Plug Power Inc. - PLUG STOCK NEWS

Plug Power Inc. (NASDAQ: PLUG) has announced the completion of undertakings related to its 2023 SEC settlement. The company, a leader in green hydrogen solutions, certified with the SEC Staff on August 30, 2024, that it has fully complied with the settlement terms, including remediating material weaknesses. CEO Andy Marsh expressed satisfaction with concluding the SEC settlement and reaffirmed Plug Power's commitment to ongoing compliance and governance best practices as they continue to lead in the green hydrogen economy development.

Plug Power Inc. (NASDAQ: PLUG) has been awarded a $10 million grant from the U.S. Department of Energy (DOE) to lead the development of an advanced hydrogen refueling station in Washington State. The project, named HYPER-Fuel, will demonstrate next-generation hydrogen refueling infrastructure for medium and heavy-duty vehicles at scale.

Key features of the project include:

• Liquid-to-gaseous dispensing and cryogenic dispensing architecture
• Fueling rates exceeding 8 kg/min
• Daily capacity of over 2 tonnes
• Options for both 350 and 700 bar pressurized hydrogen

Plug is collaborating with Washington State University, the University of Maryland at College Park, and the National Renewable Energy Laboratory on this initiative, which is part of the DOE's $62 million investment in clean hydrogen technologies across 15 states.

Plug Power Inc. (NASDAQ: PLUG) has appointed Colin Angle, former CEO of iRobot, to its Board of Directors. Angle, co-founder of iRobot and developer of the Roomba robot vacuum, brings extensive experience in technology innovation, robotics, and strategic leadership. His appointment aligns with Plug Power's goals of advancing the hydrogen economy and expanding globally.

CEO Andy Marsh and Chairman George McNamee expressed enthusiasm about Angle's addition, citing his visionary leadership and track record in transforming technology into successful products. Angle's expertise is expected to guide Plug Power in scaling operations and achieving strategic objectives focused on sustainability, revenue growth, and profitability.

Plug Power Inc. (NASDAQ: PLUG) reported key developments and strategic milestones in Q2 2024. The company's revenue reached $143.4 million, with a net loss of $262.3 million and an EPS loss of $0.36. Highlights include:

1. Improved hydrogen margins due to increased production capacity and strategic price increases.
2. Deployment of over $70 million in electrolyzer systems.
3. Appointment of Dean Fullerton as COO.
4. Progress on a joint venture hydrogen plant with Olin
5. Securing 7.5 GW in global BEDP contracts.
6. Advancement in the DOE loan process for green hydrogen initiatives.
7. Successful remediation of material weaknesses in internal controls.

Plug Power projects 2024 revenue between $825 million and $925 million, reflecting expected growth in electrolyzer, cryogenic, and material handling businesses.

Plug Power Inc. (NASDAQ: PLUG), a leader in comprehensive hydrogen solutions for the green hydrogen economy, has announced it will release its 2024 second quarter results on Thursday, August 8, 2024. The company will host a conference call at 8:30 AM ET on the same day to discuss the results. Investors and interested parties can join the call via a toll-free number or access the webcast directly from Plug's homepage. A playback of the call will be available online for a period following the event.

Plug Power Inc. (NASDAQ: PLUG) has appointed Dean Fullerton as its new Chief Operating Officer (COO). Fullerton, a 14-year Amazon veteran, joins Plug from his previous role as Vice President of Global Engineering and Security Services at Amazon. In his new position, Fullerton will be responsible for project execution, manufacturing, supply chain, and hydrogen generation on a global scale.

Fullerton's extensive experience includes overseeing Operations Engineering, Planning and Analytics, and Global Security at Amazon. He played a important role in building Amazon's hydrogen economy team, resulting in significant carbon footprint reduction and cost savings. The appointment is seen as a strategic move for Plug Power, leveraging Fullerton's expertise to expand its logistics operations and scale up its green hydrogen ecosystem.

Plug Power Inc. (NASDAQ: PLUG) has announced the pricing of its public offering of 78,740,157 shares of common stock at $2.54 per share. The offering, expected to close around July 22, 2024, aims to raise approximately $200 million in gross proceeds. Underwriters have a 30-day option to purchase up to an additional 11,811,023 shares. Plug Power plans to use the net proceeds for general corporate purposes. Morgan Stanley is the sole book-running manager, with Canaccord Genuity, Oppenheimer & Co., Roth Capital Partners, BTIG, and Craig-Hallum acting as co-managers. The offering is made pursuant to an automatic shelf registration statement previously filed with the SEC.

Plug Power Inc. (NASDAQ: PLUG), a leader in green hydrogen solutions, has announced a proposed public offering of $200 million of its common stock. The company plans to grant underwriters a 30-day option to purchase up to $30 million of additional shares. Proceeds will be used for general corporate purposes. Morgan Stanley is acting as the sole book-running manager for the offering.

The offering is subject to market conditions, and its completion, size, and terms are not guaranteed. Plug Power has filed an automatic shelf registration statement with the SEC, and a preliminary prospectus supplement will be filed. Investors are advised to read the prospectus and related documents before investing.

Plug Power, a global hydrogen solutions leader, announced the completion of 13 hydrogen refueling station (HRS) deployments across Europe over the past two years. The stations, which support material handling and mobility applications, are located in the UK, France, Germany, Spain, and the Netherlands. Many are operational, with the rest expected to be fully operational by summer. These refueling stations serve major clients like Amazon and Lidl, as well as Plug's facilities and its joint venture with Renault, HYVIA. The largest site consumes nearly half a ton of hydrogen daily. Plug Power has built over 250 HRS globally and has reduced the time-to-market for a station from 18 months to 6 months, highlighting increasing demand and efficient execution capabilities.