with a total value of $440,000: Paul B. Middleton, the Company’s Chief Financial Officer and Executive Vice President; Gerard L. Conway, Jr., the Company’s General Counsel, Corporate Secretary, and Executive Vice President; and Jose Luis Crespo, the company’s General Manager, Applications and Executive Vice President. The retention awards were paid 25% in cash and 75% in the form of restricted stock. The restricted stock portion of the retention awards was issued on May 9, 2024 and each of Messrs. Middleton, Conway and Crespo received 119,134 restricted shares that vest 25% upon grant, 25% 90 days after grant, 25% 180 days after grant, and 25% 360 days after grant.

In addition, on May 9, 2024, the Compensation Committee of the Board approved a Relocation and Retention Agreement with Sanjay K. Shrestha, the Company’s General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President, which agreement was entered into on May 10, 2024. Pursuant to the Relocation and Retention Agreement, in consideration of Mr. Shrestha’s relocation of his primary residence to within 30 miles of the Company’s headquarters in Latham, New York no later than December 31, 2024, the Company will pay Mr. Shrestha a one-time, contingent relocation payment of $575,000, less applicable withholdings and deductions. Mr. Shrestha is required to repay the relocation payment to the Company in full if he fails to relocate to within 30 miles of Latham, New York by December 31, 2024. Pursuant to the terms of the Relocation and Retention Agreement, in order to promote Mr. Shrestha’s continued employment and dedication to the Company, the Company will also pay Mr. Shrestha a retention payment of $575,000, less applicable withholdings and deductions.

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/b9c48c42-9239-4e25-a6eb-67288238979d.pdf

[B_B!]

FIRE PR department right now…competition logo still on the truck!!! pic.twitter.com/9pEuFXzrzY

— H2FC Future Now (@Cgnewday) May 15, 2024

[B_B!]

Hydrogen-powered trucks in China to cost less than their diesel peers by 2027: Refire Group

- China’s hydrogen economy is currently moving from a policy-driven one to a market-driven one, providing a huge boost to the industry: Refire CEO
- The country has reduced the manufacturing cost of hydrogen fuel cell systems from over 30,000 yuan per kilowatt in 2015 to below 4,000 yuan now, says CEO Robin Lin
Yujie Xue 13 May 2024
https://www.scmp.com/business/article/3262372/hydrogen-powered-trucks-china-cost-less-their-diesel-peers-2027-refire-group


China develops first 100 kg vehicle-mounted liquid hydrogen system
(Xinhua) 09:55, May 13, 2024
…..
As one of the core components of liquid hydrogen heavy trucks, the new system is fully domestically produced and will help hydrogen-powered heavy trucks achieve an improved range of over 1,000 kilometers with just one charge.
…..
http://en.people.cn/n3/2024/0513/c90000-20168846.html

[B_B!]

All the major oil companies will move to the US and slow/stop the energy transition in the US, while the rest of the world will become greener and greener.

TotalEnergies chief says oil major will consider moving main listing to New York
Apr 26, 2024 By Steve Goldstein
…..
Shell (SHEL) CEO Wael Sawan has made similar remarks about the possibility of moving its primary listing to the U.S.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174321016

[Jack_Bolander]

Banger - First Element ? Seriously ?

How about naming a real company with the BILLIONS needed for a buildout.

If you were trying to make a joke, you were successful.

I did guffaw .

[uksausage]

In the USA First Element Fuel for one, HYLA of course and interest growing from the likes of Flying J , etc for trucking. Class 6 will piggy back and start rolling out to more central locations. In europe they are well ahead of the UASin rolling out public H2 systems. and look at the taxi market there - similar to class 6 may be?

The 500 mile range though will just mean they can do it with their own depot based system.

As Fuel prices rise and rise making your own gets more attractive as costs drop, a 1MW system packaged right could get initial customers.


But I do think its a detraction, would rather see PRs about Electrolyser installation/acceptance around the world along with the new Material Handling customers in the US. Q2 is about being paid for that inventory. If only the Fed would drop interst rates to make funds cheaper for our customers.

[Jack_Bolander]

Steve - Who is building out this expensive network ?

Exxon ? Shell ? Linde ? NOPE.

PLUG ? Struggling / Ailing / Beleaguered / Broke ... PLUG?


No money. No expertise. Another MULAG.

[scubastevemd]

Jack. Ask yourself who is doing the trials and who made the commitment to go with green hydrogen? Do you think Andy just did this without having interest from customers? I agree Andy has made numerous mistakes, but he does listen to his client's needs. I agree it won't happen immediately, and no guarantees, but it could happen over time 2028-2030.

[Jack_Bolander]

Steve - Out over your Skis again.

The technology works, but where is the infrastructure? Who is building out this expensive network ? Exxon ? Shell ? Linde ? NOPE.

And please name any company who is willing to risk millions, and pay $20 /kg . Amazon has cooled their ardor towards Hydrogen beyond forklifts.

Anyone buying these trucks will need their own H-2 supply and storage and everything capable of 10,000 PSI ! Very Expensive and kinda Dangerous.

Anyone can drive one ... BUT you will go broke owning one.

Ask yourself, "Why don't I own an FCEV ?"

[B_B!]

Thyssenkrupp Nucera sees 69% increase in hydrogen electrolyser sales 'despite difficult market conditions'
However, the company still registered a net loss of €4.4m in its half-year results, partly due to low margins
Leigh Collins 22 minutes ago
https://www.hydrogeninsight.com/electrolysers/thyssenkrupp-nucera-sees-69-increase-in-hydrogen-electrolyser-sales-despite-difficult-market-conditions/2-1-1644700

[scubastevemd]

Not sure Jack, but I have to think with all the work they have done in this area they have had a learning experience. Also, I'd love to know who, if any, of the current customers are demanding such vehicles. I find it interesting that unlike most Class 6 vehicles you do not need a commercial license due to the weight. This opens up a huge potential for non-professional to drive. Think in the future of all the rental fleets people use to move with Ryder, U-Haul etc. I think Amazon with their 2025 huge contract for green H2 maybe behind this to get it off the ground. This time could be different. We shall see as it will take some time. I like to think positive.

[Tahoe2468]

It’s our turn soon. May not be today but it will go back up. 20,000 shares says so lol

[Jack_Bolander]

Tahoe - Not Yet . ATM !

[Jack_Bolander]

Steve - You point out some important issues which PLUG always seems to omit.

Just another Nothing Burger PR.

[Tahoe2468]

SHORTS GOTTA COVER SOMEDAY…

[Penny chatter]

The manipulation is real

[scubastevemd]

Well, that was kind of a surprise, but I almost wished they would have kept it secret until the trials were completed and plans for adoption were ready. Unless our customers have enough h2 at the site that is made there, or delivered by Plug there is no infrastructure to support a large-scale delivery fleet. This will all have to be onsite large structures most likely in the 5MW size or we have to supply a lot of green H2 we do not have yet. I see this as a slow rollout out, if the end product is accepted. Hopefully, Hyvia was a good testing ground to get the bugs out. I wonder if Renault or someone else like Ford will be working with us. There are so many questions this news brings up. This could certainly turn the tables, but we are going to need a lot more product and that means money.

[Tahoe2468]

DIP THEN RIP

[Penny chatter]

Help I'm short no long pants

[Tahoe2468]

With all those good news, how can this possibly be down? It should be over 4-5 dollars by now.

[B_B!]

CPI Report Today: Stock Futures Rise After Inflation Data
The consumer-price index rose 3.4% last month from a year earlier, in line with expectations
15 mei 2024
https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-05-15-2024

[B_B!]

Plug 3.75 +0.31 (+9.01%)
Volume 6,390,892

[B_B!]

Why did the DOE loan news come PREMARKET, I believe that the last announcements from the DOE were after 10 am.
Plug dropped from $4.83 to $4.03 between 9:30 AM and 9:37 AM. More than 15M shares sold (ATM ???).

(page 20)
https://marketchameleon.com/Overview/PLUG/Stock-Price-Action/VWAP

[Tahoe2468]

Burn shorts burn that’s all I gotta say

[Penny chatter]

Designed specifically for middle-mile deliveries, this vehicle is engineered for unprecedented range benchmarks of up to 500 miles, a significant advantage compared to battery electric vehicles. This extended range not only enhances operational efficiency but also reduces the need for frequent downtime associated with battery recharging, resulting in saved time and resources.

[Jack_Bolander]

B_B - The FedEx study determined that the technology works, but the economics don't.

The FedEx study was scuttled before it was completed.

[Jack_Bolander]

Here's an interesting read:

https://seekingalpha.com/article/4693397-plug-power-conditional-doe-loan-guarantee-meets-meme-stock-frenzy-hold?source=copy_to_clipboard

[B_B!]

The FedEx case was also mentioned in Utrecht.

HYVIA DISCUSSES THE DUTCH HYDROGEN ECOSYSTEM AT WHS ROTTERDAM
19 hours ago

As part of a panel discussion, Nicolas Champetier (CEO of Hyvia) and Anouk Poelmann (CEO of Renault Group in the Netherlands) spoke about customer feedback and the Dutch hydrogen ecosystem.
Hyvia loves being in the Netherlands, so much so that it is returning for the third time to the World Hydrogen Summit in Rotterdam. And for the first time, Nicolas Champetier and Anouk Poelmann were on stage together to talk about hydrogen mobility. Poelmann took part in a conference on hydrogen last year, during the Formula 1 Grand Prix in Zandvoort with Alpine and Hyvia.

Nicolas Champetier and Anouk Poelmann shared their experiences at the WHS H2 Tech. Their customer Warmtebouw (an air conditioning specialist) travelled 20,800 km in 5 months with the Master H2 Tech. The FedEx case was also mentioned in Utrecht. Anouk Poelmann also spoke of the skills of the Renault network, with a pool of dealers trained in hydrogen.

A booming ecosystem in the Netherlands

The presentation provided an opportunity to find out more about the Netherlands’ strategy. We learned that the country has 19 hydrogen stations and that there will be two more this year. The aim is to achieve nationwide coverage by 2025, and by then there will be around thirty low-emission zones. The government is providing €178 million for mobility applications (as part of the SWIM project) and €250 million for 7 green hydrogen production projects.

Hyvia also mentioned the Hywell stations designed with the help of Atawey. These will enable the fuelling of 20 utility vehicles per day.

It’s been a busy day for Hyvia, which this morning received a visit from Andy Marsh, Plug’s CEO. He was at Versailles on the day before for Choose France and is now in Rotterdam for meetings.

https://hydrogentoday.info/en/hyvia-hydrogen-ecosystem/