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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 announced an upsized public offering of 38 million shares at $22.25 each, with a 30-day option for underwriters to purchase an additional 5.7 million shares. The offering, set to close around November 19, 2020, is made under an SEC registration statement. This move aims to support Plug Power's growth in the hydrogen fuel cell market, where it has already deployed over 38,000 systems. Morgan Stanley serves as the sole book-runner for this transaction.
Plug Power Inc. (NASDAQ: PLUG) announced a registered public offering of $750 million in common stock, aiming to empower its business growth. The offering includes a 30-day underwriter option for an additional $112.5 million in shares. Morgan Stanley will act as the sole underwriter. The proceeds will be allocated for working capital, capital expenditures, potential acquisitions, and strategic opportunities. The offering is registered under an automatic shelf registration statement with the SEC, ensuring compliance and transparency for investors.
Plug Power Inc. (NASDAQ:PLUG) reported its third quarter results for 2020, showcasing its leadership in hydrogen engine solutions. The company has deployed over 35,000 fuel cell systems globally and is the largest buyer of liquid hydrogen in North America. Plug Power continues to expand into key markets such as zero-emission vehicles and data centers, leveraging its comprehensive GenKey solution for clients like Amazon and Walmart. The quarterly results and shareholder letter are available on their investor relations page.
Plug Power Inc. (NASDAQ:PLUG) will announce its third quarter results for 2020 on November 9, 2020. The announcement will be accompanied by a live conference call and webcast scheduled for 10:00 am ET. Interested parties can join by dialing 877-405-1239 or 201-389-0851. Plug Power is a leader in zero-emission hydrogen engines and fueling solutions, having deployed over 35,000 fuel cell systems globally. The company is focused on expanding into markets such as zero-emission vehicles and data centers, emphasizing efficiency and sustainability.
Plug Power has expanded its European product portfolio with three new CE-certified GenDrive fuel cell solutions, bringing the total to 15 products. The additions include the GenDrive 1600-80H CE for class-1 trucks, GenDrive 3342-24 CE for class-3 trucks, and GenDrive 6100-48 CE for automated guided vehicles. These products, developed over the past year, promise seamless replacement for existing battery systems, enhancing operational efficiency. With initial orders from major automotive brands like BMW and Daimler, Plug Power aims to strengthen its position in the European market.
Plug Power (NASDAQ: PLUG) is at the forefront of promoting the McKinsey study titled 'Road Map to a US Hydrogen Economy.' As the largest user of liquid hydrogen in the US, Plug Power aims to impact key sectors like transportation and power generation. The study predicts hydrogen demand could reach 17 million metric tons by 2030. Plug Power is committed to accelerating the transition to zero-carbon hydrogen solutions, planning to build green hydrogen plants starting Q4 2020. Industry leaders including Plug Power are participating in a series of virtual events to discuss the study's findings.
Plug Power Inc (NASDAQ: PLUG) appointed Corine Dubruel as Vice President and Managing Director for Europe to enhance its market presence and oversee growth in hydrogen fuel solutions. Dubruel brings extensive experience from leading companies such as ENGIE and General Electric, having achieved significant revenue growth in previous roles. Her focus will be on expanding Plug Power's strategic partnerships and advancing hydrogen initiatives in Europe, aligning with the region's climate goals. The company aims to accelerate hydrogen technology adoption under her leadership.
Plug Power (NASDAQ: PLUG) announced a memorandum of understanding with Linde to demonstrate its ProGen fuel cell engine in Class 6 and Class 8 vehicles, set to be operational in early 2021. The ProGen engine, suitable for heavy-duty applications, offers faster fueling and extended range compared to battery electric vehicles. Plug Power aims to decarbonize hydrogen production, targeting over 50% green hydrogen usage by 2024. The company has deployed over 35,000 fuel cell systems globally and is expanding into key markets like zero-emission vehicles and robotics.
Plug Power (NASDAQ: PLUG) has formed a Collaboration Agreement with Apex Clean Energy to boost the adoption of green hydrogen in the United States. This partnership aims to produce over 50% green hydrogen by 2024, aligning with Plug Power's strategy to decarbonize transportation and logistics sectors. The collaboration will utilize Apex's renewable project pipeline to develop hydrogen facilities. Notably, the global hydrogen economy could reach $2.5 trillion by 2050, indicating significant potential for growth.
Plug Power Inc. (NASDAQ: PLUG) has signed an agreement with Brookfield Renewable Partners (NYSE: BEP) to source 100% renewable energy for its upcoming green hydrogen production plant in North America. This facility aims to produce around 10 tons of green liquid hydrogen daily, supporting the company's goal to have over 50% of its hydrogen supplies from renewable sources by 2024. The partnership marks a significant step in Plug Power's strategy to enhance its hydrogen generation capabilities and contribute to a zero-carbon economy valued at $2.5 trillion by 2050.
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