LATHAM, N.Y., March 01, 2024 (GLOBE NEWSWIRE) — Today, Plug Power Inc. (NASDAQ:PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy announced its financial results and operational milestones for the quarter and fiscal year ended December 31, 2023. With a steadfast commitment to advancing the green hydrogen economy, the Company has achieved significant progress in revenue growth, operational efficiency, and strategic investments aimed at promoting global sustainability and energy independence.
Commercial and Operational Highlights
Operational Milestones:
The successful commissioning and operational status of the Georgia hydrogen plant, which currently operates the largest PEM electrolyzer system in the United States, and the deployment of our first large-scale megawatt (MW) level stationary product represent significant strides in enhancing our hydrogen production capabilities and expanding our energy solution portfolio.
New Business in 2023:
In the applications business, Plug expanded the material handling installed base on existing key customers such as Walmart, Home Depot, and Amazon. Plug also installed a 1 MW electrolyzer system at an Amazon fulfillment center, enabling on-site green hydrogen generation for use in material handling equipment.
The introduction of a new platform for mid-market material handling sites with 100 or fewer forklifts, enabled the addition of Tyson and Sam’s Club as new pedestal customers to Plug’s portfolio. Plug also added STEF as its first European pedestal customer, providing its complete green hydrogen ecosystem across two distribution centers in France and Spain.
Additionally, Plug launched its new high-power stationary fuel cell system for electric vehicle fleet charging by commissioning a 1MW system for last mile vehicle charging with one of Plug’s largest customers and securing a deal for the same product line to provide Energy Vault with an 8 MW hydrogen fuel cell stationary power system for a back-up power hybrid micro-grid in the event there is a Public Safety Power Shutoff in Calistoga, CA.
In the Energy Solutions business, Plug closed a 100MW electrolyzer project for GALP and nearly 1GW in Basic Engineering Design Package (BEDP) for various projects during 2023 and closed additional large scale BEDP during 2024.
The Company launched multiple new products in the energy business including hydrogen storage tanks and a first-of-its-kind mobile liquid hydrogen refueler that is being delivered to customers.
Financial Highlights
Financial Stability and Growth: Plug has resolved the going concern issue as previously disclosed in the Form 10-Q for the quarter ended September 30, 2023, and has concluded that there is no longer substantial doubt of the Company’s ability to continue as a going concern, demonstrating the Company’s financial foundation and commitment to sustainable operations and growth. The Company has determined it has sufficient cash on hand coupled with available liquidity to fund its ongoing operations for the foreseeable future.
Record Revenue Achievement: The …