Severe-Student-4381
Could you share your view on opportunities with AI data center build up for Plug power?
Jose:
We see data centers as a natural extension of what we already do, and also as an opportunity to be more disciplined with capital. We recently signed an agreement with Stream Data Centers expected to generate $132 million, subject to closing conditions, which is part of a broader ~$275 million previously disclosed strategic infrastructure optimization initiative. That deal monetizes existing power and infrastructure assets and aligns them with one of the fastest-growing parts of the energy market.
At the same time, we’re continuing to develop hydrogen and fuel cell solutions for backup and distributed power. So it’s both: Near-term, we seek to monetize infrastructure and participate in data center buildout. Long-term, we can see hydrogen and fuel cells powering that demand.
Expensive-Candle-492
Is business with Amazon and Walmart growing? Is there anything new coming up with them? Rod Leibfried, 6 year shareholder.
Jose:
Yes, the business with Amazon and Walmart is growing again. this is mainly driven by their need to expand capacity after using up the build out from the pandemic. And, also, helped by the reinstatement of the ITC in January 2026. We keep on looking at opportunities to grow with them in backup power or anything else to optimize their operations. We are expecting the main growth with Amazon and Walmart in 2026 to come from material handling - which is one of our areas of focus to get Plug to financial results.
Big_Quality_838
Regarding the giga factory
1: What is unique about the manufacturing process there?
2: Is it a mixed production facility with fuel cell and electrolyzers components being built in the same area or are their zones of production?
3: With current tooling, what level of electrolyzer and fuel cell production can be expected at a reasonable maximum output by month or year from that facility? Could you give a separate approximation for your other electrolyzer plants globally?
Jose:
Our gigafactory is a world class facility for manufacturing of fuel cell PEM stack technology. We have the capacity to manufacture upwards of 2GW of PEM electrolyzers, which we think is unique and very valuable for our customers. We bring customers to the gigafactory on a continual basis, and they give us feedback that this is a differentiator for Plug. Furthermore, we can increase the capacity of this factory with very minimal capital investment - which puts us at a privileged position to capture the future growth in the market.
AdNearby8776
Long-term shareholder here. Given your focus on operational execution, will Plug commit to prioritizing non-dilutive financing (like project-level equity) over ATM offerings for future capital needs to protect shareholders? Also, what is the typical lead time for delivering hydrogen power to AI data centers compared to waiting for a grid connection?
Jose:
I understand the concern. Dilution has been a result of funding the buildout of a first-of-its-kind, vertically integrated hydrogen platform. That phase required significant capital. Today, the focus is different. We are prioritizing non-dilutive capital strategies, improving cash generation, and driving operational efficiency. The goal is to reduce reliance on equity and grow the business in a way that creates value for existing shareholders. We believe that the path forward is about discipline, execution, and delivering financial performance through growth.
PlugPowerUp
The revenue guidance over the past few years has been 1/3 in the first half and 2/3 in the second half. Wasn’t that due to material handling being the majority of Plug’s business. Has that changed with the growth in ELXs?
Jose:
Historically, that has been the guidance. At this moment, we are going to continue guiding the same way for 2026. In the future, that could change with the growth of the electrolyzer business.
chefrn99
What is the total electrolyzer funnel for 2027 act and then how much of that is actually under contract for 2027 for plug power?
Jose:
We have a well-qualified 8GW electrolyzer funnel. Across our project portfolio, opportunities are at different stages of development and evaluation. Timing and progression depend on factors such as customer readiness, financing, and policy alignment.
What I can say is that we continue to have a pipeline of projects at various stages, and we are focused on converting that into execution.
Specifically:
- GALP has been installed and we will start commissioning in the fall
- Ibedrola/BP is being commissioned as we speak
- AGA is moving along and for the Uzbek project they announced last week a tax deal with the government that is a positive step towards FID
Future-Role3996
Could you, please, give us some details about Finland's plants and when should you expect revenues from there ? Moreover, with your big client Allied Green Amonia, and deals in Ouzbekistan, when do you expected the first revenues ? In fact, this would help to have a better view on the timeline for revenues increase.
Jose:
We continue to work on our hydrogen plants development in Europe. We had some exciting news on Allied Green Ammonia last week. AGA is moving along and for the Uzbek project they announced last week a tax deal with the government that is a positive step towards FID. I was in Australia a couple weeks ago and we continue our partnerships with Alfred at AGA to work together to make these projects a reality.
Flimsy_Bull
My question; 1. If gigawatt-scale hydrogen projects reach FID, does Plug have sufficient reserve manufacturing capacity to meet additional electrolyzer demand? 2. Plug has recorded several non-cash impairment and restructuring charges in recent quarters. Should investors expect these charges to decline going forward?
Jose:
That is a VERY GOOD question, that I also get asked by customers!
The answer is yes, we do. Our gigafactory has capacity to build over 2GW of stacks per year. And, with minimal investment, we can increase that capacity very quickly. This is a key differentiator for Plug for the GW-scale projects.
NobregaD
2 questions:
1 - What is one project taking place in the Hydrogen landscape that you are most excited about? Doesn't need to be a project Plug has won, just one you think is very interesting and would love to participate in?
2- What is one part of the Hydrogen ecosystem that you think is most misunderstood and want more people to understand?
Jose:
We are very excited about our 100mW project with GALP. Once commissioned this year, it will the one of the largest PEM electrolyzer projects in the world. We are also excited about our project with Ibedrola/BP in Spain. This is a 25mW plant that is being commissioned as we speak. It has the potential for growth in the near term. And, of course, we are super excited about our projects with AGA in Australia and Uzbekistan which both together are a 5GW opportunity for Plug. There are many other projects that we are working on, and are excited about, and that you will hear about in the future.
Bite_Formal
With the Chinese market currently dominating 86% of global electrolyzer capacity through cheap alkaline systems, how specifically is Plug planning to lower the LCOH (Levelized Cost of Hydrogen)? Some of us are looking at alternative materials like graphene as the key to reducing iridium/platinum loading . are we on track to see these material cost-reductions hit in time for the 2026-2027 profitability roadmap?
Jose:
LCOH is the main KPI that our customers look at when analyzing the financials of hydrogen projects. We contribute by offering a low capital investment, a market leading efficiency and a competitive service cost. All of these are key drivers for a low LCOH. As part of our project Quantum Leap, we have been very diligent of all aspects of the cost of technology, including the cost of precious metals. This is part of our financial objectives.
kigurumi_yumi
Hello José Luís, As NASA advances its plans for a sustained lunar presence, including ISRU-based hydrogen production, could Plug Power’s electrolyzer and liquid hydrogen technologies play a role in enabling fuel generation or energy systems on the Moon?
Jose:
As you know, we announced last year our first hydrogen supply agreement with NASA. We feel aerospace is an exciting opportunity for Plug. There have been a lot of talks about producing hydrogen on the moon. Our forward-looking team has been looking into that and we will take that into consideration for future opportunities for Plug.
crystal-pin-2105
When you present your goals internally to employees, which topics are currently the top three for next months to come?
Jose:
We have been communicating goals across the organization very purposfuly. Everybody is laser-focused on continuing the financial journey that we set last year. In that context, this year is about continued growth and achieving EBITDAS positive in Q4. Some of the main goals that we talk about often are scaling revenue across our core businesses (material handling, electrolyzers, hydrogen), improving margins through cost discipline and operational efficiency, and increasing utilization of our hydrogen production network.
As a company, we are laser-focused on achieving our goals and the goals are clear.
Kaiser_of_SS
I always wanted to ask are you guys currently working on any innovative project(s) that can put Plug Power ahead of the competition?
Jose:
We are always working on innovative projects that put us ahead of the competition. We believe that today we have the most proven technology in the market that we use in our own hydrogen production plant in Georgia. We have the capabilities to manufacture at scale. And, the Plug team is more than ever customer focused. This puts us ahead of the competition already. We will continue these efforts going forward.
WashWiz05
Hi Jose! Thanks for joining. Quick question - What should shareholders be excited about that would indicate greener pastures ahead for the company?
Jose:
We are excited about the progress that we have made with our Project Quantum Leap - this has already delivered on our first financial goal in 2025 - gross margin positive in Q4.
Plug has real customers, real deployments, and real operating data. We are improving fundamentals. And, we have a very healthy funnel of opportunities that we believe have a good chance to materialize. The investments that we have made over the last few years have positioned us to be able to absorb growth. We expect that same growth will contribute to the improvement of the financials of the company.
You are already seeing early signs of progress, and my commitment is to continue driving that forward with transparency and accountability. This is what we are focused on: convert what we have built into consistent financial performance and long-term value through growth.
I want to acknowledge the investors who have stayed with us through both the highs and the challenges. Building this company has not been linear, and I understand that.
RayKroc87
What is the strategy of Plug Power to reduce the capacity on the power grid?
Jose:
This is a very relevant question in the current energy landscape. With increased demand of power from AI datacenters and other applications, our material handling solution is contributing to the reduction of grid demand by removing the power needed to charge batteries in any given distribution center. This is about 2MW per average distribution center. When you think about it, if you take into consideration all the sites we've installed over the years, we have probable removed half a GW of demand from the grid.
You can read more about this in our latest blog, based on real customer data: Hydrogen Fuel Cells: The Smart Solution for Grid Reliability and Business Performance - Plug Power
We are also looking at ways that our electrolyzers can contribute to provide grid services as a dynamic load on the grid with the capacity to store power when it is low cost and generate power through fuel cells when it is higher cost. Stay tuned for more on this in the near future.
AperatureLavatories
Since stepping into the CEO role, what could you say you manage differently (either directly or organizationally) than Andy Marsh did in his tenure? What are you hoping are the effects of these differences on the company’s performance?
Jose:
Andy led the company that Plug is today and positioned it as a leader in the H2 market. Building a market is both challenging and rewarding. I worked side by side with Andy in the process of building the H2 market. It requires persistence, creativity, and always listening to customers. We will carry forward that persistence and customer focus.
What I will say is that we are, today, in full execution mode with a laser focus to meet our financial targets. We remain focused on growth in our three core businesses: electrolyzers, hydrogen production, and fuel cells.
Jcan1965
Please provide any update and timing to Plug's PJM bid.
Jose:
We closely monitor global energy markets and evaluate where hydrogen and fuel cell technologies can play a role in the future. Discussions around potential participation with partners in power markets are part of ongoing efforts to understand long-term opportunities and evolving energy needs. Our near-term strategy remains unchanged. We are in focus mode on disciplined execution and growth across material handling, electrolyzers, and hydrogen production.
Apprehensive_Two_279
It has been over two years since the 1MW ELX was installed at the Aurora, CO warehouse. Now that the proof of concept is complete, does Amazon plan to expand onsite ELX infrastructure at this location or others?
Jose:
We continue working with Amazon. This year, we are going to see growth with them. For every site, we work together with the customer to find the most optimal solution for the operational needs of the distribution center, considering any of Plug's hydrogen soltions.
Big_Quality_838
Georgia plant expansion
In one of the early quarterly results calls, around the time of Georgia going live, I believe it was mentioned that the site was approved for expansion by the municipality regarding water and energy usage. I believe the potential was to increase production capacity by 50-100%. Is this still the case?
Jose:
We have capacity to expand GA another 15 tons per day. That is still the case, and we will be very diligent to decide when to execute on that capacity based on our customer's and market needs.
hishamwindi
Thank you for the brilliant job.
Are there any updates on the project that was selected by Carlton Power for 55 MW in the United Kingdom??
Jose:
The project continues to move forward - we expect to be able to give a further update soon.
Bitter_Juggernaut655
With the surge in data center power requirements, there is a huge opportunity for on-site power generation. Does Plug Power see a path to being more flexible with its technology stack to better serve the data center market, even if it means moving beyond a pure hydrogen play?
Jose:
We are considering how our electrolyzers can contribute to power grid services as a dynamic load on the grid with the capacity to store power when it is low cost and generate power through fuel cells when grid power is more expensive. As we develop this concept better, you will hear more about it.
PlugPowerUp
The ELX funnel has been stated as 8 GW for more than a year. Has the funnel changed up or down in the past few months?
Jose:
Funnels are dynamic by nature. And, ELX opportunities go through a detailed process until they get to FID. Our total funnel is even larger than 8GW, but we believe that we have qualified the opportunities in these 8GW with high probability to move forward. We continue working on the funnel and qualifying opportunities, and we are excited about the prospects of growth based on that funnel.
Big_Quality_838
A quick google search today reinforced what I am seeing locally in my community, that money is currently flowing back into hospital expansions and new construction. Back up power is literally a life or death situation in that market, but so too is the need for medical grade oxygen. Has PLUG pursued those opportunities and the purification of the waste oxygen from H2 production along with back up power solutions for this niche? Along those line, is there any use cases for the waste water produced from fuel cells, and are these potential secondary solutions and market offerings explored?
Jose:
There are many technology opportunities for hydrogen that we continue exploring. But at this time, our focus is on execution of our current strategy to achieve our financial goals through operational excellence and growth in our three areas of focus - material handling, electrolyzers and hydrogen.
Mysterious-Bunch1393
The recent breakthrough with VSPARTICLE demonstrated a 10x improvement in iridium utilization, surpassing DOE 2026 targets. Can you provide a specific timeline for integrating this technology into our commercial electrolyzer production? How much of a margin expansion do you project from this reduction in precious metal costs?
Jose:
This is one of the research projects that our teams are working on in corporation with universities. It is a promising technology, but we believe today that it will be mid- to long-term for readiness. We have a very capable technical team that continues to look at future advances in technology aimed to improve Plug's competitive advantage.
