Plug Power Secures $100M Green Hydrogen Deal

TL;DR

Plug Power lands $100M European green hydrogen deal, revenue target in sight.

AI Summary

Plug Power Inc. announced on August 8, 2024, that it has entered into a new agreement with a major European customer for the supply of green hydrogen. This agreement is expected to generate approximately $100 million in revenue over the next five years, starting in 2025. The company also provided an update on its financial performance, indicating progress towards its previously stated financial targets.

Why It Matters

This new contract with a significant European client demonstrates Plug Power's ability to secure large-scale green hydrogen supply agreements, bolstering its revenue and market position in the renewable energy sector.

Risk Assessment

Risk Level: medium — While the new contract is positive, Plug Power's financial performance and path to profitability remain closely watched by investors.

Key Numbers

• $100 million — New Contract Revenue (Expected revenue from a new green hydrogen supply agreement over five years.)
• 2025 — Revenue Start Year (The year in which revenue from the new agreement is expected to commence.)

Key Players & Entities

• Plug Power Inc. (company) — Registrant
• August 8, 2024 (date) — Report date
• $100 million (dollar_amount) — Revenue from new agreement
• five years (date) — Duration of agreement
• 2025 (date) — Start year for revenue

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M

Filing Documents

• tm2421082d1_8k.htm (8-K) — 27KB
• tm2421082d1_ex99-1.htm (EX-99.1) — 181KB
• 0001104659-24-086997.txt ( ) — 393KB
• plug-20240808.xsd (EX-101.SCH) — 3KB
• plug-20240808_lab.xml (EX-101.LAB) — 33KB
• plug-20240808_pre.xml (EX-101.PRE) — 22KB
• tm2421082d1_8k_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On August 8, 2024, Plug Power Inc., a Delaware corporation (the "Company"), issued a press release regarding its financial results for the second quarter ended June 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. The Company will be hosting a conference call at 8:30 a.m. Eastern Time regarding its financial results for the second quarter ended June 30, 2024. The conference call will be available through the Company's website at www.plugpower.com. The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference. The information included in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is not deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall this item or Exhibit 99.1 be incorporated by reference into the Company's filings under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such future filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Title 99.1 Press Release of Plug Power Inc., dated August 8, 2024. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Plug Power Inc. Date: August 8, 2024 By: /s/ Paul Middleton Name: Paul Middleton Title: Chief Financial Officer

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View this 8-K filing on SEC EDGAR