Plug Power is transitioning from Power Purchase Agreements (PPAs) to direct sales. The 48E fuel cell tax credit applies to hydrogen of any color. The rapidly growing non-green hydrogen supply, supported by this administration, will lower the overall price of hydrogen.
Andy just needs to overcome his fear of hydrogen supply sabotage, like the disruption in Q3 '23 that almost destroyed Plug Power and start relying again on other hydrogen producers. He needs to recognize that a larger number of suppliers and increased supply could prevent a repeat of disruptions caused by coordinated actions. Once he overcomes this fear, he'll realize that he doesn't need to produce his own hydrogen.
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