Welcome to our dedicated page for Plug Power news (Ticker: PLUG), a resource for investors and traders seeking the latest updates and insights on Plug Power stock.
Plug Power Inc. (symbol: PLUG) is a leading innovator in the hydrogen fuel cell technology sector. The company is dedicated to creating cost-effective solutions that boost productivity, lower operating expenses, and minimize carbon footprints. Plug Power’s flagship solution, GenKey, offers a comprehensive package for its customers, which includes GenFuel hydrogen and fueling infrastructure, GenCare aftermarket services, and a specialized fuel cell system tailored for various markets.
Plug Power's product portfolio features two main brands: ReliOn and GenDrive. ReliOn is a modular and scalable fuel cell product engineered for critical stationary power applications. On the other hand, GenDrive serves as a lead-acid battery replacement used primarily in electric lift trucks within high-throughput material handling settings. With over 6,500 GenDrive units deployed and more than 100 million hours of runtime accumulated, Plug Power is enhancing efficiency in material handling sectors.
The company is on a mission to construct an end-to-end green hydrogen ecosystem, encompassing production, storage, delivery, and energy generation. Plug Power is actively working on developing green hydrogen highways across North America and Europe, aiming to deliver green hydrogen solutions both directly to customers and through joint ventures. These initiatives span multiple markets, including material handling, e-mobility, power generation, and other industrial applications.
In recent news, Plug Power has taken significant strides by completing the final step to enable the commercial sale of its electrolyzer systems in Korea. Additionally, Plug Power has unveiled a state-of-the-art Gigafactory for producing electrolyzers and fuel cells. The company plans to develop multiple green hydrogen production plants, targeting commercial operation by the end of 2028.
Plug Power's extensive deployment of over 69,000 fuel cell systems and over 250 fueling stations makes it a global leader in the hydrogen fuel cell market. As the largest buyer of liquid hydrogen, Plug Power is at the forefront of the push towards a sustainable and decarbonized economy.
Plug Power (NASDAQ: PLUG) has announced a strategic partnership with BAE Systems to supply zero-emissions powertrains for heavy-duty transit buses in North America. The collaboration integrates Plug Power's ProGen fuel cell engines with BAE Systems' electric drive systems and includes provision for hydrogen refueling infrastructure. This partnership aims to accelerate the adoption of hydrogen-powered electric buses, leveraging BAE's experience in electric propulsion and Plug Power's leadership in hydrogen solutions. Plug Power targets daily production of 500 tons of green hydrogen by the end of 2025.
Plug Power Inc (NASDAQ: PLUG) has been invited to submit a Part II Application for a $520 million loan guarantee from the U.S. Department of Energy. This funding aims to support the company's green hydrogen initiative, which includes establishing a 500-ton hydrogen network by 2025. Upon approval, Plug Power plans to initiate production capabilities for liquid hydrogen at several locations, utilizing renewable energy sources. The project is anticipated to create numerous jobs and bolster the hydrogen economy across the United States.
Plug Power, along with Chart Industries and Baker Hughes, announces a €260 million investment in the FiveT Hydrogen Fund, part of a broader goal to raise €1 billion. This private infrastructure fund aims to support clean hydrogen projects, which are crucial for addressing climate change and aiding the energy transition. Plug Power commits €160 million, with other investors contributing €50 million each. The Fund, led by industry veteran Pierre Etienne Franc, seeks to finance projects in clean hydrogen production, storage, and distribution.
Plug Power, Chart Industries, and Baker Hughes are set to be cornerstone investors in the FiveT Hydrogen Fund, aimed at advancing clean hydrogen infrastructure. Plug Power will invest €160 million ($200 million), while Chart and Baker Hughes will each contribute €50 million ($60 million). The Fund aspires to raise €1 billion from various investors and will exclusively finance projects in clean hydrogen production, storage, and distribution. This collaboration emphasizes the increasing importance of hydrogen in the energy transition and the potential for significant environmental impact.
Plug Power (NASDAQ: PLUG) and Brookfield Renewable Partners announced plans to build a green hydrogen production plant in Pennsylvania, utilizing renewable energy from Holtwood hydroelectric facility. Set to be operational by late 2022, the plant aims to produce 15 metric-tons of emissions-free liquid hydrogen daily and will create over 25 green energy jobs. This facility marks a significant step in Plug Power's goal of establishing a green hydrogen network in North America, targeting 500 tons of hydrogen production per day by 2025.
Plug Power (NASDAQ: PLUG) has announced a partnership with Alpine F1 Team, showcasing its logos on team cars and apparel. This collaboration supports a joint venture with the Renault Group to develop hydrogen solutions for on-road vehicles. Plug Power aims for a 30% market share in light commercial vehicles in Europe. CEO Laurent Rossi expressed enthusiasm for exploring sustainable mobility innovations with Plug Power, emphasizing the importance of hydrogen technology. Plug Power continues to lead in the hydrogen economy, having deployed over 40,000 fuel cell systems globally.
Plug Power Inc. (NASDAQ: PLUG) has appointed Kyungyeol Song as a Class III director on its Board of Directors. Dr. Song currently leads Quantum Growth at SK E&S and has extensive experience in renewable energy and energy transition, notably in hydrogen and energy storage systems. His background includes roles at McKinsey and advising the Korean government on energy policy. CEO Andy Marsh emphasized Dr. Song’s ability to enhance Plug Power's growth in Asian markets. Dr. Song holds a Ph.D. from MIT, positioning him to support the company's expansion in the hydrogen economy.
Plug Power Inc (NASDAQ: PLUG) has announced that its Chief Strategy Officer, Sanjay Shrestha, has been awarded the 2021 Rock Stars of the Supply Chain honor by Food Logistics. Under Shrestha’s leadership, Plug Power acquired United Hydrogen and Giner ELX, boosting its green hydrogen generation targets to 500 tons per day by 2025. The global hydrogen economy is anticipated to reach $10 trillion by 2050, with demand from logistics and transportation sectors. Plug Power aims to become a leader in this growing market and supports major clients’ sustainability goals.
Zamansky LLC is investigating Plug Power (NASDAQ: PLUG) for potential breaches of fiduciary duties by its senior officers and board. This follows Plug Power's announcement of a restatement of financial statements for fiscal years 2018 and 2019 due to accounting errors, raising concerns over whether misleading statements were made to investors. A federal securities class action has been filed, alleging that the company did not adequately disclose information regarding its internal controls over financial reporting. Shareholders can contact Zamansky LLC for legal rights consultation.
Plug Power Inc. (NASDAQ: PLUG) announced it is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of its 2020 Form 10-K. The company intends to restate prior financial statements and has until May 17, 2021 to file the report with the SEC. If unsuccessful, Plug Power plans to submit a compliance restoration plan, potentially allowing an extension until September 13, 2021. This notification does not affect the trading of its stock. Plug Power continues to advance its hydrogen solutions and has deployed over 40,000 fuel cell systems.
FAQ
What is the current stock price of Plug Power (PLUG)?
What is the market cap of Plug Power (PLUG)?
What does Plug Power Inc. specialize in?
What is Plug Power's GenKey solution?
What are the primary brands under Plug Power?
How many GenDrive units has Plug Power deployed?
What is Plug Power’s green hydrogen ecosystem?
What recent achievements has Plug Power made?
How many fuel cell systems and fueling stations has Plug Power deployed?
What markets does Plug Power serve?
What is Plug Power’s Gigafactory?
When does Plug Power plan to complete its green hydrogen production plants?
