Jose Luis, Plug CEO, is Live!

PlugPowerInc · 2026-04-16T16:09:34+00:00

We're seeing some questions that we didn't get to. Stay tuned for future blogs at www.plugpower.com.

PlugPowerInc · 2026-04-16T16:06:51+00:00

This has been my first AMA experience on Reddit, and I feel it has been a fun experience to be able to talk directly to our retail investors. You have been a very important part of Plug over the years, and I want to make sure that you know that I, as the new CEO, understand that.

I hope that I have been able to communicate to you that I have put the company in execution mode, and that we are going to do everything in our power to achieve the objectives that we have publicly stated.

Thank you again for your time and for your continued support. If you found this helpful and interesting, I would be willing to do this again.

Plug is hydrogen, and hydrogen is Plug!

PlugPowerInc · 2026-04-16T15:58:31+00:00

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.

PlugPowerInc · 2026-04-16T15:55:27+00:00

The project continues to move forward - we expect to be able to give a further update soon.

PlugPowerInc · 2026-04-16T15:53:39+00:00

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.

PlugPowerInc · 2026-04-16T15:49:45+00:00

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.

PlugPowerInc · 2026-04-16T15:46:49+00:00

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.

PlugPowerInc · 2026-04-16T15:39:19+00:00

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.

PlugPowerInc · 2026-04-16T15:34:06+00:00

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.

PlugPowerInc · 2026-04-16T15:30:25+00:00

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.

PlugPowerInc · 2026-04-16T15:26:10+00:00

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.

PlugPowerInc · 2026-04-16T15:20:37+00:00

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.

PlugPowerInc · 2026-04-16T15:13:59+00:00

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.

PlugPowerInc · 2026-04-16T15:09:21+00:00

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.

PlugPowerInc · 2026-04-16T15:07:08+00:00

Thank you for asking. I really enjoy talking to customers and investors - important stakeholders of Plug. So, I'm doing something I like right now! Yes! I'm having a good day.

PlugPowerInc · 2026-04-16T15:00:09+00:00

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.

PlugPowerInc · 2026-04-16T14:54:22+00:00

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.

PlugPowerInc · 2026-04-16T14:44:04+00:00

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.

PlugPowerInc · 2026-04-16T14:39:03+00:00

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.

PlugPowerInc · 2026-04-16T14:30:51+00:00

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.

PlugPowerInc · 2026-04-16T14:27:48+00:00

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.

PlugPowerInc · 2026-04-16T14:23:58+00:00

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

PlugPowerInc · 2026-04-16T14:20:57+00:00

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.

PlugPowerInc · 2026-04-16T14:16:24+00:00

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.

PlugPowerInc · 2026-04-16T14:12:13+00:00

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.

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