Plug Continues to Make Substantial Advancement in Hydrogen Generation Buildout

Having already achieved nameplate capacity at Georgia and Tennessee with Louisiana on track to achieve mechanical completion by end of Q3 2024

Recalibrated hydrogen pricing continues to make solid progress, underscoring strategic nature of Plug’s customer relationships

These initiatives are in line with the company’s previously articulated goals of margin expansion and focus on cash burn reduction

LATHAM, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has reached nameplate capacity at the company’s hydrogen plants in Georgia and Tennessee. With this increased supply from our hydrogen production network, Plug will benefit from a lower cost of hydrogen, a crucial step in the company’s roadmap to achieve profitable growth. This is headlined by the company’s first green hydrogen plant in Georgia already reaching nameplate capacity of 15 tons per day (TPD) of liquid hydrogen production, marking a significant milestone for Plug’s hydrogen network and the hydrogen economy in the U.S.

“As part of our initiative to strengthen financial performance, we are pleased to make headway in a two-prong strategy: lower cost sourced hydrogen through capacity expansions at our Georgia and Tennessee plants coupled with improved margins through the recalibration of pricing across our portfolio,” said Andy Marsh, Plug CEO. “We greatly appreciate our customers' loyalty and commitment to our joint vision for a clean energy future. Their willingness to work alongside us underscores the critical role that Plug’s hydrogen products play in their operations.”

As a part of the company’s efforts to restructure the business model, Plug implemented price increases across all its offerings including equipment, service, and fuel. This recalibration of prices better reflects the value of Plug’s services, while still offering a strong economic proposition to its customers; all of which aligns with the company’s strategic focus on enhancing both cash flow and margins.

Plug has continued to make substantial progress on building out its North America green hydrogen network to meet customer demand. The company’s Georgia hydrogen plant, home to the largest Proton Exchange Membrane (PEM) electrolyzer system in the U.S., has been running at a stable rate of 15 tons per day (TPD) since the beginning of the month.