US hydrogen pure-play Plug Power plans to deliver more electrolysers this year than it has to date
Only 50MW of its PEM machines have been put into operation so far, but the company is set to deliver a cumulative total of 189MW in 2024
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“To date, Plug has already delivered 25 electrolyzer systems to third-party customers. Over the course of 2024, it plans to deliver an additional 40 systems for a cumulated total of 189MW,” the company stated in a press release yesterday.
“These systems include containerized electrolyzers of 1MW and 5MW deployed worldwide for various applications such as refineries, industrial processes, and mobility.”
It added that 50MW of its electrolysers have been put into operation to date, but by the end of this year, “Plug is expected to be the largest provider of PEM technology operating in the world”.
The relatively low volume of electrolysers sold by Plug, since it entered the sector in 2020, is symptomatic of the reluctance of developers to take final investment decisions (FIDs) on large-scale projects without significant subsidies.
Nevertheless, large-scale projects are likely to reach FID in the coming months and years once subsidies in the US, EU and around the world are granted. And Plug has positioned itself to supply electrolysers and help build many of those projects.
It has signed deals to deliver basic engineering and design packages (BEDPs) — also known as front-end engineering designs (FEED) — to 4.5GW of projects, on top of more than 1.2GW of electrolysers sold subject to FIDs.
"Within just three years, we've significantly scaled our business and have successfully shipped and deployed electrolyzers across five continents,” said Plug CEO Andy Marsh. “This rapid expansion is strong evidence of our engineering, manufacturing, and execution capabilities."
The company adds in the press release: “Plug is currently delivering and installing electrolyzers in Europe, Middle East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa.”
Plug Power registered a $1.4bn net loss in 2023 — following net losses of $724m in 2022 and $460m in 2021.
Its share price has fallen pretty steadily since reaching an all-time high of $66.87 in January 2021, and was trading at $2.38 at the time of publication.
Plug also sells fuel cells, hydrogen-driven stationary power systems, liquefaction equipment and H2 refuelling solutions.
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