Plug Power Inc (PLUG)

[uksausage]

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.