Plug Power Inc (PLUG) Quote

Plug (liquid) hydrogen production in Q1’24:
- January
negligible
- February
about 10 TPD
- March
more than 20 TPD

The company’s Georgia hydrogen plant, home to the largest Proton Exchange Membrane (PEM) electrolyzer system in the U.S., has been running at a stable rate of 15 tons per day (TPD) since the beginning of the month.

Plug Continues to Make Substantial Advancement in Hydrogen Generation Buildout
April 23, 2024
https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Continues-to-Make-Substantial-Advancement-in-Hydrogen-Generation-Buildout/default.aspx

We've produced 11 tons of the 15 out of Georgia.
Tennessee is almost back to full production at 10 -- 10, 11 tons per day.
I expect by mid-second quarter, we'll be putting out all 15 tons out of Georgia.

Plug Power (PLUG) Q4 2023 Earnings Call Transcript Mar 1, 2024
https://www.fool.com/earnings/call-transcripts/2024/03/01/plug-power-plug-q4-2023-earnings-call-transcript/

February 06, 2024
Plug Power Starts Production of Liquid Hydrogen at its Existing Tennessee Plant
February 01, 2024
Plug Power Completes First Customer Fill of Liquid Green Hydrogen at its Georgia Plant

https://www.ir.plugpower.com/Press-Releases/default.aspx

Inventory impairment in 2023 (decreased inventory value)
I think it’s easier to sell the old (devalued) inventory for a profit in 2024.
The demand for proven hydrogen equipment is growing, not fading.

Deleated

That is good to hear. And by the end of the year they will cover 100% of their needs ( supposedly )

I.have been wondering for a long time how much they were buying from suppliers and what % they would be able to produce.

Of course now with the new supply , the price of hydrogen will probably go below their cost of production. Why would any of Plug's former suppliers bring on more capacity knowing that Plug would stop buying from them and they would lose the largest user of hydrogen as a customer.

Toofuzzy

Steve

As per the PR, the two plants with 25 tpd cover 50% of Plug’s requirement of green hydrogen.

I am doubtful we have enough to cover the current business interest and what the price differential is to what we buy it at. I suspect the supplier prices will come down as more supply hits the market depending on the addressable market.

Steve - Not all of my questions are answered.

We still don't know any of the economics or financials surrounding the plants.

Are we making enough to cover new growth ?

I guess that answers your question from the other day as to what they were producing. I say about dam time, and we should be at what 200 tpd by now? Glad we are at least heading in the right direction. Maybe, the learning curve is over, and they can now be more realistic.

Wonderful news:

https://seekingalpha.com/news/4092367-plug-power-touts-substantial-advancement-in-hydrogen-generation-buildout?source=copy_to_clipboard

TF - The only reason I would buy PLUG shares is to cover a short position.

Currently, the trend for PLUG is a Strong Negative, and I don't see this trend reversing.

The positive catalysts, the DOE Loan and 45v credits will bump up the price, but aren't enough to reverse the trend or counter the terrible Quarterly financials.

Remember, every PLUG Rally fades within days.

Has Plug expanded its management team in recent days?

https://www.ir.plugpower.com/governance-/management-team/default.aspx


ALAN SHARKEY
April 17, 2024
https://www.plugpower.com/dvteam/alan-sharkey/




RICK MASON
April 19, 2024
https://www.plugpower.com/dvteam/rick-mason/




PAUL SULLIVAN
April 22, 2024
https://www.plugpower.com/dvteam/paul-sullivan/

Jack

Are you selling or buying ?

Toofuzzy

Don't worry. They will be given way more new stock options at a much lower price that Plug might actually exceed.

Much better to buy puts. Your risk is defined up front.

Toofuzzy

I wonder what % of hydrogen that they sell do they produce

Toofuzzy

I have a problem with that paper / article.

He says the processing of electricity from alterative energy to the output of hydrogen is less than 50% efficient.

But he says oil has an output greater than 1. But that ignors transporting crude out of the ground, to a refinery, the energy used and cost of the refinery, transporting to a power plant, and the difference in efficiency of burning oil ( or gas ) vs using a fuel cell.

I agree their are some differences in efficiency depending on use. Fuel cell cars are much better than a gas engine ( even one burning hydrogen ) and less or no improvement in a power plant but you can't totally ignore the cost of getting oil or gas from the ground to the power plant.

Toofuzzy

CEF - Q-1 revenues ought to be in the $120-$150 million range based on PLUG history and growth.
If gross revenues are below $120, I have some worries.

The $500 million in impairments includes shutting down facilities, severance and other RIF costs, inventory carry costs and losses.

These are just my estimates, and I would be interested in anyone else's thoughts.

how do you get $150mil and $500mil of impairments

I wonder if we are involved in any of these? https://www.energy.gov/articles/biden-harris-administration-announces-first-projects-receiving-clean-energy-manufacturing

Sorry, but if their plan was to destroy themselves and implode the company and short, them, I guess you are right. Otherwise, I guess you are trying to be funny or sarcastic. If not, then you are delusional.

"I love it when a plan comes together"

- The major indices are starting to recover
- Plug short interest is increasing
- Plug trading volume is decreasing
- Positive press releases are coming

Fasten your seatbelt and enjoy the flight 😎

Only 2 weeks until Q1 earnings.

Could be, mayb lower

MORE BAD NEWS :

Q1 revenue will probably come in around $150mill....

Paul pretty much indicated this in the seasonality comment.....

We should expect some impairment charges of close to $500mill related to inventory and property plant and equipment...

Cash burn is running around $250mill for the Q....

Expect the share price to find its way to $1.50 after earnings, if not before.

I think the continued increase in Short Interest (30%) has been a key indicator of this Negative Trend in PLUG's share price.

Until there is a Major Positive Catalyst, this Negative Trend will continue.

There is NO BOTTOM.

Haven't posted in a while. Big Spender bought back into PLUG in October, 100 shares for $7.77.
Andy Marsh is running PLUG into the ground with Marsh-onomics.

Posted 7 hrs ago.

Steve - Before every opportunity, I feed multiple analysts with tough questions to ask PLUG's leadership. Remember when one asked about the FFI JV ? Ole leaving ?

The problem Steve, is that PLUG only wants softball questions. No questions about key metrics or deals that have faded away ...

If an analysts has the gall to ask a tough or negative question do they get to participate in the future?

I strongly suspect that the GA plant is not fully operational and may not even producing H-2. Yes the plant is Open, will someone ask what the average TPD is?

I have to agree you never get bad news from PLUG unless an analyst asks a direct question. If you know one maybe you can get him or her to ask some tough questions.

Steve - SCMF lives in SC, not far from the plant in GA. His last visit was on a weekend, which might explain to lack of activity.

The Foodie company on the same dead end street says there is very little activity on the road, which leads me to believe that the plant is still not fully operational.... or worse. With only 3 businesses on the road, they can see every vehicle that enters or leaves at least during business hours.

A status update from the PLUG would be helpful, but if the news is negative, we will never be informed.

My concern is that operations are still limited or suspended.

SCMets on Yahoo has driven by a few times. I would go but it would take me all day to get there and back. He has never walked inside to ask what was going on, but just drove by I think.

Steve, et al, - Does anyone know anyone close to the shiny, new Hydrogen plant in Georgia, who can swing by and see if it is operational?

I hear that it is still not fully operational. I'm worried that it isn't even running.

Someone needs to swing by and give us an independent status report.

Well, if they had done thing right as you say we would be profitable by now instead of near financial collapse or a reverse split. You also realize all the misses on revenues quarter after quarter, the accounting issues and fine, the promise to be BE that never happened, the statement we don't need money and then dilution a few times. Lies, distortion, mismanagement and screw ups like the Ga. plant 3 openings. There's just too much to give these clowns a pass. Andy and Paul should fall on a knife if they were honorable men and resign.

Plug Doing Real Things: Kristinestad, Finland
April 16, 2024
https://www.plugpower.com/plug-doing-real-things-kristinestad-finland/

UK, agree 100%.

PLUG has done everything right as far as markets or its products - read Crossing the chasm and The Gorilla Game for confirmation.

we explicitly decided not to enter the heavy mobile market (buses, trucks trains ships etc) by ourselves (we do have JV s of course where the expertise in those vehicles exists but are using a generic fuel cell “motor” not custom ones like Ballard has). As Ballard are finding out even promises of 500-1000 units dont make the product line profitable.

After securing the Material handling market the generation of hydrogen to supply those customers is a great adjacent pin. Our electrolyzers are second to none. Thats why you see them being used in projects around the world - especially in Europe. They may not be the cheapest but they work and PLUG knows what is needed to make a project successful.

Material Handling GenDrives and electrolysers make 20-30% gross margins so are pretty good businesses. Hopefully the new factories mean that large stationary fuel cells will also be when they roll out in any volume.

By choosing partners for things like the aircraft industry and last mile delivery we share the risks and costs involved.

If only Sanjay hadnt been so confident in the date to get production plants up and running we wouldn't be in this mess. Permitting delays hit all our sites - and will do in the future until the govt sorts this out (see Senator Manchkin). New York is now 2 years late had it been on time we would be selling to third parties 50% of the hydrogen we produce for nice hefty margins.

We will find out soon!

B_B - From $75 to $2.00 ... That's quite the Squeeze !

I don't think PLUG does anything well.

If we break through $2.26, we will hit the $1.00's soon after.

Maybe a ceo who knew how to run a business would be better…

start doing what we do well

Andy is good at squeezing the shorts.😎

I expect a record quarter with narrowed losses.
The estimates/expectations are very low.

Suspect most recent changes will not show this quarter, but a reduced inventory and spending since projects have stopped ought to stem the losses a bit. We should see a small decease in our fuel cost. Things should improve on the cost and revenue side as the supply of our own fuel increases, the price increases and the savings from layoffs show up. The big offset is the increased share count that hangs over us. We need a Hail Mary pass.

So, Ballard, a once second-rate fuel cell provider we used to use that put out a sub-par product must be doing better because they seem to be getting quite a few deals we are not getting. The shotgun approach.to going after everything and not doing anything that well, but forklifts, seems to have hurt us. Maybe it is time to focus on what we do best or the most potentially profitable and sell off other units? I wonder what the drone, airplane and van businesses have cost us versus their potential any time in the near future. Maybe it is time to start asking the hard questions and start doing what we do well.

Only 3 weeks until Q1 earnings.

Ballard announces orders for 70 hydrogen fuel cell engines for delivery to Wrightbus in 2024
Tue, Apr 16, 2024
https://finance.yahoo.com/news/ballard-announces-orders-70-hydrogen-123000406.html

More BAD NEWS :

https://finance.yahoo.com/news/plug-power-plug-dips-more-220019634.html

More BAD NEWS:

$2.79 ! PLUG just broke through the $2.82 support like it wasn't even there.

Look out below !

There is still too much news 🤣

Japan’s first hydrogen and biofuel hybrid passenger ship enters service
April 16, 2024, by Fatima Bahtic
https://www.offshore-energy.biz/japans-first-hydrogen-and-biofuel-hybrid-passenger-ship-enters-service/

Japan’s largest steelmaker to invest billions of yen into hydrogen-based direct iron reduction
Nearly 60% of the bill will be footed by the Japanese government
15 April 2024 By Polly Martin
https://www.hydrogeninsight.com/industrial/japan-s-largest-steelmaker-to-invest-billions-of-yen-into-hydrogen-based-direct-iron-reduction/2-1-1626984

Air Products to open two new hydrogen refuelling stations in Germany
By Molly Burgess on Apr 15, 2024
https://www.gasworld.com/story/air-products-to-open-two-new-hydrogen-refuelling-stations-in-germany/2137220.article/

Hyundai to start hydrogen vehicle trials in Guangzhou this year
By Moon Joon-hyun Published : April 12, 2024
Hyundai Motor Group plans to expand operations at its HTWO Guangzhou facility -- its first overseas hydrogen fuel cell system production plant -- by initiating pilot projects for commercial hydrogen fuel cell vehicles this year.
https://www.koreaherald.com/view.php?ud=20240412050553

China's homegrown hydrogen-powered train completes test run at 160 km/h
Mar 21, 2024
https://www.globaltimes.cn/page/202403/1309256.shtml

China's largest green hydrogen refuelling station is selling H2 at a seventh of the cost of the fuel in California
Sany claims its integrated production and fuelling complex supplies hydrogen at cost parity with diesel
15 March 2024 By Polly Martin
https://www.hydrogeninsight.com/transport/chinas-largest-green-hydrogen-refuelling-station-is-selling-h2-at-a-seventh-of-the-cost-of-the-fuel-in-california/2-1-1613409

Forvia establishes new hydrogen energy business entity in China
11/03/2024
https://www.jeccomposites.com/news/spotted-by-jec/forvia-establishes-new-hydrogen-energy-business-entity-in-china/

Air Liquide China breaks ground on $20m hydrogen filling centre
By Molly Burgess Mar 06, 2024
https://www.gasworld.com/story/air-liquide-china-breaks-ground-on-20m-hydrogen-filling-centre/2135313.article/

China’s Clean-Truck Surprise Defies the EV Slowdown Narrative
By Colin McKerracher 5 maart 2024
…..
The first is that hydrogen fuel cells are finally making their presence felt, with over 1,000 fuel cell-powered heavy trucks sold in December. That’s the highest tally yet and more than twice that of any previous month. China is providing very generous incentives for truck manufacturers to deploy fuel cell vehicles, and the market is starting to respond.
…..
https://www.bloomberg.com/news/newsletters/2024-03-05/china-s-clean-truck-surprise-defies-the-ev-slowdown-narrative

China goes big on green hydrogen using renewable energy surplus
KOHEI FUJIMURA and NAOYUKI TOYAMA March 5, 2024
https://asia.nikkei.com/Business/Energy/China-goes-big-on-green-hydrogen-using-renewable-energy-surplus

World's longest hydrogen pipeline, covering 700km, set for construction work this year at a cost of $845m
The Chinese record-breaker could facilitate renewable H2 exports from a port near Beijing, developers claim
29 February 2024 By Rachel Parkes
https://www.hydrogeninsight.com/production/worlds-longest-hydrogen-pipeline-covering-700km-set-for-construction-work-this-year-at-a-cost-of-845m/2-1-1605339

China's four-seater hydrogen-fueled internal combustion engine aircraft completes maiden flight
2024-01-30
https://www.ecns.cn/m/news/cns-wire/2024-01-30/detail-ihcxhitc4314201.shtml

Ballard announces succession of two Weichai nominees to Board of Directors
Jan 02, 2024
https://www.ballard.com/about-ballard/newsroom/news-releases/2024/01/02/ballard-announces-succession-of-two-weichai-nominees-to-board-of-directors
Ballard in China
https://www.ballard.com/about-ballard/ballard-in-china

China's green hydrogen investment tops 300 billion yuan in first nine months, leading the world
Nov 20, 2023
https://www.globaltimes.cn/page/202311/1302162.shtml

GE’s hydrogen-ready turbines ordered for 1.7 GW gas plant in China
The Chinese State Development & Investment Corp has ordered two hydrogen-ready gas turbines from GE Vernova for a new combined-cycle power plant.
10.11.2023
https://www.power-eng.com/news/ges-hydrogen-ready-turbines-green-1-7gw-gas-plant-in-china/

China’s First Hydrogen Fuel Cell Vessel Enters Service
OCT 11, 2023
https://maritime-executive.com/article/china-s-first-hydrogen-fuel-cell-vessel-enters-service

China's largest green hydrogen project — a $4bn, 640MW ammonia/methanol facility — begins construction
28 September 2023 By Leigh Collins
https://www.hydrogeninsight.com/production/chinas-largest-green-hydrogen-project-a-4bn-640mw-ammonia-methanol-facility-begins-construction/2-1-1525815

SINOPEC TO BUILD 1,000 HYDROGEN FUELING STATIONS BY 2025
2023-09-20
https://senecaesg.com/insights/sinopec-to-build-1000-hydrogen-fueling-stations-by-2025/

An Interesting Read:

From Another Board;

"A lot of people on this board talking about the DOE loan coming through and the stock climbing. Reminds me of the GA plant opening (or waiting for months for it to open). By the time in finally happened it did nothing for the stock price. Waiting for a loan is no way to bet on a successful company. The facts are Andy and Paul (Laurel and Hardy) set ridiculous forecasts, dropped hints of partnerships, boldly told us again and again they would be breakeven end of 2023. They are both so out of touch with running a business, they ran Plug into the ground. The cost cutting measures should have been done a year ago. I really don't see a positive outcome for Plug, it feels too late. Margins are all negative, fuel delivery negative, help me out if you know something different. I am long but totally soured on management."