Plug Power Inc., a global leader in comprehensive H₂ solutions for the green H₂ economy, has reached nameplate capacity at the company’s H₂ plants in Georgia and Tennessee. With this increased supply from our H₂ production network, Plug will benefit from a lower cost of H₂, a crucial step in the company’s roadmap to achieve profitable growth. This is headlined by the company’s first green H₂ plant in Georgia already reaching nameplate capacity of 15 tons per day (tpd) of liquid H₂ production, marking a significant milestone for Plug’s H₂ network and the H₂ economy in the U.S.

“As part of our initiative to strengthen financial performance, we are pleased to make headway in a two-prong strategy: lower cost sourced H₂ through capacity expansions at our Georgia and Tennessee plants coupled with improved margins through the recalibration of pricing across our portfolio,” said Andy Marsh, Plug CEO. “We greatly appreciate our customers' loyalty and commitment to our joint vision for a clean energy future. Their willingness to work alongside us underscores the critical role that Plug’s H₂ products play in their operations.”

As a part of the company’s efforts to restructure the business model, Plug implemented price increases across all its offerings including equipment, service, and fuel. This recalibration of prices better reflects the value of Plug’s services, while still offering a strong economic proposition to its customers; all of which aligns with the company’s strategic focus on enhancing both cash flow and margins.

Plug has continued to make substantial progress on building out its North America green H₂ network to meet customer demand. The company’s Georgia H₂ plant, home to the largest proton exchange membrane (PEM) electrolyzer system in the U.S., has been running at a stable rate of 15 tpd since the beginning of the month.

With Plug’s Tennessee plant now operating at nameplate capacity of 10 tpd, the company has achieved a total liquid H₂ capacity of 25 tpd, which can now fulfill approximately 50% of its customers’ green H₂ demand. Plug's cryogenic fleet now consists of 40 trailers which are being filled and supplying liquid H₂ to Plug customers across the United States in material handling operations, fuel cell electric vehicle fleets, and stationary power applications.

The company’s Louisiana plant (Joint venture with Olin Corporation) is projected to add 15 tpd of liquid green H₂ to Plug’s North American network by the end of Q3 2024. With the addition of the Louisiana plant, Plug will have 40 tpd of internal production capacity, meeting the majority of its customers demand. In addition, the company continues to collaborate with its key H₂ supplier in the U.S. Plug is doing substantial work on other U.S.-based plants and is actively engaged with key strategic suppliers to facilitate the expansion of its green H₂ network and to achieve cost-effectiveness in green H₂ production at scale.

“Our green H₂ ecosystem was built on a deep understanding of customer needs,” said Sanjay Shrestha, Plug General Manager, Energy Solutions, and Chief Strategy Officer. “Our Georgia and Tennessee plants operating at full capacity is a meaningful step towards continuing to drive cost reduction and margin enhancement in our fuel business.”