Plug Power

Plug Power (NASDAQ: PLUG) provides end-to-end green hydrogen products. It offers solutions ranging from proton exchange membrane (PEM) fuel cells to electrolyzers to producing, storing, handling, transporting, and dispensing liquid green hydrogen. The company had deployed more than 69,000 fuel cell systems for forklifts and more than 250 fueling stations as of March 2024. Plug Power has been listed on the Nasdaq since 1999 and generated revenue of USD 891 million in 2023.

Plug Power offers a range of fuel cells for material handling, e-mobility, power generation, and industrial applications, including a vertically integrated “turnkey” solution that combines fuel cells with refueling and aftermarket services. The company also develops modular and scalable electrolyzer systems to produce clean hydrogen, liquefaction systems to minimize parasitic losses in hydrogen storage, liquified hydrogen as an efficient fuel alternative to fossil-based energy, and engineered equipment, including trailers and mobile storage equipment for liquified hydrogen and other cryogenic gas distribution.

Plug Power’s products and services predominantly serve the North American market (~84% of total revenue in 2023), followed by Europe (~13%) and Asia (~2%). The company expects to generate more than USD 20 billion in revenue and achieve an operating margin of more than 20% in 2030. Plug Power’s operational targets for 2030 include: 1) producing over 2,000 tons of hydrogen per day (from 15 tons per day in 2022); 2) having 100,000 hydrogen-powered vans on the road; 3) deploying 1 GW of stationary products cumulatively; 4) shipping 5 GW of electrolyzers per year; 5) deploying 500,000 fuel-cell-powered forklift trucks cumulatively; and 6) developing manufacturing capability to support 10 GW of fuel cells and electrolyzers annually.