Plug Power Inc. - PLUG STOCK NEWS

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.

Plug Power has achieved a significant milestone by delivering and commissioning over 95 MW of electrolyzer capacity globally. These systems, which range from 1 MW to 40 MW, are operational across five continents, including North America, Europe, Africa, Asia, New Zealand, and India. The deployments, which adhere to regional regulatory standards, collectively produce over 1,500 metric tons of hydrogen. This positions Plug as a leading Original Equipment Manufacturer (OEM) in the PEM electrolyzer market. The company's Georgia plant is the largest operating PEM electrolyzer system in the world. Plug plans to commission 37 additional units, boosting capacity by 40 metric tons per day by the end of the year, ultimately aiming to produce 93 metric tons of hydrogen daily.

Plug Power (NASDAQ: PLUG) announced its intent to recognize the benefits of the Inflation Reduction Act’s (IRA) Section 45V Credit for the Production of Clean Hydrogen (PTC) in its upcoming financial reports. The PTC offers up to $3.00 per kilogram for clean hydrogen produced in the U.S., significantly reducing production costs. This will help Plug achieve a break-even fuel margin by year-end, with positive margins expected in 2025 and beyond. This makes Plug one of the first to leverage this incentive, aiming to scale hydrogen production and enhance its green hydrogen network with facilities in Georgia, Tennessee, and Louisiana, and more in development.

Plug Power (NASDAQ: PLUG), a leading provider of hydrogen solutions, announced that CEO Andy Marsh will participate in the 10th Annual ROTH London Conference on June 26, 2024, at the Four Seasons Hotel in London. The conference is notable for attracting top executives from various innovative growth companies and institutional investors. During this event, Marsh, along with VP of Investor Relations Roberto Friedlander, will engage in 1-on-1 and small group sessions with over two dozen representatives from major money management firms. These 40-minute meetings aim to provide a detailed understanding of Plug Power's business strategies.

Plug Power has reached a major milestone with 7.5 gigawatts (GW) in global Basic Engineering and Design Package (BEDP) contracts for electrolyzer projects. This achievement reflects growing demand for green hydrogen and underscores Plug's leadership in PEM electrolyzer technology. BEDP contracts provide essential engineering details for full plant design and can lead to significant revenue from electrolyzer sales. Recently, Plug secured a 3 GW contract with Allied Green Ammonia in Australia and has 4.5 GW of BEDP contracts in the U.S. and Europe. Each GW translates to $0.5B to $0.75B in potential revenue, highlighting Plug's ability to scale its business and drive the green hydrogen revolution.

Plug Power has secured a 25 MW PEM electrolyzer order from a major European customer, employing five of its 5 MW containerized systems. This initiative aims to reduce the carbon footprint using green hydrogen.

CEO Andy Marsh emphasized the company's industry expertise and the growing market potential for green hydrogen in Europe. Plug's extensive experience includes a 100 MW project with Galp in Southern Europe and multiple 5 MW deployments in various industries. The company also has 7.5 GW of BEDP contracts in progress.

The order highlights Plug's capacity, backed by its Gigafactory in Rochester, N.Y., and its 15 TPD hydrogen production plant in Georgia. This deal is the first phase of a larger decarbonization effort, potentially expanding to 2 GW.