Plug Power hits US record with 300 tons of hydrogen in April

WOODBINE, Ga. - Plug Power Inc. (NASDAQ:PLUG), currently valued at approximately $1 billion in market capitalization, has announced a significant production milestone at its Woodbine, Georgia plant, reporting the highest monthly output of liquid hydrogen in the United States to date. In April, the facility produced 300 metric tons of liquid hydrogen, marking a new benchmark for the industry. According to InvestingPro data, the company faces challenges with cash burn and profitability, making this operational achievement particularly significant for investors monitoring its progress.

The plant, which began operations in January 2024, is currently the largest electrolytic liquid hydrogen production facility in the nation. It utilizes Plug Power’s proprietary GenEco proton exchange membrane (PEM) electrolyzer technology and has a nameplate capacity of 15 tons per day. The recent achievement underscores the scalability, reliability, and cost-competitiveness of Plug Power’s integrated approach to hydrogen production. Despite recent operational progress, InvestingPro analysis reveals challenging gross profit margins of -77.5% in the last twelve months, highlighting the importance of achieving economies of scale.

Andy Marsh, CEO of Plug Power, emphasized the commercial viability of the plant’s operations, stating that the Georgia facility is delivering "real hydrogen at real scale" and is not merely a pilot project but a source of commercial hydrogen production impacting the market today.

The Georgia site is a key component of Plug Power’s expanding hydrogen generation network, which includes additional operational plants in Tennessee and Louisiana. Together, these sites contribute to a combined production capacity of 40 tons per day, making Plug Power the largest producer of liquid hydrogen in the United States.

Chief Revenue Officer Jose Luis Crespo highlighted the strong market demand for the company’s GenEco electrolyzers and the strategic advantage of producing and delivering hydrogen using their technology. He noted that this strengthens customer value, improves margins, and supports long-term commercial growth.

The hydrogen produced at the Georgia plant supplies major customers in the logistics and distribution sectors, such as Walmart, Amazon, and Home Depot, aiding them in decarbonizing their operations and ensuring access to a stable, domestically produced fuel supply. The company maintains a healthy current ratio of 1.95, indicating sufficient liquid assets to meet short-term obligations. For deeper insights into Plug Power’s financial health and 14 additional key ProTips, consider accessing the comprehensive analysis available on InvestingPro.

Plug Power is a pioneer in the hydrogen economy, offering an integrated ecosystem that includes production, storage, delivery, and power generation. The company’s global presence spans five continents with over 72,000 fuel cell systems and 275 fueling stations deployed.

This announcement is based on a press release statement and reflects the company’s current production capabilities and market position. While the stock has shown recent strength with a 15.8% gain over the past week, investors should note the significant volatility in its price movements, with the stock trading at $0.93, down over 70% in the past year. It is important to note that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected.

In other recent news, Plug Power Inc. reported first-quarter 2025 revenue of $133.7 million, which was below the analyst consensus of $138.41 million. The company showed improvements in cash flow and gross margins, with a gross margin loss improving to -55% from -132% a year earlier. Despite missing revenue estimates, Plug Power highlighted significant progress in its electrolyzer business and hydrogen production capabilities. Additionally, the company commissioned a 15-ton-per-day hydrogen liquefaction plant in Louisiana, boosting U.S. production capacity to approximately 40 tons per day.

Analyst firms have weighed in on Plug Power’s outlook, with Jefferies reducing its price target to $0.90 while maintaining a Hold rating. Jefferies estimates second-quarter revenue at $151 million, falling short of the consensus estimate of $159 million. Citi also maintained a Sell rating with a $0.75 target, citing challenges including lower gross margins and potential increased costs due to tariffs. In a show of confidence, Plug Power’s CFO Paul Middleton purchased 350,000 shares, investing approximately $250,000 in the company.

Plug Power has secured an order from a significant customer and started operations at its Los Angeles plant, aiming to improve its financial health. The company has pledged not to issue any equity within the current year, focusing on managing liquidity. Despite the challenges, Plug Power is actively engaging with the Department of Energy to secure funding and is exploring safe harbor 45V credits from its Texas facility.

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