PLUG POWER INC (PLUG)

Plug Power Inc. is building an end-to-end clean hydrogen ecosystem covering production, storage, delivery and energy generation, with the aim of helping customers meet business goals and decarbonize their operations. It says it created the first commercially viable market for hydrogen fuel cells, having deployed more than 74,000 fuel cell systems, primarily in material handling, and operating more than 275 fueling stations. It was organized as a Delaware corporation in 1997 and reports one operating and reportable segment: the design, development and sale of hydrogen products and solutions.

The product and service portfolio includes GenDrive PEM fuel cell systems for electric forklifts, automated guided vehicles and ground support equipment. GenSure provides stationary fuel cell power for backup, grid support, EV charging and data centers. GenFuel is a liquid hydrogen fueling, storage and dispensing system. GenCare is an IoT-based maintenance and service program. GenKey is a turn-key bundle of fuel cells, fuel and service. GenEco electrolyzers are modular 5MW and 10MW PEM systems that split water into hydrogen and oxygen. The company also offers 15 and 30 ton-per-day hydrogen liquefiers and cryogenic equipment such as storage tanks, trailers and vaporizers. It produces liquid hydrogen at plants in Tennessee, Georgia and Louisiana, and through third-party supply arrangements.

Its products predominantly serve North American and European material handling markets, mainly large to mid-sized fleets with multi-shift operations in high-volume manufacturing and distribution centers. Electrolyzers serve customers such as refineries, chemical, steel and fertilizer producers and refueling stations. The company also targets demand from heavy-duty transportation, heavy manufacturing, stationary power and aviation, and is focusing expansion on Europe, Australia, North America and select Asian markets. Orders were approximately $724.1 million at year-end 2025, with delivery terms ranging from 90 days to 10 years. Walmart accounted for 24.2% of 2025 revenues, and a second customer for 14.3%. Sales are made through a direct sales force and through OEMs and their dealer networks, and in Europe under the name Plug Power Europe.

Plug manufactures or assembles products in Slingerlands and Rochester, New York (including an electrolyzer stack gigafactory), Houston, Texas, and Lafayette, Indiana. It has a customer service center in Miamisburg, Ohio, and hydrogen plants in Charleston, Tennessee, Kingsland, Georgia, and St. Gabriel, Louisiana. The St. Gabriel plant is run by Hidrogenii, a 50/50 joint venture with an Olin subsidiary that began operating in April 2025. Other ventures include AccionaPlug, a 50% joint venture with Acciona for projects in Spain and Portugal, and a roughly 5% stake in the Clean H2 Infra Fund. The company agreed to sell its 49% stake in SK Plug Hyverse to SK Innovation for $6.5 million in cash. Management considers its suppliers generally reliable, though it has seen material shortages and price pressure. Competition comes from established battery and combustion generator products, other energy carriers such as solar, wind and batteries, integrated gas companies, and steam methane reforming hydrogen generation.