SLINGERLANDS—Plug Power Inc., a leader in hydrogen energy solutions, announced advancements in key projects and financial improvements for the third quarter of 2024.
Plug Power’s revenue reached $173.7 million for the quarter, driven by increased demand for its hydrogen-powered technology, including a surge in electrolyzer sales. The company also reported a 31% improvement in cash flow from operations compared to last quarter, alongside gains across its equipment and fuel sectors. Although Plug Power still recorded a net loss, it reduced that figure to $211.2 million, an improvement from last quarter’s $262.3 million loss.
Plug Power’s hydrogen technology, particularly its electrolyzers used to produce clean hydrogen, saw major growth this quarter. The company fulfilled a large order of 25 megawatts for bp and Iberdrola’s project in Spain, reflecting the growing interest in green hydrogen worldwide. In Europe, Plug Power also expanded its footprint in sustainable logistics by teaming up with Carreras Grupo Logistico to create Spain’s first hydrogen-powered logistics site.
In California, Plug Power completed an 8 MW hydrogen fuel cell system to provide backup power for emergencies. This innovative setup, which combines battery storage with hydrogen energy, is designed to deliver reliable power even in challenging conditions like wildfires.
Plug Power expects its revenue for 2024 to fall between $700 million and $800 million, with more orders anticipated for its hydrogen technology. CEO Andy Marsh noted that the company’s recent progress shows its dedication to building a sustainable hydrogen future: “Our advancements in hydrogen production and expansion into new markets reflect our team’s commitment to shaping the hydrogen economy.”
For more information on Plug Power’s work and the upcoming symposium, visit www.plugpower.com.
