Plug Power Inc (PLUG) Quote

B_B - Bad News for PLUG !

EU electrolyser leaders call on support amid ‘acute threat’ from Chinese rivals
By Charlie Currie on Jul 02, 2024

European electrolyser majors have renewed a call to Union-level policymakers to help the industry compete with Chinese manufacturers.

Nel, Siemens Energy, thyssenkrupp nucera and more put their names to a letter sent to the European Commission, urging it to make the “Made in Europe” policy “a reality for the electrolyser industry.”

With Europe entering a new political cycle following June’s elections, the companies warned the region’s electrolyser and hydrogen leadership is “under acute threat” from cheaper Chinese alternatives.

China has rapidly been expanding production of electrolysers, and now boasts 40% of the world’s manufacturing capacity, the letter states.

“Green hydrogen projects in China are generally carried out by state-owned entities allowing Chinese companies to go through extended periods of operational loss and supporting capacity expansions via zero-interest government loans.

“This skewed playing field creates unfair competition and puts European electrolyser manufacturing at a significant disadvantage,” the letter reads.
.....
https://www.h2-view.com/story/eu-electrolyser-leaders-call-on-support-amid-acute-threat-from-chinese-rivals/2111836.article/

The election is a win-win for hydrogen.
Trump will help the fossil fuel companies to get the Hydrogen Tax Credit.
He will throw away “additionality” and make it easier for companies to get the 45V.

IRA’s $391 billion in clean energy funding makes it too lucrative for Trump to overhaul
Republicans don’t like the Inflation Reduction Act, but it’s popular with investors and the states.
By Leah Garden July 2, 2024
https://www.greenbiz.com/article/iras-391-billion-clean-energy-funding-makes-it-too-lucrative-trump-overhaul

MORE BAD NEWS :

Tuesday, UBS maintained a Neutral rating on Plug Power, while reducing the price target to $2.75 from the previous $4.75.
The firm's analyst cited the company's efforts to implement price increases and anticipated reflections of these changes in the second quarter of 2024.

Despite this, the analyst believes the adjustment process will extend beyond the management's expectations.

Following is a chart of Tesla's growth through 2022. Hopefully Nikola will follow a similar trend.

To put things in perspective, quote "For the quarter, Tesla reported global production of 479,700 units with deliveries of 466,140." Source https://finance.yahoo.com/news/tesla-q2-deliveries-easily-top-estimates-as-price-cuts-take-effect-163826255.html
Nevertheless, good news for EVs in general.

WTM - I did notice those, but I put little weight in one review, especially from a hydrogen proponent. Not very objective.

JB, agree. I bet you didn't even notice that there were three negative points following the positive ones.

Anecdotal . One data point is not a valid sample.

Follow up on previous Mission Hydrogen webinar post by David Wenger, Mission Hydrogen GmbH, based in Germany (for context).

The Japanese word for “Future” is “Mirai” – and that’s also the name of the current Toyota fuel cell vehicle. I’ve had one for three years. Last week, I handed it back to the Toyota dealer because the leasing contract had expired.

It’s time to say “Goodbye Mirai” or “Goodbye Future.” The “Future” is now history.

Here are a few thoughts on my experience (also available on https://www.linkedin.com/posts/dawenger_mirai-future-toyota-activity-7213583238533918724-AaTZ)

- The reliability of the car was 100%. No issues at all. That's certainly good news.

- I have done 44,859 km over three years. Not very much, but still. It was used for my daily trips to the office, but also to customer meetings etc. - everyday scenarios. It worked well.

- My team used it as well whenever they needed a car.

- The refueling station nearby (some 7 min from home and some 10 min from the office) was very helpful. I only remember one situation when it was not operational, but it did not really matter that day.

- Other refueling stations I have used regularly where the ones in Switzerland and some other stations in the south of Germany. No big deal, everything was fine (with a few exceptions, but no major problems).

- I have never done a 1,000+ km trip or so. I try to avoid that anyway, but even more with such a car.

- The typical consumption was 1.1 kg per 100 km, and the hydrogen price in Germany is € 15.75 including 19% VAT. Yes, that's expensive, but the main problem is that nobody is making any money along the value chain. That's a big problem.

- The only real complaints I got were from my kids. I have three kids, and the Mirai is certainly not suitable for a family. If young kids complain about missing legroom in a car it's certainly time to think about the overall vehicle concept.

- My own "WTF" typically came when I tried to transport goods of any kind. Sorry my friends at Toyota, but the trunk is a disaster. I think a cargo bike would do a better job. No matter how much you like the hydrogen experience: this is a no go.

- The second "WTF" was about the UX and the map. I don't know who designed it, but Toyota is lightyears behind Tesla and other OEMs.

- The third "WTF" was about the range indicator. I was told it's very conservative to be on the safe side. I can understand that, but why don't you tell me "you have 1.2 kg H2 left" somewhere? That would give me the opportunity to do my own math if necessary. If you tell me that I have 50 km left (with an unknown 70 km of safety margin)...not what I need.

And to answer the most important question again: I had the car to get real life experience - and talk about it. I am not one of those PowerPoint heroes, and I don't want to rely on Google research. I want first hand experience in everything I do. Mission accomplished.

While my project has come to an end, Toyota is still pushing forward, especially on the heavy duty side.

On Wednesday, we'll do a webinar on the "Toyota Hydrogen Strategy for Heavy Duty" with Vincent Mattelaer (Toyota Motor Europe) and Jackie Birdsall (Toyota North America). Both of them are among the leading experts within Toyota, and both of them are very famous hydrogen ambassadors, too.

I promise you: You will learn a lot, and they will certainly be able to answer 99% of your questions.

Join for free: www.mission-hydrogen.com (and yes, we will talk about my experience, too).

Mission Hydrogen GmbH
David Wenger
Einsteinstrasse 55
89077 Ulm
Germany

We are in a terrible trend. It is like the government wants to wipe out small companies with these high interest rates in favor of the very large companies to wipe out competition, slow it down or allow them to buy it out at pennies on the dollar.

Mission Hydrogen webinar "The Toyota Hydrogen Strategy for Heavy Duty."

Date: Wednesday, July 03
Time: 16:00 CEST | 07:00 am Pacific | 10:00 am Eastern | 07:30 pm IST | 10:00 pm AWST
Duration: 90 minutes
Join for free: www.mission-hydrogen.com

Background
The first country in the world to adopt a national hydrogen strategy was Japan. One of the driving forces behind was the largest OEM, Toyota Motor Corporation.

Toyota has had their own vision of a decarbonized mobility for decades, and hydrogen has always been at the center of their activities. Currently, Toyota has several vehicles on the market, including the Mirai (passenger car), a prototype of the Hilux (pickup truck) and several heavy duty trucks (including vehicles in cooperation with other OEMs such as Kenworth, Isuzu and Daimler Buses).

In our next webinar, Toyota will present their current hydrogen strategy for heavy duty vehicles, including their vision of the infrastructure.

The speakers are:
Vincent Mattelaer, Toyota Motor Europe: Vincent has been with TME since 2007, and he is responsible for the European hydrogen R&D activities including standardization (SAE, CEN, ISO), the development of the necessary refueling protocols and EU projects.

Jackie Birdsall, Toyota North America: Jackie is the Senior Engineering Manager of the Fuel Cell Integration Group at Toyota Motor North America and was once called the “Fuel Cell Rockstar” by the press. With 20+ years of experience, 171,216 followers on LinkedIn and thousands of hours of hands-on vehicle testing experience (yes, these activities with wrenches and screwdrivers out in the Death Valley to fix issues before the vehicles are delivered) Jackie is one of the most experienced and knowledgeable hydrogen leaders out there.

Jackie and Vincent will share their decades of experience with you and explain:

- Why Toyota believes in hydrogen
- What their long term vision for zero-emission mobility is
- What vehicles Toyota has under development and what they will look like (ok, they cannot share the secrets, but they will give you an overview)
- What kind of hydrogen infrastructure Toyota needs
- What the difference is between Europe, North America and Japan in terms of hydrogen mobility
- What Codes&Standards they have helped to develop, and what is still needed
- What you can do e.g. as a supplier to be part of the game
- As always, they will answer your questions regarding technology, vehicles and market.

this posting was specifically for GenSure and Stationary applications

they have postings for GenDrive/Material handling positions at Amazon as well

Seems by the skills needed it will just be the filling stations inside the plants for forklifts. Does not look major, but I could be wrong.

Top 5 Fuel Cell & Hydrogen Stories

FuelCellsWorks
Posted 2 hours ago

UK, great find, agree, thanks for posting.

iShares Russell 2000 ETF
Plug Power (page 59)
https://www.ishares.com/nl/professionele-belegger/nl/producten/239710/ishares-russell-2000-etf?switchLocale=y&siteEntryPassthrough=true

Betting big on small stocks
Both Druckenmiller and Englander added exposure to the iShares Russell 2000 ETF (NYSEMKT: IWM). It tracks the Russell 2000 index, which is the most commonly used index for small-cap stocks.
Druckenmiller bought 31,579 call options on the ETF, which had a total value of $664 million as of the end of the first quarter. That makes the ETF his largest position, representing 15% of his portfolio. Englander, meanwhile, pared back on puts while adding a substantial number of calls and shares of the ETF itself.
https://finance.yahoo.com/news/billionaires-selling-nvidia-buying-undervalued-082500110.html

B_B - No Mention of PLUG ?

Real light will be something meaningful coming from PLUG themselves. NOT tangential macro developments.

PLUG's trend is still strongly NEGATIVE,
and will be until there is a major positive catalyst.

Finally a light at the end of the tunnel.


Billionaires Are Selling Nvidia and Buying These Undervalued ETFs Instead
Adam Levy Sun, Jun 30, 2024
…..
Several hedge fund managers spotted the potential for Nvidia in AI early and made considerable bets on the semiconductor stock. Stan Druckenmiller accumulated a sizable position in the stock in late 2022 and early 2023 as OpenAI's ChatGPT took the world by storm. At one point, Nvidia stock accounted for 16% of his portfolio. David Tepper, owner of the NFL's Carolina Panthers, likewise built a huge position in the stock in the first half of 2023.
But billionaires, as a group, have started selling off their Nvidia shares. That's in large part due to the incredible run the stock has been on. It's up over 160% this year already, and it was briefly the most valuable company in the world.

Here are some of the billionaires selling their positions in Nvidia:
- Stan Druckenmiller (Duquesne Family Office) sold 441,551 shares and all 4,895 call options, reducing his total exposure to the stock by about 84%.
…..
- Israel Englander (Millennium Management) sold 720,004 shares and 6,910 calls, cutting his bullish position by about one-third. He also trimmed Millennium's put options, but by less than 20%, leaning more bearish.

Billionaires are smart to take some of their money off the table and reinvest into other assets as a way to diversify their portfolios and potentially find the next big winners. The ones listed above put a lot of the money from selling Nvidia into some undervalued exchange-traded funds (ETFs) that both diversify away from Nvidia and provide a lot of potential upside.

Betting big on small stocks
Both Druckenmiller and Englander added exposure to the iShares Russell 2000 ETF (NYSEMKT: IWM). It tracks the Russell 2000 index, which is the most commonly used index for small-cap stocks.
Druckenmiller bought 31,579 call options on the ETF, which had a total value of $664 million as of the end of the first quarter. That makes the ETF his largest position, representing 15% of his portfolio. Englander, meanwhile, pared back on puts while adding a substantial number of calls and shares of the ETF itself.
…..
https://finance.yahoo.com/news/billionaires-selling-nvidia-buying-undervalued-082500110.html

2 meme-stocks, AMC and Plug Power are replacing the 2 ‘micros’ in the Russell 2000.

“The Russell needs a few more meme-ish stocks, not fewer, if it is to start generating better returns.”

The 2 'micro' companies powering the small-cap Russell 2000 this year: Chart of the Week
Ethan Wolff-Mann Sat, Apr 20, 2024
But the small-cap Russell 2000 index has its own pair of Magnificent members: “The Micros.”

Together, MicroStrategy (MSTR), the bitcoin proxy play led by the endlessly quotable Michael Saylor, and Super Micro Computer (SMCI), a cloud storage company riding the AI demand for more computing power, are responsible for single-handedly keeping the index’s year from going from bad to worse.
The Russell is down well over 3% this year, and without these two stocks’ performance, it would be down around 7% as of Thursday, according to DataTrek. As DataTrek’s co-founder Nicholas Colas put it this week, “The Russell needs a few more meme-ish stocks, not fewer, if it is to start generating better returns.”
…..
https://finance.yahoo.com/news/the-2-micro-companies-powering-the-small-cap-russell-2000-this-year-chart-of-the-week-120029786.html

Plug Power is out of the Russell 1000.
https://www.ishares.com/us/products/239707/ishares-russell-1000-etf
(sort on NAME, by clicking on Name)
(Ticker Name Sector Asset Class Market Value Weight (%) etc.)

No more Plug Power on page 73-74

MicroStrategy on page 63
SuperMicro Computer on page 86

SuperMicro Computer, MicroStrategy set to join Russell 1000
Sat, May 25, 2024
https://finance.yahoo.com/news/supermicro-computer-microstrategy-set-join-091045557.html

B_B - Like PLUG, A poorly managed hydrogen company wasting shareholders money.

They should have focus more on how to keep the hydrogen plane in the air, instead of spending time and money on hydrogen aircraft refueling and vertical integration.


Universal Hydrogen
Today, we want to highlight our unique end-to-end modular solution for hydrogen aircraft refueling.
Our solution is unique because we will transport liquid hydrogen - in modules - using the existing logistics freight network, from green hydrogen production sites to airports around the world.
Those airports then become instantly 'hydrogen ready' because no new infrastructure is necessary, and offers a safe solution which meets current aircraft turnaround times.
Stay tuned for more on logistics and ground operations development for our LH2 modular supply solutions.
https://www.linkedin.com/posts/uh2_today-we-want-to-highlight-our-unique-end-to-end-activity-7209208336750149632-bgws

What a shame. A SCAM Hydrogen company shutters.

More will follow as this hydrogen revolution continues to stall.

Universal Hydrogen, pioneer of hydrogen-powered flight, goes bust
June 29, 2024
https://www.seattletimes.com/business/boeing-aerospace/universal-hydrogen-pioneer-of-hydrogen-powered-flight-goes-bust/

Fuel Cell ZeroEmission Forklift Fleet At Walmart Canada
.....
Walmart chose to deploy Plug Power GenDrive® units to power
its entire fleet of 95-electric lift trucks at this greenfield site
.....
As an indicator of the fleet’s performance, the hydrogen fuel cell
technology powering Balzac’s entire fleet has also been installed
at two other Walmart distribution centers in Cornwall, Ontario and
Bartlesville, Oklahoma. The three sites have about 500 units in total.
https://www.ballard.com/docs/default-source/motive-modules-documents/material-handling-case-study-website.pdf?sfvrsn=6e51c280_6

Walmart Canada Becomes the First Major Retailer in Canada to Introduce a Hydrogen Fuel Cell Electric Semi-Truck
Published June 27, 2024
MISSISSAUGA, ON – June 27, 2024 – Walmart Canada’s new hydrogen fuel cell-powered electric semi-truck is now on the roads in Mississauga, Ontario as the retailer continues its ambitious journey towards a 100% alternatively-powered fleet.
https://www.nikolamotor.com/walmart-canada-becomes-the-first-major-retailer-in-canada-to-introduce-a-hydrogen-fuel-cell-electric-semi-truck

New job posting for a STATIONARY service technician on an AMAZON site in Texas.
Pretty sure the GenDrives they will support are the big 1MW+ variety not the small cell tower backup ones.
https://www.indeed.com/viewjob?jk=fafdb30ca64efd1d&tk=1i1iladf8gg5q801&from=ja&alid=641890b29834125cf551c521&g1tAS=true

B_B - FALSE !

Walmart Canada forklifts are in Alberta.

Walmart Canada's ONE TRUCK is outside of Toronto.

ONE TRUCK = NOTHING BURGER.

Walmart Canada has been using Plug Power’s forklifts and hydrogen infrastructure since 2010.
I think without Plug’s existing hydrogen infrastructure, there would be a problem for Walmart Canada and Nikola to introduce the fuel cell truck.
Plug’s warehouse hydrogen infrastructure will help accelerate the adoption of fuel cell vans and trucks.

No hydrogen chicken and egg problem.

WTM - FLASE HOPE !

PLUG will see New Multi-Year Lows !

Repost from FCEL board, courtesy of Hoghead7.

Stock Of The Day: Plug Power, Oversold At Key Support Level – Ready For An Upswing?
by
Mark Putrino, Benzinga Technical Analysis Editor
June 28, 2024

https://www.benzinga.com/trading-ideas/technicals/24/06/39554679/stock-of-the-day-plug-power-oversold-at-key-support-level-ready-for-an-upswing

ZINGER KEY POINTS
- Plug Power is oversold and at key support, indicating potential for rally.
- Significant buy interest at current price level could drive Plug Power higher.

Maybe Plug Power returns to Russell 2000.

After-Hours Volume 21,425,052

June 28 is Russell Recon Day. The indices are rebalanced at the close of the U.S equity markets and investment managers adjust their holdings, trading approximately $130 billion in equities on the close.

On July 1, newly reconstituted Russell U.S. indices are calculated and disseminated.
https://www.cboe.com/insights/posts/what-to-know-heading-into-ftse-russells-36th-annual-russell-reconstitution/#:~:text=June%2028%20is%20Russell%20Recon,indices%20are%20calculated%20and%20disseminated.


Market capitalization ranges
Index membership and rankings are determined using total market capitalizations as of Reconstitution rank date, April 30, 2024.

NUMBER OF SECURITIES HIGH LOW
Russell 3000 3,023 $2,893.6B $150.4M
Russell 1000 1,013 2,893.6B $2.4B
Russell 2000 2,010 7.1B 150.4M

https://www.cmegroup.com/articles/2024/tap-into-small-cap-stocks-through-the-russell-2000-reconstitution.html

Renewable
Energy
Credits

Since 99% of the hydrogen used in Fuel Cells is sourced from natural gas (not renewable) 99% of the hydrogen produced does not qualify for REC's or the 45v credits.

OUCH.

Banger - Yes, PLUG gets the same blend of power as everyone else in Georgia.

Not 100% green.

And there is no dedicated green energy grid in Georgia.

PLUG will need to request REC s and credits via an accounting process.

As the rules up to today have state and PLUG has agreed as well, the Georgia plant qualifies for about $2.00 worth of Credits.

Renewable
Energy
Credits

Federal
Energy
Regulatory
Commission

UK, sorry if it's a stupid question, what does REC stand for?

if I recall (Jack will I know) PLUG is just pulling off the state grid which his mostly Gas and Nuclear. I think they bought renewable energy certificates to claim they wee using renewables but there is no “Additionality” system specifically they have bought from. Their “hope” was the REC would suffice at least for the initial period.

UK and Steve, what's the source of clean power at the Georgia plant? Steve, did your previous post imply that it's nuclear power? If so, this would indicate a very positive move/change/concession by the Treasury Depatment, as both nuclear and hydropower did not qualify under the preliminary guidelines.

So the PR does not mention at what rate they will be claiming the credit unless RECs count they will not get $3 / kg in Georgia as there is no dedicated renewable source they are buying from - unlike Texas

The statement about including in their quarterly reports suggest they have been told by the IRS that they can make an initial adjustment based on the 45V being retroactive ad then each quarter they may have to rebalance / restate that line item. of course this helps the “margin/profitability calculations” but not the cash flow until they can actually see the cash which wont be until they are ratified.

supposing that plug did have the inside scoop...what was the reasoning behind making the announcement before the gov had the chance to do so?...how is pissing off the IRS or whoever they usurped, a good thing?...the gov is going to try to find out who leaked the info and heads will roll...thats not a good thing...if plug was hoping that it would help the pps, they were badly mistaken...plug just put a target on their back for the Fed Gov to zero in on, for literally no reason at all...or plug is fos...which is worse....

as for there being a big difference between the 45v announcement being made in July or September, i dont see it....if the next administration does not like 45v and want to get rid of it, i dont think when it was announced makes any difference at all...

i just hope plug didnt shoot the entire industry in the foot...

Hope you are right, and the other provisions are also somewhat, at least, in our favor. I'm sure there will be some compromise. The thing that bothers me is Andy just said it would be after the election. So, this is kind of puzzling. Not sure what part or all of the $3 we bank or share. I know it will not be enough to cover our fuel cost deficit, but it will help the bottom line look better. I just worry if this was a desperation move to hide other sins. Are cost reductions not really happening like they said they would? Are the price increases to customers making sales and revenue go down despite the price increases? I guess we get a better idea in August. I'm hoping for the best, but Andy will have to rebuild his credibility, which, in my opinion, is near zero at this point as he has misled us for years.

Not sure unless like with consumers you have the choice, at a higher price, to buy green energy? That is and unless they have decided that nuclear is clean energy and in that case Plant Vogtle.

exactly...

Why would it, comments are on a different companies vehicle. PLUG has a long way to go before turning "green"

Steve, the PR is vague, but the title of the PR leaves no doubts in my opinion, Plug must have inside knowledge on the soon to be released final 45V guidelines by the Treasury Department, and it's good news. So much so, that I added to my position today.

Plug to Receive Federal Clean Hydrogen Production Tax Credit at Georgia Hydrogen Facility
June 28, 2024
https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-to-Receive-Federal-Clean-Hydrogen-Production-Tax-Credit-at-Georgia-Hydrogen-Facility/default.aspx

Steve - Is Paul trying to cook the books again?

That worked so well last time....