Overview
- Plug Power began a contract to supply up to 218,000 kilograms of liquid hydrogen to NASA’s Glenn Research Center and the Neil Armstrong Test Facility under an award worth up to $2.8 million.
- The company agreed to provide a 5 MW PEM electrolyzer to Hy2gen’s Sunrhyse project in France to support RFNBO-certified hydrogen for logistics and industrial users.
- Plug recently closed a $431.25 million convertible note offering due 2033 and used the proceeds to retire 15% debt, which management says should cut annual interest expense by about $20 million.
- Management reiterated a goal of reaching positive EBITDA by late 2026, framing recent contracts and financing as steps toward improved liquidity and operating performance.
- Shares ticked higher on the updates, while analysts highlight dilution risk tied to a proposed increase in authorized shares to 3 billion slated for a January 15 shareholder vote.