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Thanks WTM brother!
Message from David Wenger, Mission Hydrogen GmbH.
Happy Sunday everyone!
Germany has broken a new record in solar electricity generation this week. 51.2 GW, on Wednesday at 1pm.
Wow. I was taught at university that “PV is good, but it’s never going to happen. It’s too expensive, and it always will be.” That was 20-something years ago.
Things are changing rapidly.
Will hydrogen be a part of the energy transition? Maybe no. Probably yes.
The best way to predict the future is to create it.
And if you want to develop or sell products to the hydrogen industry, you need knowledge and real life experience.
So here’s what I have to offer for free:
1. Webinar with the Alberta Motor Transportation Association on their “Real Life Experience with Fuel Cell Trucks” in the Canadian winter: www.mission-hydrogen.com
2. Webinar with Draeger on the “Hydrogen Safety in FCEV Workshops” (you can use that knowledge for any kind of hydrogen workshop, repair center, bus yard or truck stop): www.mission-hydrogen.com
3. Hydrogen Online Workshop 2024: 24 hours, 50+ keynotes, panel discussions and expert sessions with some of the best hydrogen experts in the world: www.hydrogen-online-workshop.com/program (there’s a - unfortunately small – “Add to Calendar” icon next to every presentation that converts the time zones automatically)
4. Webinar on “Best of Hydrogen Online Workshop 2024” where I will share a summary of the 24 hours with you and answer all kinds of hydrogen related questions: www.mission-hydrogen.com
5. Webinar on “Hydrogen in the UK” with different speakers to give you an overview of the hydrogen activities mainly in England and Scotland. This webinar is not open for registration yet, but you can mark the 19th of June in your calendar.
6. Webinar with Parker on “Water Treatment for Electrolyzers”: www.mission-hydrogen.com
7. Webinar with Toyota on “The Toyota Hydrogen Strategy for Heavy Duty”: www.mission-hydrogen.com
I want you to take 3 minutes of your valuable time and sign up. It’s free, and there is no catch.
If you think that one of the events is valuable for one of your friends or colleagues, please forward this email. It just takes you 5 seconds, but it might change a lot.
Thank you for your time, and have a nice rest of your Sunday.
David
Mission Hydrogen GmbH
David Wenger
Einsteinstrasse 55
89077 Ulm
Germany
Repost from ADN board.
Turning to Hydrogen is Not Easy, Says Bloomberg – What's Happening in Greece
18 May 2024
https://www.energia.gr/article/218778/h-strofh-pros-to-ydrogono-den-einai-eykolh-ypothesh-leei-to-bloomberg-ti-ginetai-sthn-ellada
Experts agree that hydrogen should be in the green transition toolbox if the planet is to reach the goal of net-zero emissions in sectors such as steel, aviation and shipping. However, the few early projects focused on using hydrogen to produce energy in Europe show that switching to hydrogen will not be as easy – at least not as its proponents present it
This is what Bloomgerg Green argues in its analysis, citing as an example the case of the Leipzig power plant inaugurated in October.
At the same time, in Greece, large groups are launching hydrogen development projects, which will become a reality after 2027.
Bloomberg Green makes special mention of the Leipzig plant, which it writes "is the first, tiny part of a dream energy system designed by policymakers across Europe who rely on green fuel to meet some of the world's most aggressive climate goals."
This dream is based on converting newly built polluting infrastructure to burn hydrogen, a fuel that will be many times more expensive than natural gas and that no one has figured out how to move safely and cheaply in bulk.
Germany plans to build more than 20 power plants much larger than the one in Leipzig, which it advertises as the continent's first "hydrogen-ready" facility. They will be supplied by state-of-the-art LNG terminals equipped to handle specialized clean fuels, such as ammonia, and a network of dedicated pipes stretching for about 9,600 kilometers.
By following this model, governments and companies that struggle to meet deadlines for climate goals but are concerned about energy security can still build billions of dollars' worth of natural gas infrastructure as long as it's "hydrogen-ready."
Gas-dependent economies including Germany, the Netherlands, Spain, Italy and Britain are among the biggest proponents for using hydrogen, and some have plans to use it to generate electricity.
But, Bloomberg points out, there is no official definition of what makes a "hydrogen-ready" facility ultimately open the door to greenwashing.
For power plants, hydrogen combustion has not even been tested at scale.
"There has not yet been any measurable progress in building gas-fired, hydrogen-ready power plants," said Eric Heymann, an economist at Deutsche Bank Research.
The issue of transport
Next, the problem of hydrogen transport has not been solved. The Leipzig plant is not connected to the grid (and has yet to install its own electrolyzers), which means that the highly flammable fuel will have to be transported by truck until the second part of the government's grand plan is carried out. It is building a €1 billion liquefied natural gas terminal in Brunsbuettel, a city along the North Sea that will initially import LNG but will be designed to handle clean fuels in the future.
Hydrogen can only be liquefied at -253C (-423F), far beyond the capabilities of current LNG ships. So Germany plans to import hydrogen in the form of liquid ammonia, a combination of hydrogen and nitrogen that can more easily be converted into liquid. But ammonia is toxic, and handling requires better ventilation systems. Many components at the terminal, including control valves and fire and gas sensors, as well as embedded devices — most of which have not been tested with ammonia — will also need upgrades, according to Fraunhofer ISI, an energy think tank.
The difference with renewables
Industries can be built from scratch with enough support. The renewable energy industry that faced skepticism 20 years ago is now booming.
The difference is renewables harness wind and solar energy to generate clean electricity. Both sources already exist and are in use and are available to the public.
Green hydrogen, on the other hand, will require building more solar and wind farms when, in many cases, it would be simpler to simply use that clean energy directly. By the time hydrogen is manufactured, stored and burned to produce electricity again, there is a 70% loss of energy compared to the original, and the cost has tripled.
Green hydrogen will likely only be useful towards the end of the energy transition, when primary electricity demand is comfortably met by renewables, said Pierre Huns, the governor of Belgium's central bank. "We're not going to have green hydrogen in large quantities and cheap prices before that, because of course we have to generate more electricity to power it," he said.
This is, perhaps, why most green hydrogen projects have so far been left on paper or on the websites of major gas companies such as Equinor ASA, Shell Plc and Sinopec.
A gap is emerging between the scale of political ambition and the money companies spend on building the projects. Just 4% of proposed global projects were financially finalized in 2023, according to the International Energy Agency, while others have already failed.
Big bet
And the truth is that even those who support and promote the use of hydrogen do not hide that it is possible that the world will never produce the green fuel at a low enough price to replace the gas. However, they still support the construction of "hydrogen-ready" gas infrastructure in the hope that the market will catch up.
It's a big bet. If they are wrong, the world risks being locked into decades of fossil fuel pollution and blowing up previous emissions reduction targets. Doing so would result in catastrophic climate impacts, Bloomberg analysts warn.
Germany, for example, plans to allocate up to 20 billion euros to make the transition of utilities to hydrogen economically viable, as the country will urgently need a reserve for periods when sun and wind are not available. If these subsidies don't go through, "there is a risk that power plants will simply keep running on gas," said Claudia Günther, head of research for Germany at the Aurora Energy Research think tank.
Despite having already scrapped three hydrogen projects, German utility Uniper SE is preparing to build a new fleet of "hydrogen-ready" gas plants.
Robert Habeck, Germany's economy and climate action minister, says his country has already scaled back its hydrogen plans.
Greece "sees" hydrogen after 2027
From 2027 onwards hydrogen will... The major energy players are setting a green course, but without much haste, as it is necessary to ensure the sustainability of their investments in the context of the green transition.
Helleniq Energy
Helleniq Energy is in the works to develop an electrolysis unit at the Group's refineries in Thessaloniki, aiming at the production of "green" hydrogen for the subsequent production of ammonia or methanol, with their main purpose being used as fuel on ships.
The group plans to create a photovoltaic park with a capacity of 200-300 MW in close proximity to the company's facilities, in order to provide "green" energy to the electrolysis plant estimated at a capacity of up to 100 MW.
TITAN
TITAN's H2CEM project will be subsidized with €60 million. It aims to produce green hydrogen through electrolysis using RES plants that will be installed in three of the company's plants.
The project foresees the installation and operation of green hydrogen production units through electrolysis for TITAN's cement plants in Greece (Kamari, Viotia, Drepano, Achaia and Efkarpia, Thessaloniki). The units, which will be powered by renewable electricity sources, will have a total capacity of at least 3.5 MW.
Motor Oil
Motor Oil's "Blue Med" program aims to create a low-emission energy hub in the Eastern Mediterranean that includes the production of green hydrogen through a 30 megawatt plant, CO2 capture, their transport and distribution, and ultimately their use in industry and transport.
"Blue Med" is being implemented as part of the IRIS project, set for completion in 2028, which will integrate several innovative industrial processes on a scale never before implemented in an independent refinery. IRIS will receive €127 million in funding. euros from the European Commission.
Theellenic Hydrogen
The "green" hydrogen unit of "Hellenic Hydrogen" (joint venture between PPC and Motor Oil) is expected to be put into operation in 2027 in Western Macedonia, in an area of the steam power station in Amyndeon.
The investment will bring a benefit of EUR 100 million to the local economy. annually (through the improvement of the import-export balance, the reduction of carbon dioxide emissions and taxation and taking into account multipliers) creating the conditions for the creation of 40-50 direct and about 500 indirect jobs in the region.
Advent
Advevt's promising investment (the company with a presence on the Nasdaq has specialized in high-performance fuel cell technology) concerning a green hydrogen production plant in Kozani is progressing slowly. The Green HiPo project includes the development, design and manufacture of HT-PEM fuel cells and state-of-the-art electrolyzers for the production of electricity and green hydrogen, respectively.
The company, which will initially be subsidized with €24 million. Although it received an official invitation from the Greek Ministry of Finance in February to submit the necessary supporting documents, it has not shown much zeal to run the procedures.
DESFA
DESFA, within the borders, has in the works the project, with a budget of €1 billion. and a timetable for completion by 2030, "Dedicated H2 Backbone" for the construction of a new 540 km pipeline. exclusively for the transport of clean hydrogen. The pipeline is expected to start from the southern part of Greece and reach the interconnection point of the NNGS with Bulgaria, where it will be connected to the exclusive hydrogen pipeline of Bulgartransgaz, providing the possibility for hydrogen imports and exports to and from Bulgaria.
The new pipeline lays the foundations of the new energy era, in light of the green transition, allowing the construction of a national hydrogen transport system, as it can be connected to the pipeline to Western Macedonia and the interconnector between Greece and North Macedonia.
At the same time, DESFA is preparing technical feasibility studies regarding the mega project of the "green" hydrogen pipeline between Greece and Bulgaria.
B_B - Nice recovery !
For public company CEOs, new rules require more details about pay
Plug Power's Andy Marsh earns the most, although under the SEC's new disclosure rules, he lost $4 million due to the plunge in the company's stock price
By Larry RulisonMay 17, 2024
Plug Power CEO Andy Marsh at Plug Power’s new Slingerlands manufacturing plant. Marsh, who is planning to move the company's headquarters from Latham to the new and much larger Slingerlands location, earned $7.25 million in total compensation in 2023, the most of any of the CEOs running publicly-traded companies in the region.
.....
https://www.timesunion.com/business/article/albany-area-s-top-paid-ceos-face-new-pay-19459188.php
Dayal is highly bullish about the stock and expects to see the share price appreciate by over 420% in the next twelve months.
Plug Power Stock: H.C. Wainwright Stays Bullish After DOE’s Conditional Commitment
Sheryl Sheth May 17, 2024
H.C. Wainwright analyst Amit Dayal remains bullish on Plug Power (NASDAQ:PLUG) stock after the company received receipt of a conditional commitment of up to $1.66 billion loan guarantee from the Department of Energy (DOE). Dayal has the highest price target among all analysts covering PLUG stock on TipRanks. His price target of $18 implies a colossal 424.8% upside potential from current levels.
Plug Power is one of the largest green hydrogen companies in North America and Europe. Its hydrogen fuel cell technology is used in electric mobility and stationary power markets.
Dayal Upbeat on Plug Power’s Gains from the Funding
Dayal is encouraged that the DOE’s funding would be used by Plug Power to finance the build-out and deployment of up to six green hydrogen production facilities. Although the funding is based on meeting certain conditions, the analyst thinks that there is a high probability that it would turn into definitive financing. Dayal’s optimism stems from various factors including regulatory tailwinds, the rising need for electricity, and increased interest in adopting clean fuels as the world moves toward green energy resources.
Importantly, Dayal noted that Plug Power should prioritize its Texas plant under the program first, as the company has already spent $300 million in capex on it. Also, PLUG will have eight more years to submit the remaining five projects.
Dayal Forecasts Improved Financials
Even though Plug Power’s Q1 results disappointed investors, Dayal sees improving financials following the DOE’s funding. The analyst forecasts net revenues to grow at a CAGR (compound annual growth rate) of 39.4%, increasing from $924 million in 2024 to $25.6 billion in 2034. He also expects Plug Power’s gross margins to improve from the negative levels seen today to 16% in 2025 and reach or exceed 20% by 2027.
At the same time, Dayal projects Plug Power’s operating costs to grow at a CAGR of 17.3% to $2.3 billion in 2034.
Is PLUG a Good Stock to Buy?
Not all analysts are as bullish about PLUG stock as Dayal. PLUG has a Hold consensus rating on TipRanks based on nine Buys, 11 Holds, and four Sell ratings. The average Plug Power price target of $4.96 implies 44.6% upside potential from current levels. Shares have plunged 57.5% in the past year.
Key Takeaways
Plug Power is poised to become a large hydrogen player with the support of the DOE’s funding. Dayal is highly bullish about the stock and expects to see the share price appreciate by over 420% in the next twelve months. Given the DOE’s funding, investors can consider this green hydrogen stock after thorough research.
https://www.tipranks.com/news/plug-power-stock-h-c-wainwright-stays-bullish-after-does-conditional-commitment
ACCIONA & plug
https://www.acciona-plug.com/
VALLEY
H2V NAVARRA
Green hydrogen production plant of 25 MW
Located in Navarra (Spain), it will produce 3,880 tons of renewable-origin hydrogen annually and is set to start operating by the end of 2024.
Plug Power and Olin Corporation Joint Venture
https://hidrogenii.com/
45V is retroactive!
5. Section 45V does not specify an earliest date on which a qualified clean hydrogen production facility must begin construction or be placed in service to be eligible to claim the section 45V credit. However, the section 45V credit is available for qualified clean hydrogen produced after December 31, 2022.
Section 45V Credit for Production of Clean Hydrogen; Section 48(a)(15) Election To Treat Clean Hydrogen Production Facilities as Energy Property
A Proposed Rule by the Internal Revenue Service on 12/26/2023
https://www.federalregister.gov/documents/2023/12/26/2023-28359/section-45v-credit-for-production-of-clean-hydrogen-section-48a15-election-to-treat-clean-hydrogen
Per the draft 45v, plug will find it tough to stay in business. However, final rules are likely to be at least as good for business as Europe's (otherwise all the doe hubs will rust). In this case, I estimate sales will rise 3x-10x over 5 yrs for plug and most of the industry.
Are there any estimates as to how much 45V would be worth to PLUG?
BB, thank you for the insightful response, as always.
The Clean Vehicle Tax Credit took exactly 4 months from “public comments” (January 3, 2024) to “final regulations” (May 3, 2024).
But with the 45V there was a second public consultation until 13 May (first consultation was until 26 February).
Developers and members of the public now have until 13 May to comment on the new PER proposals.
This means that it is highly unlikely that the controversial 45V regulations will be finalised until after this new consultation ends and is analysed by government officials — suggesting that regulations are unlikely to be finalised until June at the earliest.
Could newly announced public consultation on US hydrogen tax credits delay their roll-out?
12 April 2024
https://www.hydrogeninsight.com/policy/could-newly-announced-public-consultation-on-us-hydrogen-tax-credits-delay-their-roll-out-/2-1-1626130
Written or electronic comments must be received by February 26, 2024. The public hearing on these proposed regulations is scheduled to be held on March 25, 2024, at 10 a.m. (ET).
Section 45V Credit for Production of Clean Hydrogen; Section 48(a)(15) Election To Treat Clean Hydrogen Production Facilities as Energy Property
A Proposed Rule by the Internal Revenue Service on 12/26/2023
https://www.federalregister.gov/documents/2023/12/26/2023-28359/section-45v-credit-for-production-of-clean-hydrogen-section-48a15-election-to-treat-clean-hydrogen
------------------------------
On May 3, 2024, the U.S. Department of Treasury (Treasury) and Internal Revenue Service (IRS) released final regulations regarding the clean vehicle tax credits for electric vehicles (EV) under Section 30D (Section 30D Credit) of the Internal Revenue Code of 1986, as amended (the “Code” and “Final Regulations”)1.
U.S. Treasury Releases Final Electric Vehicle Tax Credit Regulations
May 10, 2024
https://www.sidley.com/en/insights/newsupdates/2024/05/us-treasury-releases-final-electric-vehicle-tax-credit-regulations
Request for public feedback
The DOE proposed rules are open for public comment until January 3, 2024.
New Details on the Section 30D Clean Vehicle Tax Credit's Foreign Entity of Concern Restrictions
14 December 2023
https://www.whitecase.com/insight-alert/new-details-section-30d-clean-vehicle-tax-credits-foreign-entity-concern-restrictions
one of the most efficient green hydrogen and green ammonia projects globally
More work for Plug Power on hydrogen-to-ammonia project in Australia
May 17, 2024, by Aida Cucuk
U.S. Plug Power has signed a basic engineering and design package (BEDP) with Australian Allied Green Ammonia (AGA) for a 3-gigawatt (GW) electrolyzer plant supplying hydrogen to AGA’s planned ammonia facility proposed for the Northern Territory of Australia.
.....
Alfred Benedict, Founder and Managing Director of AGA, stated: “This BEDP agreement is a significant milestone in the development of Allied Green’s facility, which will be one of the most efficient green hydrogen and green ammonia projects globally. Given our respective track records in delivering clean energy infrastructure, this agreement is a critical first step and a testament to the alignment of our respective visions to provide tangible solutions that enable the world to achieve net-zero.”
.....
https://www.offshore-energy.biz/more-work-for-plug-power-on-hydrogen-to-ammonia-project-in-australia/
Steve - Let's lay off a bunch of people and pay ourselves great BIG Bonuses ... Because we deserve it.
Retail stock holders are the suckers Steve while all these scoundrels make merry with investors money.
Bunch of rascals.
Are you F'ing kidding me? How does the Board allow this BS. Paul could not get a job with a Subway. He has done a horrible job. So, sick of them getting paid when they cannot even make a profit, and this just sets us back even more! This is why we need a shareholder on the board to put these bastards feet to the fire.
Banger - Every PR is the same. Weak on details and metrics . And then ... Gotcha !
Walmart. Amazon. Riley. Every deal turns out not to be as good as originally advertised.
Now ANDY is guesstimating 4-6 months ? Like the Georgia Plant ?
I'll take the OVER, Please !
Andy put some details on the process now and it includes an environmental impact stucy for Texas. I thought that was done years ago otherwise they wouldn't be allowed to have done the preparation work. Any study like that adds months to the timeline - Andy seemed to think 4-6 and in parallel the paperwork and other conditions can be addressed.
market realizing that the loan money wont come through until year end.
BUT it probably allows other forms of project financing to be secured with the loan money paying it off, but at what interest rate?
wish we ha a CEO who could actually understand cash and interest rates etc.
Friday/tomorrow options expiration
I think it will recover after UK & Europe close (11:30 AM).
It looks like the DOE Loan was not enough to reverse the NEGATIVE TREND.
WTM - It's not very often that we agree, but Sanjay is responsible/culpable for much of PLUG's decline along with Paul and Andy.
If Sanjay succeeds Andy, I will definitely be shorting PLUG. Most of Wall Street know what is happening inside of PLUG and no one is impressed with PLUG's "leadership".
I wish Ole was still here.
PC, JB, Andy should buy back the shares he sold when PLUG was $65.
UK, agree, which reminds me of the reason why Sanjay should never be promoted to CEO, as he is the main reason for Plug Power being way behind schedule with their own green hydrogen production, not to mention the repeated promises/lies on when the Georgia hydrogen plant would be coming online. In fact, I wish that Sanjay would be fired, and believe that Sanjay should have been fired long ago.
Penny - Actually PLUG is selling shares. ATM
PLUG doesn't have enough cash on hand to buy back shares.
The sure sign of a struggling / ailing / beleaguered company
Really, I suspect financing will depend on interest rates at the end of next year which hopefully will be much lower than current rates . The biggest hold up on world wide hydrogen investments IMHO.
With the current potential orders growing by the GW a month I wonder what the projected costs of 1 or 5 MW electrolysers are for 2026. The DOE grants to get the prices down I hope will act as a catalyst as well.
At current market conditions these projects would not meed FID criteria but in 18 months, who knows?
They should just put a PR out that they are going to go BK probably make the stock go up $10. How can a company relaxes so much positive PR with no green up days ??
B_B and Banger - Another Nothing Burger ?
A pre-Feed, pre-FID study worth less than $100,000.
This project won't qualify for financing.
there is nothing in the post referred to to indicate this.
relocation fees are standard at C suite level positions. It does re-inforce Sanjay as being critical to their business though. I guess Andy is getting on in years and I have been saying he needs to be made some sort of Emeritus position so he can continue promoting hydrogen solutions but take a back seat to running the business. Sanjay is not the “running the business” guy either. Suggest Andy is President and a new comer form energy businesses appointed as CEO
But nothing in the announcement of awards suggests this is imminent.
7.5 GW of BEDP contracts now 2026 and 2027 are going to be busy!
Plug Signs 3 GW BEDP Contract with Allied Green Ammonia for Electrolyzer Project in Australia
May 16, 2024
Supporting its growth targets, Plug brings its total BEDP global contracts to 7.5 GW
LATHAM, N.Y., May 16, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced the signing of a Basic Engineering and Design Package (BEDP) with Allied Green Ammonia (AGA), an Australian company focused on green ammonia production, for a three-gigawatt (GW) electrolyzer plant supplying hydrogen to AGA’s planned ammonia facility proposed for the Northern Territory of Australia.
Plug’s BEDP offering is instrumental for project owners like AGA to support their Front-End Engineering Design (FEED) and incorporate Plug’s electrolyzers into the basic design of the overall plant, enabling project owners to make the final investment decision (FID). The FID for AGA’s hydrogen-to-ammonia facility, with a capacity of 2,700 metric ton-per-day (TPD) green ammonia, is planned for Q4 2025.
The BEDP contract announcement follows the recently announced memorandum of understanding for the supply of Plug’s Proton Exchange Membrane (PEM) electrolyzers with delivery slated to begin in Q1 2027.
“Moving this major green hydrogen-to-ammonia project to the BEDP phase is a sign of its maturity in the development process,” noted Plug CEO Andy Marsh. “In total, we now have 7.5 GW of BEDP contracts globally to support our growth targets.”
Alfred Benedict, Founder & Managing Director of AGA, said: “Our contract with Plug builds on a long list of leading global firms who are joining us on our journey to build one of the largest green ammonia production facilities in the world, in a strategically located part of Australia given its proximity to Asia. This BEDP agreement is a significant milestone in the development of Allied Green’s facility, which will be one of the most efficient green hydrogen and green ammonia projects globally. Given our respective track records in delivering clean energy infrastructure, this agreement is a critical first step and a testament to the alignment of our respective visions to provide tangible solutions that enable the world to achieve net-zero.”
Green hydrogen produced by Plug’s electrolyzers can help decarbonize the ammonia production process by displacing Steam Methane Reforming (SMR) techniques. In addition to its environmental advantages, Plug's pressurized (40 bar) electrolyzer decreases downstream compression requirements, and the extracted oxygen from electrolysis-based hydrogen can enhance efficiency in industrial power plants and furnaces due to its high-temperature combustion capability. The Plug modular units are completely factory-assembled and can easily be transported by sea and road to remote locations.
AGA’s production facility will operate a 2,700 metric ton-per-day (TPD) green ammonia process. Tapping into abundant renewable energy resources and a strong local energy infrastructure, the proposed Gove Peninsula location strategically aligns with Australia’s trading partnerships with Asia. The facility is geographically positioned to meet AGA’s intended customers’ growing needs, providing them with a reliable and secure supply of green ammonia from the region.
Plug is the leading manufacturer of PEM electrolyzers and currently operates the largest PEM electrolyzer deployment in the United States at its 15 TPD Woodbine, Ga., hydrogen plant. This announcement follows Plug’s recently announced BEDP contracts totaling 4.5 GW, bringing Plug’s total BEDP contracts to 7.5 GW to date spanning across the United States, Europe and Australia.
The BEDPs contain all the information for a clients’ Front-End Engineering Design (FEED) project phase to develop a mature project execution plan and financial models required to bring the projects to FID. The total of 7.5 GW of signed BEDP contracts of mature projects will support Plug’s growth targets.
https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Signs-3-GW-BEDP-Contract-with-Allied-Green-Ammonia-for-Electrolyzer-Project-in-Australia/default.aspx
Remember: If Andy leaves the share price will certainly double, if he is replaced with a competent CEO.
Remember if Andy leaves the sp will double!
It’s been a busy day for Hyvia, which this morning received a visit from Andy Marsh, Plug’s CEO. He was at Versailles on the day before for Choose France and is now in Rotterdam for meetings.
Was this part of Andy's farewell tour?
NO Andy Marsh
Is Sanjay replacing Andy Marsh?
Andy trusted Sanjay and I trusted Andy 😭
B_B - Classic Arrogance!
May 15, 2024 Form8-K Current report filing
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 9, 2024, the Compensation Committee of the Board of Directors (the “Board”) of Plug Power Inc., a Delaware corporation (the “Company”), approved retention awards for certain key employees, including certain of the Company’s named executive officers, to enable the Company to retain and motivate such key employees during a critical period. The following named executive officers of the Company each received a retention award with a total value of $440,000: Paul B. Middleton, the Company’s Chief Financial Officer and Executive Vice President; Gerard L. Conway, Jr., the Company’s General Counsel, Corporate Secretary, and Executive Vice President; and Jose Luis Crespo, the company’s General Manager, Applications and Executive Vice President. The retention awards were paid 25% in cash and 75% in the form of restricted stock. The restricted stock portion of the retention awards was issued on May 9, 2024 and each of Messrs. Middleton, Conway and Crespo received 119,134 restricted shares that vest 25% upon grant, 25% 90 days after grant, 25% 180 days after grant, and 25% 360 days after grant.
In addition, on May 9, 2024, the Compensation Committee of the Board approved a Relocation and Retention Agreement with Sanjay K. Shrestha, the Company’s General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President, which agreement was entered into on May 10, 2024. Pursuant to the Relocation and Retention Agreement, in consideration of Mr. Shrestha’s relocation of his primary residence to within 30 miles of the Company’s headquarters in Latham, New York no later than December 31, 2024, the Company will pay Mr. Shrestha a one-time, contingent relocation payment of $575,000, less applicable withholdings and deductions. Mr. Shrestha is required to repay the relocation payment to the Company in full if he fails to relocate to within 30 miles of Latham, New York by December 31, 2024. Pursuant to the terms of the Relocation and Retention Agreement, in order to promote Mr. Shrestha’s continued employment and dedication to the Company, the Company will also pay Mr. Shrestha a retention payment of $575,000, less applicable withholdings and deductions.
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/b9c48c42-9239-4e25-a6eb-67288238979d.pdf
FIRE PR department right now…competition logo still on the truck!!! pic.twitter.com/9pEuFXzrzY
— H2FC Future Now (@Cgnewday) May 15, 2024
Hydrogen-powered trucks in China to cost less than their diesel peers by 2027: Refire Group
- China’s hydrogen economy is currently moving from a policy-driven one to a market-driven one, providing a huge boost to the industry: Refire CEO
- The country has reduced the manufacturing cost of hydrogen fuel cell systems from over 30,000 yuan per kilowatt in 2015 to below 4,000 yuan now, says CEO Robin Lin
Yujie Xue 13 May 2024
https://www.scmp.com/business/article/3262372/hydrogen-powered-trucks-china-cost-less-their-diesel-peers-2027-refire-group
China develops first 100 kg vehicle-mounted liquid hydrogen system
(Xinhua) 09:55, May 13, 2024
…..
As one of the core components of liquid hydrogen heavy trucks, the new system is fully domestically produced and will help hydrogen-powered heavy trucks achieve an improved range of over 1,000 kilometers with just one charge.
…..
http://en.people.cn/n3/2024/0513/c90000-20168846.html
All the major oil companies will move to the US and slow/stop the energy transition in the US, while the rest of the world will become greener and greener.
TotalEnergies chief says oil major will consider moving main listing to New York
Apr 26, 2024 By Steve Goldstein
…..
Shell (SHEL) CEO Wael Sawan has made similar remarks about the possibility of moving its primary listing to the U.S.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174321016
Banger - First Element ? Seriously ?
How about naming a real company with the BILLIONS needed for a buildout.
If you were trying to make a joke, you were successful.
I did guffaw .
In the USA First Element Fuel for one, HYLA of course and interest growing from the likes of Flying J , etc for trucking. Class 6 will piggy back and start rolling out to more central locations. In europe they are well ahead of the UASin rolling out public H2 systems. and look at the taxi market there - similar to class 6 may be?
The 500 mile range though will just mean they can do it with their own depot based system.
As Fuel prices rise and rise making your own gets more attractive as costs drop, a 1MW system packaged right could get initial customers.
But I do think its a detraction, would rather see PRs about Electrolyser installation/acceptance around the world along with the new Material Handling customers in the US. Q2 is about being paid for that inventory. If only the Fed would drop interst rates to make funds cheaper for our customers.
Steve - Who is building out this expensive network ?
Exxon ? Shell ? Linde ? NOPE.
PLUG ? Struggling / Ailing / Beleaguered / Broke ... PLUG?
No money. No expertise. Another MULAG.
Jack. Ask yourself who is doing the trials and who made the commitment to go with green hydrogen? Do you think Andy just did this without having interest from customers? I agree Andy has made numerous mistakes, but he does listen to his client's needs. I agree it won't happen immediately, and no guarantees, but it could happen over time 2028-2030.
Steve - Out over your Skis again.
The technology works, but where is the infrastructure? Who is building out this expensive network ? Exxon ? Shell ? Linde ? NOPE.
And please name any company who is willing to risk millions, and pay $20 /kg . Amazon has cooled their ardor towards Hydrogen beyond forklifts.
Anyone buying these trucks will need their own H-2 supply and storage and everything capable of 10,000 PSI ! Very Expensive and kinda Dangerous.
Anyone can drive one ... BUT you will go broke owning one.
Ask yourself, "Why don't I own an FCEV ?"
Thyssenkrupp Nucera sees 69% increase in hydrogen electrolyser sales 'despite difficult market conditions'
However, the company still registered a net loss of €4.4m in its half-year results, partly due to low margins
Leigh Collins 22 minutes ago
https://www.hydrogeninsight.com/electrolysers/thyssenkrupp-nucera-sees-69-increase-in-hydrogen-electrolyser-sales-despite-difficult-market-conditions/2-1-1644700
Not sure Jack, but I have to think with all the work they have done in this area they have had a learning experience. Also, I'd love to know who, if any, of the current customers are demanding such vehicles. I find it interesting that unlike most Class 6 vehicles you do not need a commercial license due to the weight. This opens up a huge potential for non-professional to drive. Think in the future of all the rental fleets people use to move with Ryder, U-Haul etc. I think Amazon with their 2025 huge contract for green H2 maybe behind this to get it off the ground. This time could be different. We shall see as it will take some time. I like to think positive.
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Welcome to Plug Power
http://www.plugpower.com/Home.aspx
Plug Power is the leading provider of clean hydrogen and zero-emission fuel cell solutions that are both cost-effective and reliable.
In 2020/21 Plug Power cemented two major partnerships
https://www.plugpower.com/plug-power-and-sk-group-partnership/
https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Groupe-Renault--Plug-Power-Join-Forces-to-Become-Leader-in-Hydrogen-LCV/default.aspx
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead-acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future.
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