Plug Power Inc (PLUG)

[WeTheMarket]

Plug Announces First Quarter 2024 Financial Results
May 09, 2024
Link to Press Release https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Announces-First-Quarter-2024-Financial-Results/default.aspx
Link to Presentation https://s29.q4cdn.com/600973483/files/doc_earnings/2024/q1/presentation/Q124-Earnings-Presentation.pdf
Link to Webcast https://event.webcasts.com/starthere.jsp?ei=1666679&tp_key=8ea4578409
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173950571

LATHAM, N.Y., May 09, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) (the “Company”), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced its financial results and operational milestones for the first quarter of 2024.

First-Quarter Results

- Earnings-Per-Share (EPS) and Revenue: The Company reported revenue of $120.3 million and EPS loss of $0.46 for the quarter ended March 31, 2024.
- Enhanced Focus on Cash Management: Net cash used in operating activities and capital expenditures (includes purchases of property, plant, and equipment and purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers) collectively decreased 38% quarter-over-quarter (QoQ), and 42% year-over-year (YoY), with incremental improvement expected as internal hydrogen supply and pricing increases make an impact in coming quarters. Inventory reduction remains a key priority in our cash management strategy for 2024.
- Gross Margins: The Company saw headwinds on equipment margins given focus on lowering inventory and limiting production, coupled with lower sales level collectively generating unfavorable overhead absorption; but given the restructuring announced coupled with ramp on volume for the balance of the year, the Company is postured to drive overhead leverage to improve equipment margins. The Company saw improvements in the quarter’s gross margins for Fuel Delivered, Service, and Power Purchase Agreements versus the first and fourth quarters of 2023, as well as lower operating expenses.

Consistently with past seasonality and continued new product scaling, Plug expects that one-third of its full year revenue will be in the first half of 2024. As of the Q1 2024 earnings date, Plug currently has 20 electrolyzer systems undergoing commissioning at third-party customer sites, with further deliveries to be made over the balance of 2024. The Company is also experiencing rebounding sales in its material handling business following the recalibration of pricing and changing of the business model to direct sales or customer-financed leases. In Q1 2024, for example, Plug expanded its partnership with Uline, extending hydrogen infrastructure and fuel cell solutions to an additional four sites and secured a substantial deal with a leading U.S. automotive manufacturer to provide its extensive new 6 square-mile manufacturing campus with Plug's hydrogen infrastructure and fuel cell solutions. These commercial successes are clear demonstrations on Plug’s value proposition following changes to our pricing and sales model.

Hydrogen Generation Network Milestones and Advancement

In Q1 2024, Plug’s hydrogen generation network reached significant milestones. The Georgia and Tennessee plants have produced at nameplate capacity, with a combined liquid hydrogen production capacity of 25 tons-per-day (TPD). Additionally, Plug’s Louisiana plant is on track for completion and first production in 2024, adding 15 TPD and bringing the Company’s total liquid hydrogen production capacity to 40 TPD. The addition of the Louisiana plant capacity will effectively meet the majority of Plug’s customer demand through its internal hydrogen generation network.

Plug continues to advance the pending loan guarantee from the Department of Energy (DOE) and awaits conditional commitment approval announcement; this program is expected to bolster the build out of Plug’s liquid hydrogen facilities throughout the U.S. Commensurately, the Company has commenced a process with advisors to complement its anticipated DOE project with project equity investors and/or project finance partners to finance the build out of the plants.

DOE Grants to Advance Capacities at State-of-the-Art Manufacturing Facilities

Through a highly competitive process, Plug, alongside project partners, secured awards from the DOE for grants of up to $163 million for use in Clean Hydrogen Electrolysis, Manufacturing, and Recycling projects. These grants will continue to advance Plug’s fuel cell and electrolyzer manufacturing capacities at its state-of-the art facilities in Rochester and Albany NY. Plug received the most awards in the $750 million total funding aimed to reduce the cost of hydrogen in the U.S., showcasing its leadership and commitment in the hydrogen and fuel cell industry.

Continued Growth in Electrolyzer Basic Engineering and Design Package (BEDP) Offering

Recent announcements in Q1 2024, bring the Company’s total amount of global BEDP contracts to ~4.5 gigawatts (GW) for Projects in the U.S. and Europe. Electrolyzer sales present a substantial growth lever for Plug, and the BEDP success underscores Plug’s strong industry positioning and market growth, while enabling customers to reach Final Investment Decision (FID) on their hydrogen projects.

Expansion in Cryogenic Sales

Plug has seen ongoing expansion in cryogenic equipment sales with customer agreements encompassing storage tanks, trailers, vaporizers, and portable units, both domestically in the U.S. and internationally. Additionally, Plug has delivered several first-of-its-kind liquid hydrogen portable refuelers to transit agencies and trucking fleet customers.

Financial Updates

- Q1 Financial Performance: Sales of $120M reflect seasonality in our equipment sales and timing impacts from electrolyzer deployments.
Internal Hydrogen Supply: With Plug now producing up to ~25 TPD from our Georgia and Tennessee hydrogen plants, the Company will be able to displace higher cost third-party fuel with our own internal supply.
- Pricing Increases: To better reflect the economic value of our product offering, Plug has worked with customers to put in place price increases across our entire product portfolio with a specific focus on hydrogen pricing. We expect to see a positive impact to our margins in coming quarters as a result of these actions.
- Restructuring, Impairment, and Other Provisions: As a result of the evolving market dynamics, Plug mobilized certain cost down actions in the first quarter. This included headcount reduction, rooftop consolidation, and non-payroll cost downs. This resulted in restructuring costs of ~$6 million in the quarter. In addition, given certain business dynamics, the Company wrote down certain assets which resulted in non-cash charges recorded in Q1 2024 of ~$40 million. Further details regarding these charges are provided in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
- Plug CEO Andy Marsh stated: “We continue to make steady progress by following our established goals and business priorities. As we enhance our financial performance in the upcoming quarters, Plug is set to retain its leadership role in advancing the hydrogen economy, which is anticipated to experience swift expansion and widespread adoption globally in the future decades.”

Conference Call
Plug Power has scheduled a conference call today, May 9, at 8:30 am ET to review the Company’s results for the first quarter of 2024. Interested parties are invited to listen to the conference call by calling 877-407-9221 / [phone].

The webcast can be accessed at:
https://event.webcasts.com/starthere.jsp?ei=1666679&tp_key=8ea4578409

A playback of the call will be available online for a period following the event. A presentation will be made available in connection with the call at: https://www.ir.plugpower.com/events-and-presentations/default.aspx

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 Media Contact
Fatimah Nouilati
Allison
[e-mail]

[Jack_Bolander]

MORE BAD NEWS !!!!!

https://seekingalpha.com/news/4103484-plug-power-gaap-eps-of-0_46-misses-0_13-revenue-of-120_3m-misses-37_35m?source=copy_to_clipboard

Much Worse than I thought.

[B_B!]

I think Q1'24 revenue > 270M and loss per share < 18 cents
Q1’24 : lower revenue growth rate, at least more than Q1’23 (210M) + 60M revenue from Q4’23 + extra revenue from new product (Portable Liquid Hydrogen Refuelers)

----------

Many new programs were shipped in Q4 but just did not get to final commissioning, hence, the respective sales were pushed into '24.
…..
I noticed the average price for a fuel cell was significantly higher in Q4.
…..
you will see a step-change in our fuel cost and the overall margin profile driven by better pricing
…..
capex reduction and the inventory leverage, we're already seeing benefits of that in Q1
…..
Raising prices, slowing new product scaling, and pushing traditional PPA market customers to direct sales models collectively will mean a lower revenue growth rate in the near term compared to our prior history.

Plug Power (PLUG) Q4 2023 Earnings Call Transcript Mar 1, 2024
https://www.fool.com/earnings/call-transcripts/2024/03/01/plug-power-plug-q4-2023-earnings-call-transcript/

----------

Some of the programs were deployed, but given our focus on cash, where we have an opportunity to get cash for transferring the tax benefits, we held off the normal sale leasebacks where we get sales treatment that would have equated to over $60 million of sales in the fourth quarter 2023.
We did have one of our key traditional PPA customers move to a direct sale program, and they purchased seven sites. However, given the fuel shortage issues mentioned previously, they pushed deployment to 2024, so around $20 million of the sale will be pushed into 2024.
On our 1 and 5-megawatt electrolyzer systems, these are new designs and new offerings that have taken time to scale the manufacturing and supply chain processes. Many of these programs were shipped, but just did not get to final commissioning. Hence, the respective sales will be pushed to 2024. Cumulatively, this was for systems over $40 million in revenue.

Plug Power January Business Update 23, 2022 Call Transcript https://seekingalpha.com/article/4664415-plug-power-inc-plug-jaunary-business-update-call-transcript

----------

Plug Delivers Several Portable Liquid Hydrogen Refuelers to Customers
February 12, 2024

Plug Cryogenic Trailers Leave Tennessee Hydrogen Production Plant for Customer Deliveries
February 08, 2024

Plug Power Completes First Customer Fill of Liquid Green Hydrogen at its Georgia Plant
February 01, 2024

https://www.ir.plugpower.com/Press-Releases/default.aspx

----------

Q1’23: 210M, Q2'23: 260M, Q3'23: 198M, Q4’23: 222M
Q1’22: 140M, Q2'22: 151M, Q3'23: 188M, Q4’22: 220M

[scubastevemd]

Do we lose any advantage we have at that point or our we likely to license it assuming a major University comes up with the better mousetrap. At that point it would depend on who can produce the most at the lowest cost.

[WeTheMarket]

UK, agree 100%, and I would add that they should provide guidance to the Treasury Department to relax the regulations on the clean hydrogen production tax credits.

[uksausage]

if they are serious they should grant us the $1.5Bn. not loan it!
Need volumes of electrolysers to get costs down along with new tech (like the ridiculously small platinum content they talk about). I wonder when we will see next gen PEM electrolysers?

[WeTheMarket]

US aims to drastically reduce costs of hydrogen electrolysers within two years
The Hydrogen and Fuel Cell Technologies Office also plans to demonstrate next-generation tech to produce extremely low-cost H2 by 2031
May 8, 2024
https://www.hydrogeninsight.com/policy/us-aims-to-drastically-reduce-costs-of-hydrogen-electrolysers-within-two-years/2-1-1640218

[scubastevemd]

I agree we should see better margins in the H2 cost, and I would think fuel cells also as older models should be seeing a lot of replacement with newer and lower cost to produce models at this point. They never seem to talk about this. I think the cost reductions and price increases we will see more each quarter as we go on. I would think revenue from the new cryogenic trucks, deliveries, and engineering services will be up also and may be a surprise. I do hope Andy for once in his life sandbagged and surprises even the Zack gang, but if wishes were fishes, as they say.

[Jack_Bolander]

MORE BAD NEWS !

https://seekingalpha.com/news/4102523-plug-power-q1-results-preview-cost-cutting-and-capital-raises-in-focus?mailingid=35306725&messageid=2900&serial=35306725.2636&utm_campaign=rta-stock-news&utm_content=link-3&utm_medium=email&utm_source=seeking_alpha&utm_term=35306725.2636

[uksausage]

doesn't look like it. In fact share sales have been pretty low the last month or so which is good news IMHO. of course tomorrow we get the latest numbers.

We know the numbers will on the face of it be bad (lots of negatives) but what are the actual expectations? Key to me is the revenues and inventory numbers.

There should be a small improvement in things like H2 margin due to Georgia being partly online during Q1 but full impact isnt until this quarter. Any movement in the right direction though should be seen as positive by the analysts.

I wonder if they have a news PR ready as well, like the good old days...

[Jack_Bolander]

Is PLUG selling ATM's today ?

Capturing as much value as possible before tomorrow's BAD news ?

[stew1340]

B-B i just gave you my free past, some your bet is covered. JB would be lost without you. March on B-B your bet is canceled.

[B_B!]

If the Q1 2024 results disappoint and the closing price is negative, I will stop posting starting from Friday May 10, 2024.

[Jack_Bolander]

B_B - Please stop posting nonsense here.

I said, No.

And Thankfully, in June my pleas will be answered ... but NOT by you.

[B_B!]

Why would I take your bet?

Because you are brave and fearless?

[B_B!]

Not yet, still 3 weeks left.

[Jack_Bolander]

B_B - Nope. You have already lost your $10 by June, claim.

Why would I take your bet?

B_B!

Re: Jack_Bolander post# 56273

Monday, April 29, 2024 9:53:35 AM

Post#
56278
of 56395
JB, if Plug is still under $10 by the end of next month (May), I’ll stop posting here.

[B_B!]

Let's make a bet 😁
If the Q1 2024 results disappoint and the closing price is negative, I will stop posting starting from Friday May 10, 2024.
But if the closing price tomorrow is positive, you will stop posting starting from Friday May 10, 2024.

[Jack_Bolander]

Mik - That is NOT TRUE.

I have been playing PLUG from the Short side since the $50's, and the only time I buy PLUG shares is to cover an open position, and not to go long.

I am curious to see what post you are referring to.

And it would be nice if you would retract your erroneous post.

[mikman77]

We know earnings will be not so good...I would like to think there there should be some upside potential but on the other hand Andy can't be trusted in my book....delema... still up on my holdings but hind sight is 20 20

[mikman77]

Jack You said you were adding at 2.90 a couple weeks aga

[Jack_Bolander]

I am concerned that tomorrow's earnings will be disappointing ... Again!

It doesn't help PLUG's share price that we still haven't heard about the final 45v rules or the DOE Loan.

[Jack_Bolander]

B_B - This is called Spamming !

We know you only have a few days left , are you trying to get in a year's worth posts in before you go ?

June can't get here too soon.

[B_B!]

The SK Group arm had spent about 700 billion won ($513 million) on the construction between September 2021 and 2023. It consists of three production facilities each with a capacity of producing 30-ton liquefied hydrogen daily, as well as six 20-ton storage facilities.

The plant is capable of producing 30,000-ton liquefied hydrogen annually, the world’s largest and enough to charge 5,000 hydrogen buses.

By Hyung-Kyu Kim 3 HOURS AGO
https://www.kedglobal.com/hydrogen-economy/newsView/ked202405080013

[B_B!]

SK E&S's hydrogen liquefaction plant gets rolling
Wednesday May 8, 2024


Tank trailers carry liquefied hydrogen produced at SK E&S’s recently-built hydrogen liquefaction plant in Incheon on Wednesday. The plant is the world’s largest factory and can produce up to 30,000 tons of of the product, which can power around 5,000 hydrogen buses for a year. [SK E&S]
https://koreajoongangdaily.joins.com/news/2024-05-08/business/industry/SK-ESs-hydrogen-liquefaction-plant-gets-rolling/2042554

[B_B!]

Bloom is still testing its solid-oxide electrolysers.

16 February 2024
Nearly all of the firm’s revenue to date has come from sales of its fuel cell power generators, which can run on biomethane, natural gas, or hydrogen, while its solid-oxide electrolyser, which operates at a high-temperature in order to produce more hydrogen per kilowatt-hour of electricity input compared to other technologies, is still “in the early stages of commercialization”.
https://www.hydrogeninsight.com/power/us-hydrogen-firm-bloom-energy-posts-209m-loss-for-2023-with-nearly-4bn-deficit-accrued-to-date/2-1-1600018

[B_B!]

Plug Power electrolyzers

SK E&S finally begins full-scale operation of ‘world’s largest’ liquefied hydrogen plant
2024.05.08

15 TPD Georgia and 10 TPD Tennessee
April 23, 2024

Fertiglobe ships world’s first ISCC PLUS certified renewable ammonia
2023 November 21

OCI Global, Fertiglobe, the strategic partnership between ADNOC and OCI Global, has completed the first shipment of the world’s first internationally recognized renewable ammonia with ISCC PLUS (International Sustainability and Carbon Certification) certification.

The renewable ammonia was produced at the company’s facilities in Egypt using green hydrogen from the Egypt Green Hydrogen electrolyzer and will go into the production of near-zero emissions synthetic soda ash – a key ingredient in laundry powder – for Unilever.
…..
https://en.portnews.ru/news/356493/


World’s first offshore hydrogen pilot to scale up, passes sea trials
Sealhyfe, Lhyfe's offshore hydrogen pilot, triumphantly returns after meeting all objectives, marking a pivotal step in scaling up green hydrogen production offshore.
Can Emir Published: Nov 24, 2023
https://interestingengineering.com/science/worlds-first-offshore-hydrogen-scaleup

----------

Other electrolyzers

EXCLUSIVE | World's largest green hydrogen project 'has major problems due to its Chinese electrolysers': BNEF
All the electrolysers at Sinopec’s 260MW Kuqa facility in China — made by three prominent manufacturers — have safety issues related to renewable-energy fluctuations, says analyst
Leigh Collins 12 December 2023
…..
The alkaline electrolysers — supplied by three different Chinese manufacturers: Cockerill Jingli (120MW), Longi (80MW) and Peric (60MW) — each have their own technical issues, but all have one common problem related to their flexibility, according to BNEF analyst Xiaoting Wang.
She tells Hydrogen Insight that all three manufacturers promised an operating range of 30-100% of their electrolysis systems’ nameplate yield. In other words, if the amount of renewable energy entering the systems results in the production of less than 30% of its maximum output, the machines will stop releasing hydrogen.

“However, all those electrolysers failed tests at the 30% working point,” said Wang. “The actual working range could be narrower than 50-100%.”
She tells Hydrogen Insight that the problem of is rooted in product design and materials used in the product.
…..
https://www.hydrogeninsight.com/production/exclusive-worlds-largest-green-hydrogen-project-has-major-problems-due-to-its-chinese-electrolysers-bnef/2-1-1566679


EXCLUSIVE | Cummins issues electrolyser recall amid technical issues for 'a small number' of green hydrogen projects

Manufacturer tells Hydrogen Insight the issue is limited to a specific model, without disclosing which series has been affected
Polly Martin 25 August 2023
https://www.hydrogeninsight.com/electrolysers/exclusive-cummins-issues-electrolyser-recall-amid-technical-issues-for-a-small-number-of-green-hydrogen-projects/2-1-1501390


'Unacceptable performance' | ITM unveils new strategy, with staff cuts, exit from hydrogen refuelling — and biggest ever electrolyser order
Leigh Collins and Agnete Klevstrand Updated 31 January 2023
…..
“Most issues today arise from immature engineering processes, which materialise during manufacturing and lead to project delays and cost overruns. As one key priority, we will change the way we engineer our products and control design changes.”
…..
https://www.hydrogeninsight.com/electrolysers/unacceptable-performance-itm-unveils-new-strategy-with-staff-cuts-exit-from-hydrogen-refuelling-and-biggest-ever-electrolyser-order/2-1-1395972

[B_B!]

SK E&S finally begins full-scale operation of ‘world’s largest’ liquefied hydrogen plant



bwahahaha 32m
https://stocktwits.com/bwahahaha/message/572124024


SK E&S finally begins full-scale operation of ‘world’s largest’ liquefied hydrogen plant

Signaling the opening of Korea's hydrogen mobility era... Stable supply of 30,000 tons/year
Plans to build 40 liquefied hydrogen charging stations across the country, 20 planned this year
President Choo Hyung-wook "This year is the first year of the liquefied hydrogen era, efforts to create a hydrogen ecosystem."
Reporter name Reporter Joo Byeong-guk 2024.05.08

[Gas News = Reporter Joo Byeong-guk] SK E&S completed construction of the world's largest liquefied hydrogen plant with an annual capacity of 30,000 tons in Incheon, announcing the beginning of the 'hydrogen mobility era'.

As large-scale supply of liquefied hydrogen becomes possible in Korea, the supply of hydrogen buses is expected to accelerate.

SK E&S held the Incheon Liquefied Hydrogen Plant completion ceremony at IGI Co., Ltd. in Wonchang-dong, Seo-gu, Incheon on the 8th. IGI is a subsidiary established by SK E&S in 2021 to promote the liquefied hydrogen business.

At the completion ceremony on this day, Minister of Trade, Industry and Energy Ahn Deok-geun, National Assembly Trade, Industry and Energy Small and Medium Venture Business Committee Chairman Lee Jae-jung, Incheon Metropolitan City Mayor Yoo Jeong-bok, KDB Chairman Kang Seok-hoon, SK CEO Jang Yong-ho, Export-Import Bank President Yoon Hee-sung, IBK Industrial Bank President Kim Seong-tae and Park Gyeong-guk of Korea President of Korea Gas Safety Corporation, Hyeong-wook Choo, CEO of SK E&S, and others attended.

Building the 'world's largest' liquefied hydrogen plant in Incheon

The Incheon liquefied hydrogen plant is a facility that produces liquefied hydrogen by purifying gaseous by-product hydrogen generated within the process of nearby SK Incheon Petrochemical into high-purity hydrogen and then cooling it. It is equipped with three 30-ton-per-day liquefaction facilities and six 20-ton-class storage facilities as its main facilities, and is capable of producing about 30,000 tons of liquefied hydrogen per year, the world's largest on a single plant basis. 30,000 tons of liquefied hydrogen is enough to operate about 5,000 hydrogen buses for one year.

Liquefied hydrogen is hydrogen made in liquid form by cooling hydrogen that exists in gaseous form at room temperature to a cryogenic temperature of -253 degrees Celsius. Compared to gaseous hydrogen, the volume is 1/800th and the transport volume per time is about 10 times that of gaseous hydrogen, making it advantageous for large-capacity storage and transport. It is also highly safe as it can be transported at low pressure. In addition, it has strengths such as fast charging speed and short charging waiting time, so it is called a 'game changer' that will lead the conversion of commercial vehicles such as buses and trucks to hydrogen vehicles. For this reason, the hydrogen industry has matured in overseas countries such as the United States and Japan, focusing on liquefied hydrogen.

The Incheon liquefied hydrogen plant , a result of public-private cooperation in 'vitalizing the hydrogen economy based on liquefied hydrogen,'

is the first visible result of SK E&S's plan to build a hydrogen ecosystem. Since first announcing its plan to build a liquefied hydrogen plant in Incheon at the 3rd Hydrogen Economy Committee chaired by the Prime Minister in March 2021, SK Group has begun work on creating a hydrogen ecosystem centered on SK E&S. At the time, SK Group Chairman Chey Tae-won said, “SK will fulfill its corporate responsibility to realize carbon neutrality by 2050 by taking the lead in creating a hydrogen ecosystem in Korea.”

In the project implementation process, ‘public-private cooperation’ shone. Until now, there had been no cases of use of liquefied hydrogen in Korea, so there were no safety and technical standards within the current law, and 2 to 3 years were needed just to enact new laws. Although delay in the project seemed inevitable, the Ministry of Trade, Industry and Energy supported the project through the 'regulatory sandbox' system that supports the creation of new industries using innovative technologies. The Ministry of Environment also supported the construction of liquefied hydrogen charging stations, which are key infrastructure for distributing liquefied hydrogen, through the 'Private Capital Subsidy Project for Installing Hydrogen Charging Stations'.

Incheon City and Incheon Seo-gu Office also actively cooperated by leading to consultations with relevant ministries on the necessary licensing procedures for timely completion of the Incheon liquefied hydrogen plant. Incheon City, which has promoted the vision of becoming a 'hydrogen leading city' with the completion of the liquefied hydrogen plant, is expected to gain more momentum in the policy of converting city, metropolitan, and charter buses to hydrogen buses in the future.

Establishing a stable hydrogen supply base... With the completion of the Incheon Liquefied Hydrogen Plant , a 'signal' for the spread of hydrogen buses,
large-scale production of liquefied hydrogen becomes possible, and it is expected that issues of instability in hydrogen supply and demand, such as the recent 'hydrogen charging crisis', will be resolved. In addition, it is expected to lay the foundation for Korea to leap forward as a 'leading hydrogen economy'.

SK E&S plans to contribute to creating a full-cycle hydrogen mobility ecosystem by promoting not only large-scale liquefied hydrogen production but also liquefied hydrogen charging projects. To this end, SK E&S is pursuing the construction of about 40 liquefied hydrogen charging stations across the country, centered on its subsidiary 'SK Plug Hyverse'. Liquid hydrogen produced in Incheon will be stably supplied to each consumer through charging stations to be installed across the country, including Busan, Cheongju, and Icheon. The goal is to start operating about 20 liquefied hydrogen charging stations this year.

An official from SK E&S said, “By converting public transportation to hydrogen vehicles, which is the foot of citizens, we will contribute to reducing greenhouse gases in the transportation sector, and at the same time, it will be an opportunity for the ‘era of tangible hydrogen public transportation’ to begin in earnest in people’s daily lives.” .

Three liquefied hydrogen producers sign supply and demand cooperation.
With the completion ceremony on this day, the Korea Petroleum Quality & Distribution Authority, an organization dedicated to hydrogen distribution, and three domestic liquefied hydrogen producers, including IGI, Hyosung Hydrogen, and Hi Changwon, signed a business agreement to establish a liquefied hydrogen supply and demand cooperation system. ' was also signed. They plan to cooperate in future liquefied hydrogen volume exchanges and stock exchanges to ensure that there are no disruptions in the stable supply and demand of liquefied hydrogen.

SK E&S President Choo Hyeong-wook said, “The Incheon Liquid Hydrogen Plant completion ceremony is the first starting point to turn SK E&S’ dream of the hydrogen era into reality, and this year will be remembered as the first year of the ‘liquefied hydrogen era’ that will change the flow of Korea’s energy industry history. “We will strive to contribute to creating a stable hydrogen supply and demand ecosystem by carrying out the plan to operate the Incheon liquefied hydrogen plant and build liquefied hydrogen charging infrastructure without a hitch,” he said.

http://www.gasnews.com/news/articleView.html?idxno=115227
(Google Translate)

[B_B!]

US Department of Energy – Hydrogen and Fuel Cell Technologies Office Releases Multi-Year Program Plan
May 7, 2024

US Department of Energy – Hydrogen and Fuel Cell Technologies Office Releases Multi-Year Program Plan.

The U.S. Department of Energy’s (DOE’s) Hydrogen and Fuel Cell Technologies Office (HFTO) today announced the publication of its Multi-Year Program Plan (MYPP), a detailed strategy and planning document that will help guide clean hydrogen innovation and research in the coming years. The MYPP sets forth HFTO’s mission, goals, and strategic approach relative to broader DOE and national clean energy priorities.

The MYPP is aligned with the strategy and goals of the U.S. National Clean Hydrogen Strategy and Roadmap, and reflects the higher-level DOE strategy and goals laid out in the DOE Hydrogen Program Plan. Building off these foundations, the MYPP provides an assessment of the challenges that still must be overcome to realize large-scale adoption of clean hydrogen and a detailed, integrated plan for all RD&D and crosscutting activities conducted by HFTO, which includes:

Assessments of the current state of key metrics (e.g., electrolyzer capital cost).
Technical targets related to each of those key metrics.
Detailed plans for activities to meet those targets.
The MYPP serves as an operational guide and a valuable resource to communicate HFTO’s priorities and RD&D activities to stakeholders and the public. It provides an overview of HFTO’s priority areas—and relevant pathways—for RD&D critical to advancing and de-risking technologies primed to accelerate the emergence of the clean hydrogen economy.

Specific targets outlined in the MYPP include the following examples:

- Clean hydrogen production cost of $2 per kilogram by 2026 and $1 per kilogram by 2031.
- Electrolyzer system cost of $250 per kilowatt (low-temperature electrolyzers) and $500 per kilowatt (high-temperature electrolyzers) by 2026.
- Dispensed hydrogen cost for heavy-duty vehicles of $7 per kilogram by 2028.
- Fuel cell system cost for heavy-duty transportation of $80 per kilowatt by 2030.

https://hydrogen-central.com/us-department-of-energy-hydrogen-and-fuel-cell-technologies-office-releases-multi-year-program-plan/

https://www.energy.gov/eere/fuelcells/hydrogen-and-fuel-cell-technologies-office-multi-year-program-plan?utm_medium=email&utm_source=govdelivery

[Jack_Bolander]

Mik - Before the Earnings Call or After ?

Bad Earnings
More Loan Delays
More 45 v Delays

And PLUG will be trading below $2.00 by June (2024)

The Trend is still NEGATIVE and there is little downside risk in the near term in waiting.

[mikman77]

Thanks UK...I think I may add

[uksausage]

HA HA
that is in alphabetical order. no wonder pLUG is 16th and Bloom number 1…

[uksausage]

need to see the source of that report.

what pipeline?
what drilling fluids?
PLUG hasnt been active for months in New York STAMP.
but the fish and wildlife ay have pulled aa permit which would add to the reason to stop work.

no wonder they are only talking Texas at the moment (once loan is approved of course).

[scubastevemd]

https://www.blackridgeresearch.com/blog/list-of-global-top-hydrogen-electrolyzer-manufacturers-companies-makers-suppliers-in-the-world We are 16th on the list despite what Andy makes you feel like you are the only one and best and that PEM is the only choice. For PEM- https://www.hydrogennewsletter.com/leading-pem-electrolyzer-manufacturers-for-green-hydrogen/

Of course, China leads and surely the cheapest

[Toofuzzy]

Who is building all these electrolizers in other countries ?

If they are not built by Plug , how efficient are they compared to Plug and how do they compare in cost.

Toofuzzy

[B_B!]

I don't play with fire 😇

[Jack_Bolander]

B_B - Have you tried lighting votive candles ?

I have found that lighting candles in church is a sure-fire investment strategy.

B_B - I am counting the days until you leave us for good.

[B_B!]

I pray for the stock price to double three times, but my secret wish is five times 🙏
1 time : $3 -> $6
2 times : $6 -> $12
3 times : $12 -> $24

4 times : $24 ->$48
5 times : $48 -> $96

[B_B!]

US aims to drastically reduce costs of hydrogen electrolysers within two years
The Hydrogen and Fuel Cell Technologies Office also plans to demonstrate next-generation tech to produce extremely low-cost H2 by 2031
Polly Martin Published 17 minutes ago

The US government’s Hydrogen and Fuel Cell Technologies Office (HFTO) plans to drive the cost of proton exchange membrane (PEM) electrolysers to a quarter of their current cost within two years, according to its latest Multi-Year Program Plan.

The agency, which is the Department of Energy’s office for H2 research, development and deployment with a budget of $301m for this year, targets an uninstalled capital cost of $250/kW for PEM electrolysers with an 80,000-hour lifetime and 51kWh/kg energy efficiency by 2026.
.....
https://www.hydrogeninsight.com/policy/us-aims-to-drastically-reduce-costs-of-hydrogen-electrolysers-within-two-years/2-1-1640218

[scubastevemd]

Wow. They dropped the ball again and once again kept this quiet from shareholders. Is this being a good fiduciary Mr. Marsh to shareholders and citizens in this county. How does this fit in with all the EGS, environmentally friendly, sustainable bs you have been espousing?

[B_B!]

Date: May 9, 2024 first quarter 2024 financial results

Plug Power
Time: 8:30 AM ET (before markets open)

Bloom Energy
Time: 5:00 PM ET (after markets close)

[WeTheMarket]

Join us TOMORROW for a FREE SFT Webinar!

Register at https://nafa.users.membersuite.com/events/0bf51f0a-0078-cc90-4da9-0b469a861b32/details

Hydrogen: Considerations in Fleet Use

Wednesday, May 8, 2024 | 2–3:30 p.m.

This webinar will focus on hydrogen as a transportation fleet. Come listen to subject matter experts discuss the logistics you should consider when using hydrogen as a fuel for your fleet.

[B_B!]

Metacon, Siemens partner to manufacture Chinese-designed electrolysers in EU
By Charlie Currie on May 07, 2024

Sweden’s Metacon has entered into a partnership with Siemens AB to manufacture Chinese-designed hydrogen electrolyser systems for the European market.
It comes after Metacon at the start of 2024 was granted the exclusive rights to manufacture complete electrolysis plants based on Chinese-based PERIC’s pressurised alkaline electrolysis modules.
The Swedish-based firm has access to PERIC’s 5MW and 10MW electrolyser modules, with rights applying to “most” European countries.
.....
https://www.h2-view.com/story/metacon-siemens-partner-to-manufacture-chinese-designed-electrolysers-in-eu/2109763.article/

[Jack_Bolander]

MORE BAD NEWS !

Feds revoke major permit for STAMP industrial park

Ruling is the latest setback for the massive industrial park being developed in rural Genesee County. STAMP also faces two lawsuits over the pipeline.

Plug Power told the Town of Alabama recently it was pausing construction of its two hydrogen-producing electrolyzers.

The Fish and Wildlife Service issued a permit for the work in 2022, but ordered work stopped last fall after construction resulted in hundreds of gallons of drilling fluids spilling in protected wetlands in August and September.

"Plug Power told the Town of Alabama recently it was pausing construction of its two hydrogen-producing electrolyzers."

~Investigative Post, April 25, 2024

[B_B!]

US targets massive cost reduction in hydrogen for deployment in transport and industry this decade
The Hydrogen and Fuel Cell Technologies Office aims for H2 to cost less than $7/kg at pump for heavy vehicles in less than four years
Polly Martin Updated 33 minutes ago

The US government’s Hydrogen and Fuel Cell Technologies Office (HFTO) has outlined a long list of interim targets in its latest Multi-Year Program Plan, with an eye towards massively driving down the cost of clean H2 for use in transportation and industry.
The HFTO — a wing of the Department of Energy responsible for allocating funds towards hydrogen research, development and demonstration — estimates that today, green hydrogen costs $5-7/kg to produce and $12-16/kg to dispense at refuelling stations.

However, in addition to aiming for the cost of electrolysis to fall to $2/kg by 2026, the HFTO has also set a target for H2 delivered to heavy vehicles to cost less than $7/kg by 2028 — or roughly halving the current cost in less than four years.
The agency is also targeting a reduction in fuel-cell system costs for trucks, to fall from $170/kW today to $140/kW by 2025 and $80/kW by 2030, with a longer-term ambition to bring these costs even further down to $60/kW.
.....
The HFTO also aims for three fuel-cell trucks to be developed via the government-funded “Super Truck” programme of subsidies for auto manufacturers.
The government agency cites previous examples of driving down costs for hydrogen technologies through government-funded research and development. For example, it notes that the cost of fuel cells for light-duty vehicles dropped by 70% between 2008 and 2020.
The HFTO estimates that fuel cells for heavy vehicles have gradually fallen in cost from $200/kW in 2021 to $170/kW last year — implying that another $30/kW drop could be achievable within two years.
.....
When it comes to integration with the country’s power system, the HFTO will this year validate at least 1MW of fuel-cell generator capacity at a data centre, conducting performance tests between 24 and 48 hours to evaluate how well such a system could ramp up to full power and maintain it during a power outage.

It also aims to:

- Trial behind-the-meter integration of a 1.25MW proton-exchange membrane (PEM) electrolyser with a nuclear power plant this year, with a high-temperature electrolysis system tested in similar conditions by 2025;
- Test and demonstrate the potential for fuel-cell generators to be used in microgrids by 2025;
- Demonstrate at least six integrated electrolyser systems, with a combined capacity of more than 3MW, with at least two different types of electricity generation by 2025, and increase this capacity to 10MW by 2027.
.....
https://www.hydrogeninsight.com/policy/us-targets-massive-cost-reduction-in-hydrogen-for-deployment-in-transport-and-industry-this-decade/2-1-1640023

[B_B!]

Yesterday was the CALM BEFORE THE STORM.

[velcro]

January 20, 2025, is a bad date for Hydrogen. Sell-off starts early.

[scubastevemd]

Seems the Investors Village is joining the Fool on hit pieces. Up to Andy to prove them wrong because they have been right like the shorts for the last few years. Yes, I hate them too, and I think they tend to tell half-truths just like Andy, but they were more right than wrong. The thing is only Andy, and his gang can right the ship. It sure would be nice if the bums bought shares as a sign of faith in the company growing and surviving.

[B_B!]

Oil and gas companies/countries are feeling the heat.
They are under pressure to act on climate change and they see the rapid widespread hydrogen adoption and development in 2024.
Soon the anti Plug Power cartel will fall apart and the negative manipulation will stop.
Hopefully some Exxon whistleblowers will come forward.

[B_B!]

Pre-Market Share Volume 1,095,693