Plug Power Inc (PLUG)

[B_B!]

Bloom Energy has a proven solid oxide FUEL CELL technology that uses GAS, not hydrogen.
Bloom has been doing (low) carbon business for years, but the transition to zero carbon will undermine their existing business model. Moreover, there will be less demand for gas fuel cells.
The infancy of solid oxide hydrogen electrolyzers will delay the adoption of Bloom’s electrolyzers. Bloom will face a shrinking backlog and more layoffs.
Microsoft and Bloom's long-term customer Equinix prefer PEM over Solid Oxide fuel cells when using hydrogen.


Microsoft builds 3MW hydrogen fuel cell backup power plant
Two shipping containers of fuel cells can match one diesel genset
July 29, 2022
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PEM fuel cells also operate at lower temperatures than the alternative solid oxide fuel cells (SOFC) which are often powered by methane, and can start up more quickly, making them suitable for backup power. Microsoft has also previously tested SOFCs between 2013 and 2018, but shifted to PEM and even demonstrated a 250kW PEM system as a primary source for 10 racks of servers in a 48-hour test in 2020.
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https://www.datacenterdynamics.com/en/news/microsoft-builds-3mw-hydrogen-fuel-cell-backup-power-plant/

Equinix: Equinix tests hydrogen fuel cell power
Sep 30, 2022
Equinix is the latest company in the industry to trial hydrogen fuel cells as a power source for data centers. The company will be working in partnership with the Centre for Energy Research & Technology (CERT) under the National University of Singapore's (NUS) College of Design and Engineering to launch the "world's first" research project comparing the efficiency of proton-exchange membrane (PEM) fuel cells and fuel-flexible linear generator technologies. This research project is part of the company's wider pledge to advance the sustainability of the industry and reach its climate-neutral targets.
Equinix has outlined that PEM fuel cells are now a leading contender for hydrogen energy, and said that fuel-flexible linear generators enable operators to easily switch between various clean fuel options, including hydrogen, biogas, and various renewable liquid fuels.
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https://baxtel.com/news/equinix-tests-hydrogen-fuel-cell-power

Equinix to open $142m Silicon Valley data center this month, use Bloom Energy fuel cells as primary power
Its fourteenth in the region
June 02, 2021
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https://www.datacenterdynamics.com/en/news/equinix-to-open-142m-silicon-valley-data-center-this-month-use-bloom-energy-fuel-cells-as-primary-power/

Bloom’s Breakthrough Moment? Equinix to Install 40 MW of Fuel Cells
Aug. 17, 2017
Bloom Energy has received a huge vote of confidence from one of the industry’s largest players. Equinix Inc., will install Bloom Energy Servers in 12 data centers in California, New York and Los Angeles.
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https://www.datacenterfrontier.com/energy/article/11430635/bloom8217s-breakthrough-moment-equinix-to-install-40-mw-of-fuel-cells