Reports related to this article:
Project(s): View 5 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Plug Power Incorporated (NASDAQ:PLUG) (Latham, New York) is among the non-traditional energy companies betting big on seismic changes in the global energy market, as heavily industrialized nations turn to hydrogen and other low-emission sources to energize their assets. Plug Power's major developments include Power-to-X projects, which produce green hydrogen, green ammonia and methanol, and hydrogen fuel-cell systems. Industrial Info is tracking more than $900 million in active projects from Plug Power, including three projects, valued at more than $300 million, under construction.
Click on the image at right for a graph detailing Plug Power's active projects, by project type.
Plug Power aspires to be the world's top producer of green hydrogen. In a recent update to their business outlook, Plug Power's executives said the company aims to produce 70 tons of green hydrogen per day by the end of this year, and 500 tons per day by the end of 2025. So far, the company has provided fuel cells for machinery to titans like Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington), General Motors Company (NYSE:GM) (Detroit, Michigan) and Walmart Incorporated (NYSE:WMT) (Bentonville, Arkansas), but it is now broadening its customer base into the transportation and logistics industry, via fuel-cell products for cars and trucks.
Plug Power is putting the finishing touches on its $125 million Plug Power Innovation Center in West Henrietta, New York, which it formally opened in November. The factory will produce hydrogen fuel cell stacks and electrolyzers. According to a company press release, the electrolyzers are utilized in the generation of green hydrogen, while the fuel cell stacks are used in Plug Power's ProGen hydrogen fuel cell engines, which are used to power a variety of electric vehicles, including material handling equipment, on-road commercial fleet vehicles, and drones. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can read more in a detailed project report.
The company also is building the $100 million Holtwood Green Hydrogen Plant in Lancaster, Pennsylvania, and the $85 million Kingsland Green Hydrogen Plant in Kingsland, Georgia, both of which are set to be completed toward the end of the year. Both facilities will utilize electrolysis to produce 15 metric tons per day of liquid green hydrogen to be used in freight and materials-handling equipment. Subscribers can learn more from Industrial Info's reports on the Pennsylvania and Georgia projects.
Plug Power is preparing to begin full-scale construction over the summer on its $290 million green hydrogen plant in Alabama, New York, which started site preparation in October. The facility will produce 45 metric tons per day, supported by a 450-megawatt (MW) substation. New York Governor Kathy Hochul, who also attended the opening of the West Henrietta plant, joined local officials at the groundbreaking ceremony after supporting the project with up to $2 million in tax credits, in exchange for job creation commitments. Subscribers can learn more from Industrial Info's project report.
Other projects across the U.S. include a proposed green hydrogen plant in Mendota, California, which is designed to produce 30 metric tons per day to be used in light-duty vehicles, freight transportation and logistics operations. If approved, it would be the largest green hydrogen production plant on the West Coast. A final investment decision is expected toward the middle of the year. Subscribers can learn more from Industrial Info's project report.
Plug Power has yet to turn a profit. But Chief Executive Officer Andrew Marsh said in the recent outlook update that the company expects to see revenues of between $900 million and $925 million for 2022, which would be an 80% increase from 2021's total, and as much as $3 billion for 2025.
"Look, 2021 has been tough," said Sanjay Shrestha, the general manager of Plug Power's Hydrogen Energy Business, in the company's most recent earnings-related conference call. "Margins will improve in 2022, especially in the second half of the year. It's going to continue to improve as you go into 2023--and dramatically improve as you go into 2024, as we build this first-of-a-kind (...) resilient green hydrogen-generation network in North America."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing Plug Power's active projects, by project type.Plug Power aspires to be the world's top producer of green hydrogen. In a recent update to their business outlook, Plug Power's executives said the company aims to produce 70 tons of green hydrogen per day by the end of this year, and 500 tons per day by the end of 2025. So far, the company has provided fuel cells for machinery to titans like Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington), General Motors Company (NYSE:GM) (Detroit, Michigan) and Walmart Incorporated (NYSE:WMT) (Bentonville, Arkansas), but it is now broadening its customer base into the transportation and logistics industry, via fuel-cell products for cars and trucks.
Plug Power is putting the finishing touches on its $125 million Plug Power Innovation Center in West Henrietta, New York, which it formally opened in November. The factory will produce hydrogen fuel cell stacks and electrolyzers. According to a company press release, the electrolyzers are utilized in the generation of green hydrogen, while the fuel cell stacks are used in Plug Power's ProGen hydrogen fuel cell engines, which are used to power a variety of electric vehicles, including material handling equipment, on-road commercial fleet vehicles, and drones. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can read more in a detailed project report.
The company also is building the $100 million Holtwood Green Hydrogen Plant in Lancaster, Pennsylvania, and the $85 million Kingsland Green Hydrogen Plant in Kingsland, Georgia, both of which are set to be completed toward the end of the year. Both facilities will utilize electrolysis to produce 15 metric tons per day of liquid green hydrogen to be used in freight and materials-handling equipment. Subscribers can learn more from Industrial Info's reports on the Pennsylvania and Georgia projects.
Plug Power is preparing to begin full-scale construction over the summer on its $290 million green hydrogen plant in Alabama, New York, which started site preparation in October. The facility will produce 45 metric tons per day, supported by a 450-megawatt (MW) substation. New York Governor Kathy Hochul, who also attended the opening of the West Henrietta plant, joined local officials at the groundbreaking ceremony after supporting the project with up to $2 million in tax credits, in exchange for job creation commitments. Subscribers can learn more from Industrial Info's project report.
Other projects across the U.S. include a proposed green hydrogen plant in Mendota, California, which is designed to produce 30 metric tons per day to be used in light-duty vehicles, freight transportation and logistics operations. If approved, it would be the largest green hydrogen production plant on the West Coast. A final investment decision is expected toward the middle of the year. Subscribers can learn more from Industrial Info's project report.
Plug Power has yet to turn a profit. But Chief Executive Officer Andrew Marsh said in the recent outlook update that the company expects to see revenues of between $900 million and $925 million for 2022, which would be an 80% increase from 2021's total, and as much as $3 billion for 2025.
"Look, 2021 has been tough," said Sanjay Shrestha, the general manager of Plug Power's Hydrogen Energy Business, in the company's most recent earnings-related conference call. "Margins will improve in 2022, especially in the second half of the year. It's going to continue to improve as you go into 2023--and dramatically improve as you go into 2024, as we build this first-of-a-kind (...) resilient green hydrogen-generation network in North America."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
