Plug Power Inc.
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- Plug Power Inc. Plug Power Inc. (PLUG) develops, manufactures, and sells hydrogen fuel cell systems and related solutions to support the global transition to a zero-carbon economy. The company offers an end-to-end green hydrogen ecosystem, including electrolyzers for green hydrogen production; GenKey turnkey solutions bundling fuel cells, hydrogen supply, fueling infrastructure, and service; GenFuel hydrogen supply and dispensing services; GenCare aftermarket maintenance; ProGen fuel cell engines for on-road electric vehicles; stationary power generation systems; and applications for material handling, e-mobility, robotics, aerospace, and data center backup power. Plug Power operates in North America, Europe, Asia, and internationally from its headquarters in Latham, New York, where it was founded in 1997 and became publicly traded in 1999. The company maintains leadership in material handling fuel cells, powering over 275 hydrogen-consuming sites, while expanding into power generation and industrial applications through strategic infrastructure for hydrogen liquefaction, storage, transport, and conversion to electricity. Recent developments include a multi-year hydrogen supply agreement extended through 2030 with a major U.S. industrial gas company to enhance cost efficiency and support network growth in states like Georgia, Tennessee, and Louisiana; a non-binding letter of intent with a U.S. data center developer for hydrogen fuel cell backup power solutions amid rising demand for low-carbon energy; a June 2025 partnership with Allied Green Ammonia for a 2 GW electrolyzer project in Uzbekistan; a $375 million convertible senior notes offering in November 2025 to refinance debt and fund operations alongside a special stockholder meeting for share authorization expansion; suspension of certain U.S. Department of Energy loan-funded projects to redirect capital to higher-return initiatives; and production ramp-up at its Georgia green hydrogen plant, the largest in the U.S. Plug targets $700 million in 2025 revenue through these expansions and margin improvements in the green energy sector.
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