Plug Power: Still On The Bleeding Edge
Update - Apr. 23, 2024
Plug Power now has major hydrogen plants in production, now the company has to start eliminating all of the extra costs for fuel. Stock has the potential for a double bottom low with the elimination of high fuel costs.
-Plug Power (NASDAQ:PLUG) +1.2% pre-market Tuesday after saying it has reached nameplate capacity at the company's hydrogen plants in Georgia and Tennessee, with its Louisiana joint venture with Olin on track to achieve mechanical completion by the end of Q3.-Plug said its Georgia hydrogen plant, home to the largest Proton Exchange Membrane electrolyzer system in the U.S., has been running at a stable rate of 15 tons/day since the beginning of April.-With Plug's Tennessee plant now operating at nameplate capacity of 10 tons/day, the company said it has achieved a total liquid hydrogen capacity of 25 tons/day, which can fulfill roughly half of its customers' green hydrogen demand.
Original article posted on Apr. 5, 2024
- Plug Power Inc. promises a strategic shift towards profitability and shareholder rewards in the hydrogen fuel revolution.
- The company finally started production at the Georgia plant and reopened the Tennessee plant to help drastically cut costs from supplying hydrogen fuel to customers via 3rd-party purchases.
- The stock isn't appealing, even at $3, due to the bleeding edge nature of the business trying to build up the hydrogen market with money-losing contracts and minimal cost optimization moves.
After another dismal year, Plug Power Inc. (NASDAQ:PLUG) has promised the market to enter a strategic shift in the hydrogen fuel revolution with a move towards a profitable and shareholder rewarding business. The hydrogen solutions company continues wild spending an a plethora of projects going in the wrong direction. My investment thesis remains Bearish on the stock despite Plug Power now trading down at only $3.
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