Plug Power Inc (PLUG) News

That makes sense. When Shell closed down the stations where are you going to get fills from?

Here's an Interesting Read :

FCEV SALES DOWN 91% !

https://www.hydrogeninsight.com/transport/a-91-drop-less-than-100-hydrogen-cars-sold-in-the-us-in-the-second-quarter-of-2024/2-1-1680990

Good Post. Glty

Studer - You are funny. Did you appreciate B_B's promise never to post if PLUG didn't break $10 ?

"We would like to add another 20,000 shares, before it turns around, going into 2025"

how about waiting until its done dropping and waiting until it DOES turn around?...wait for this 4 yr long downtrend to turn postive?..

look at a 4 year chart...there were some nice ups and downs in the first 2 years that were good for traders, but the trend was down....the last 2 years were pretty much just down, with the last year virtually nothing but down...

you were probably trying to catch a bottom when you bought 30k shares under $4...now you want to try to catch the bottom with 20k more shares...

a bottom is generally very elusive whereas a turnaround is often times, fairly obvious...

as i have said many times...its best to exercise patience BEFORE you buy...not after...

The Hydrogen Podcast Interview: Insights from OPW Clean Energy Solutions' Felipe Sperduti Machado

The Hydrogen Podcast
1.25K subscribers
Posted Jul 22, 2024

Join us on this episode of the Hydrogen Podcast as we delve into the future of hydrogen with Felipe Sperduti Machado, Senior Director of Hydrogen and Cryogenics at OPW Clean Energy Solutions. Felipe shares his extensive knowledge and experience in the hydrogen industry, discussing key accomplishments, challenges, and innovative solutions in hydrogen refueling and distribution.

Learn how OPW CES is paving the way for a cleaner energy future, and discover the exciting advancements in liquid hydrogen technology and infrastructure. Don't miss this insightful conversation that highlights the potential of hydrogen as a mainstream energy source and OPW CES's role in driving this transformation.

Key Moments:
0:00 - Introduction by Paul Rodden
1:08 - Felipe Sperduti Machado joins the podcast
1:20 - Felipe discusses his journey in the hydrogen industry
2:11 - Key accomplishments at OPW Clean Energy Solutions
2:58 - Overview of OPW CES and its mission
3:33 - Introduction to Acme Cryogenics and Rigo
4:37 - Challenges in liquid hydrogen distribution
6:03 - Addressing safety concerns in liquid hydrogen
7:20 - Importance of standardization in hydrogen refueling
9:13 - Technological advancements in hydrogen distribution
10:09 - Innovative solutions for liquid hydrogen refueling
11:50 - Enhancing capabilities with Acme Cryogenics and Rigo
12:43 - Ensuring reliability and efficiency in hydrogen infrastructure
14:00 - Success stories and significant impacts of OPW CES solutions
15:00 - Future trends and opportunities in heavy-duty transportation
15:54 - Preparing for the demands of a growing hydrogen economy
16:39 - Exciting collaborations and partnerships
17:27 - Key factors for hydrogen's success as a mainstream energy source
18:05 - Predictions for the hydrogen industry over the next decade
19:00 - Closing thoughts and where to find more information about OPW CES

Mission Hydrogen webinar "Solid Oxide Electrolysis – State of the Art and Outlook."

Speaker: Rob Braun
Date: Wednesday, July 24
Time: 07:00 am Pacific | 10:00 am Eastern | 16:00 CEST | 07:30 pm IST | 10:00 pm AWST
Price: Free
Registration: www.mission-hydrogen.com

Background
The most efficient electrolyzer type is called SOEC – Solid Oxide Electrolysis Cell. It’s efficiency is far above PEM or other electrolyzers, which makes it very attractive.

However, the maturity level is rather “R&D” or “Demonstration” instead of “Large scale commercial”. While the largest PEM or alkaline electrolyzers in the field are in the 100+ MW class, SOEC systems are rather in the 100+ kW or single digit MW class.

And while the main advantage is the high efficiency, it comes at a cost: the operating temperature of SOECs is high (typically between 600-900°C). This means that special materials are needed and that ramping them up and down several times a day is not the preferred operation mode.

A leading scientist for SOECs is Rob Braun, Distinguished Professor at Colorado School of Mines and Director, Mines/NREL Advanced Energy Systems Graduate Program.

In our next webinar on Wednesday, July 24, Rob will give us an overview of the state of the art of Solid Oxide Electrolysis and an outlook of what is realistic in both research and industry in the coming years.

Biden administration announces $4.3 billion in climate grants
By Valerie Volcovici
July 22, 2024
https://www.reuters.com/world/us/biden-administration-announces-43-billion-climate-grants-2024-07-22/

Key quote:
With the 2024 election looming and campaigning ramping up, the EPA and other federal agencies are scrambling to distribute grants earmarked by the 2022 Inflation Reduction Act. Former President Donald Trump and Republican lawmakers have eyed repeals of several IRA grant and loan programs.

Jack, It is crazy, but a part of me hopes you are correct about the $1.54. We have added an additional 30,000 shares after PLUG dropped to under $4.00. We would like to add another 20,000 shares, before it turns around, going into 2025.

B_B! --- I have been studying all of your recent posts. Think about contacting Plug Power to secure a paid position with them. I believe you would qualify for "Comptroller" !!! A sincere thank you for your effort to post worthwhile information.

Paris 2024 Behind the Scene - Hydrogen conditioning

Very good questions Jack. Either they used up all the ATM, thought it was not working or getting more funding now and keeping the ATM until such a time they feel that another 2 plants are operational and making enough to get them to BE or close to it so they can yet again go back to the capital markets for expansion. As for the employees I'm guessing Andy has the business to keep them going or feels he soon will and would rather keep them on a few months until the DOE loan gets in versus letting them go and having to find and train new employees.

Here is an interesting read :

https://www.topspeed.com/how-much-toyota-mirai-depreciates-after-1-year/

Worse than a Yugo.

IMO- $PLUG now undervalued again-

When you also factor in this for $PLUG -
In May 2024, we received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy (the “DOE”) to finance the development, construction, and ownership of up to six green hydrogen production facilities. The production facilities, which will be selected for financing in accordance with procedures to be set forth in definitive documentation with the DOE, will supply low-carbon green hydrogen and the hydrogen generated will be used in applications in the material handling, transportation, and industrial sectors. Certain technical, legal, environmental and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan guarantee and there can be no assurance that we will satisfy all of the conditions on terms acceptable to the DOE to receive the loan guarantee.
IMO- the knee jerk reaction to S-3 capital raise was not consistent with actual value proposition. Therefore - This will be back over $3 shortly. Further - this will be testing $4 not before long as well IMO. August and September should be big here if this gets fast tracked. Crack $3.50+ and watch her run north

The share price will recover this week.
The dilution was already factored into the share price when Plug first announced the ATM in January. The expected dilution in January was $1.000M and in February $1.300M.
The current share price reflects the possibility that Plug Power cannot meet the going concern criteria.

Biden’s drop out will accelerate the final regulations on 45V.
The DOE loans might even be finalized sooner than anticipated.
His time is running out and he is solely focused on his legacy.


Eyes on the Inflation Reduction Act (IRA): Biden Administration Races to Implement Historic Clean Energy and Environmental Programs
June 2024 Authors: Austin Harrison Michael D. Hawthorne David Schnittger
…..
Looking ahead, stakeholders can expect IRA implementation to accelerate over the summer as the Biden Administration looks to put the historic funding into action and guard against future challenges to the IRA’s provisions.
…..
congressional Republicans may seek to use the Congressional Review Act (CRA) to overturn IRA rules issued at the end of the Biden Administration.
…..
Further, which Biden Administration rules are subject to the CRA depends on the number of days Congress is in session in 2024. Because CRA joint resolutions of disapproval must be filed within 60 consecutive days (which run concurrently so long as Congress does not adjourn or “gavel out” for more than three days) following the submission of a rule to Congress, fewer legislative days at the end of the 118th Congress may expose more Biden Administration rules issued in 2024 to CRA scrutiny. In 2020, rules issued after August 21 were subject to subject to the CRA at the start of the 117th Congress.
…..
https://www.squirepattonboggs.com/en/insights/publications/2024/06/biden-administration-races-to-implement-historic-clean-energy-and-environmental-programs

What about the tax credit they are taking?

Apparently no ATM from May 9 till July 19, 2024.


July 19, 2024 Form424B5 Prospectus filed pursuant to Rule 424(b)(5)
78,740,157 Shares
…..
Common stock to be outstanding immediately following this offering
765,102,491 shares (or 776,913,514 shares if the underwriters’ option to purchase additional shares from us is exercised in full).
…..
The number of shares of our common stock to be outstanding after this offering is based on 686,362,334 shares of common stock outstanding as of March 31, 2024
.....
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/038dd32a-0502-4667-861d-1180de054cc9.pdf

B_B - Don't believe what PLUG posts. I am betting PLUG UNDERDELIVERS.

Always a safe bet with PLUG.

The Company expects to see some gross margin improvement sequentially from the first quarter of 2024 to the second quarter of 2024, in particular as a result of price increases and ramping of the Company’s hydrogen facilities, but such improvement is expected to be dampened by the implementation costs associated with such initiatives.

July 18, 2024 Form 424B5 Prospectus filed pursuant to Rule 424(b)(5)
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/366d3925-089f-4496-a47a-335c7ddd8add.pdf

B_B - Pretty UGLY Circumstances.

Raising money with a 20+% Haircut. Diluting Shareholders.

Running out of money even with the ATM.

And telegraphing a BAD Q.

PLUG is DOWN more than 75% since initially requesting the DOE support. Will that Loan even happen ? Does the DOE want another Solyndra ?

If NO Loan, is PLUG done for ?

I think that the public offering of common stock was urgent (1), resulting in a prospectus with errors (2). Plug Power has decided to use an underwritten public offering of $200M of its common stock, instead of the available ATM to avoid the “going concern” in Q2 (3).

(1) On July 18, the $62.4M cash was probably almost depleted.

Cash end of Q1: $172.9M
Q1 cash usage: $288.3M

between March 31 and May 9: $145.2M (ATM)
Free up previously restricted cash: $38.7M
$172.9 + $145.2 + $38.7= $356.8M

Cash end of Q2: $62.4M
Q2 cash usage: $356.8 – $62.4= $294.4M

Cash usage is about $100M per month, so on July 18 there was probably not much left of the $62.4M.
----------

(2) In the Q1’24 quarterly report the number of shares of common stock, outstanding as of May 7, 2024 was 742,559,081 shares. From March 31, 2024 through May 9, 2024, the Company sold 55,801,292 shares of common stock (ATM).
I think the correct number of common stock to be outstanding immediately following the offering on July 19, 2024 should be 812,299,238 or 833,110,261 shares (not 765,102,491 or 776,913,514 shares).

July 19, 2024 Form424B5 Prospectus filed pursuant to Rule 424(b)(5)
Common stock to be outstanding immediately following this offering
765,102,491 shares (or 776,913,514 shares if the underwriters’ option to purchase additional shares from us is exercised in full).
…..
The number of shares of our common stock to be outstanding after this offering is based on 686,362,334 shares of common stock outstanding as of March 31, 2024
(page 12/62)
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/038dd32a-0502-4667-861d-1180de054cc9.pdf

May 09, 2024 Form10-Q Quarterly Report
outstanding as of May 7, 2024 was 742,559,081 shares
(page 1/62)
From March 31, 2024 through the date of filing of the Quarterly Report on Form 10-Q, the Company sold 55,801,292 shares of common stock
(34/62)
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/47e8742c-74d4-4aa9-b92c-6e18d3d14631.pdf
----------

(3) When a company does not meet the going concern criteria, it means that a company may not have the resources needed to operate over the next 12 months.

Plug Power need each quarter about $200M in additional capital.
4 quarters x $200M = $800M
There is still $850M ATM available after May 9 ($1000M - $147.8M = $852.2M left), enough for 12 months.

ATM used: Q1 $309.3M, Q2 $147.8M
public offering: Q3 $200M
After Q1 ATM, the ATM was increased to $1000M again.

“Amendment No. 1 increased the aggregate offering price of common stock we may offer and sell pursuant to the Sales Agreement by $302,073,006 to $1,000,000,000.”
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/6dcfcd2d-4849-40ed-a559-77bfdec85c22.pdf

The reason why Plug Power decided to issue shares instead of borrowing money is because they think that the company is at a turning point.
These coming months, the long anticipated government support will finally arrive with FID of large hydrogen projects.
The Q3’23 hydrogen fuel shortage had chased away potential customers, delayed new customer sites and delayed the expansion of existing ones. In Q2’24 the businesses are turning back to normal and the global hydrogen economy is finally taking off.
All these positive developments/prospects will help Plug Power.

The current share price reflects the possibility that Plug Power cannot meet the going concern criteria.
Therefore, Plug Power must demonstrate in Q2'24 revenue growth compared to Q2'23 (a record $260 million) and an improvement in margins compared to Q1'24 (best quarter in terms of margins).

Date Price to Sales Ratio
2024-07-19 1.90
2024-03-31 2.59
2023-12-31 3.01
2023-09-30 5.05
2023-06-30 6.93
2023-03-31 8.84
2022-12-31 10.20
2022-09-30 18.73
2022-06-30 15.84
2022-03-31 28.50
2021-12-31 31.35

Another Serious Question :

PLUG just did a deal for $200 million and it has cost the shareholders 20+%. That sounds like really expensive money to me. What is the interest rate for Mastercard ?

Won't the DOE Loan rate be less ? If I'm a banker and PLUG comes in wanting $1.6 Billion, I'm going to charge PLUG 15+%.

Hey, it's cheaper than this Secondary, and PLUG doesn't care because the risk is on the US Taxpayer.

A Serious Question :

PLUG has said that they are Focused on reducing inventory and increasing margins ; wouldn't that mean that we should have a windfall for the first half of 2024 ?

Why then the need for an expensive Secondary ?

And a related question. If we are Focused on reducing inventory, what are the 3,000+ employees doing ?

That’s Wall Street what’s new

Look again. 20+% cost of money !

TOXIC FINANCING !

This was the shorts funding this below market $200 million @ $2.54

They are handing out money left and right to avoid squeezes

Look at GME AMC TLRY

ALL OFFERED ATMS

All highly shorted stocks

Fixed price @ 2.54 this is not a convertible note don’t be fooled by these manipulators

MORE GOOD NEWS: Plug Power and Renault get European Commission approval to acquire HyVia



https://www.timesunion.com/business/article/plug-power-renault-get-european-commission-19574707.php

MORE BAD NEWS !

https://finance.yahoo.com/video/plug-power-stock-plunges-200m-142954212.html

Studer - Don't worry PLUG will be $2.25 or less; we just didn't get there all in one day.

The next Big Negative Catalyst will be the Second Quarter Earnings ! Today's Secondary is just one big advert for a BAD Q-2.

Better to do the Secondary now at $2.54, than after the Q at $1.54.

If the dilution news was devastating today, the price would be $2.25 or less. Whatever PLUG deemed a price they could accept; that's where it landed. Outstanding shares in the range of "one billion" is not overboard for a "behemoth" like this. Anyone buying today got a bargain. Even if it sets new lows, patience will be greatly rewarded. We keep adding, very pleased with the progress PLUG is making. Much, much better than toxic financing; very smart management. Close to 87 million shares traded today, someone got interested.

Repost from NKLA board.

need to be in the right facebook groups !
why there isnt a more formal response in their twitter feed. I dont know. communication of “bad news” has never been their focus

B_B - Maybe.

But then comes the Earnings ... and the $1.00's.

Next week NO more strange press releases!

PLUG Pumped up the Price with Lame PR.... Then the Dump.

PUMP & DUMP

After 1 week the dilution is already forgotten.

Steve - Have you been Pumping and Promoting PLUG ?

SHAME ON YOU !

What investors was that messaged to? Not me. So, takes us to 2025 and then they go after more money? So, they spent 200 million on Tx. already? What did they get done with that? Can we see pictures of what has been done and what percentage complete it is? Sorry, how can anyone trust Roberto or Andy to tell the truth or be transparent?

OK, Jack, you were right. Feel better now.

I thought we were to be at 1000 vehicles by now and not 100, but this is typical of Andy to over promise and under deliver. What a great promoter, but a lousy CEO. He's screwed so many people out of their life savings and does not even care. Shame on him!

I think PLUG will close closer to $2.50.

The bigger issue is that as usual PLUG can't execute effectively. Blame management.

The cost cutting isn't cutting it.

After the Q, I think PLUG will close closer to $1.00's.

I think the stock price will close around $3 today.
The recent surge in the stock provided an opportunity to increase much needed liquidity for the coming months.
In H2’24 Plug will receive the DOE grants and the DOE loan. The results will also be better in the second half.

288.3M cash burn Q1’24
$62.4 million cash June 30, 2024

July 18, 2024 Form 424B5 Prospectus filed pursuant to Rule 424(b)(5)
…..
The Company estimates that it deployed over $200 million in projects and services in the second quarter of 2024.
…..
The Company expects to see some gross margin improvement sequentially from the first quarter of 2024 to the second quarter of 2024, in particular as a result of price increases and ramping of the Company’s hydrogen facilities, but such improvement is expected to be dampened by the implementation costs associated with such initiatives.
…..
Based upon information available to us as of the date of this prospectus supplement, we estimate that we had unrestricted cash and cash equivalents of approximately $62.4 million and restricted cash of approximately $956.5 million as of June 30, 2024.
…..
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/366d3925-089f-4496-a47a-335c7ddd8add.pdf

The DOE grants (almost USD 163 million) and the DOE loan are taking too long!

DOE and the selected applicants must undergo a negotiation process before any funding is issued.

Plug Selected by U.S. DOE for Several Project Awards to Advance Hydrogen Electrolyzer and Fuel Cell Technologies
March 14, 2024
https://www.plugpower.com/plug-selected-by-u-s-department-of-energy-for-several-project-awards-to-advance-hydrogen-electrolyzer-and-fuel-cell-technologies/

PLUG needs more cash to keep the lights on.

I guess the cost cutting isn't cutting it.

Well they probably have half a dozen in inventory so it would help!

Banger - Oh Boy ! Are we gunna sell another GSE ?

PLUG is NOT involved in this project in any way !
Printing your local pub menu is almost as relevant.

Can you , WTM and B_B stop posting totally unrelated nonsense? Please.

I'll give you each one dollar - which is more than you ever make investing in PLUG.