Plug Power

Hydrogen and Fuel Cell Solutions, produces fuel cells for forklifts. Learn more

Launch date

Jan 1997

Employees

1001-5000 people

Market cap

Enterprise valuation

$2.6b (Public information from Sep 2024)

Company register number 899638639

Town of Colonie New York (HQ)

http://www.plugpower.com/

https://twitter.com/plugpowerinc https://www.facebook.com/plugpowerinc https://www.linkedin.com/company/plug-power https://apps.apple.com/app/id1505833710

Revenues, earnings & profits over time

USD	2020	2021	2022	2023	2024	2025	2026
Revenues	(100m)	502m	701m	891m	845m	1.3b	1.8b
% growth	(144 %)	(600 %)	40 %	27 %	(5 %)	53 %	37 %
EBITDA	(552m)	(395m)	(590m)	(959m)	(673m)	(246m)	(29.0m)
% EBITDA margin	549 %	(79 %)	(84 %)	(108 %)	(80 %)	(19 %)	(2 %)
Profit	(562m)	(460m)	(724m)	(1.4b)	(909m)	(472m)	(333m)
% profit margin	559 %	(92 %)	(103 %)	(154 %)	(108 %)	(36 %)	(19 %)
EV / revenue	-142.6x	25.9x	9.6x	3.6x	2.7x	2.0x	1.9x
EV / EBITDA	-26.0x	-32.9x	-11.4x	-3.3x	-3.5x	-10.8x	-112.8x
R&D budget	51.0m	64.8m	99.6m	114m	-	-	-
R&D % of revenue	(51 %)	13 %	14 %	13 %	-	-	-

Date	Investors	Amount	Round
-	US Department of Defense National Institute of Standards and Technology - United States Nornickel Interros International Finance Corporation	N/A	-
Jun 2007	NYSERDA	$400k	Grant
Nov 2007	NYSERDA	$300k	Grant
Jun 2008	NYSERDA	$500k	Grant
May 2009	DTE Energy	N/A	Post IPO Equity
Jun 2009	NYSERDA	$970k	Grant
Jul 2011*	N/A	$20.9m	Post IPO Equity
Aug 2011	Standard Treasury	$7.0m	Post IPO Debt
Mar 2012*	N/A	$13.6m	Post IPO Equity
Nov 2012	US Department of Energy	$2.5m	Grant
May 2013	Air Liquide	$6.5m	Post IPO Equity
Sep 2013	N/A	$10.5m	Post IPO Equity
Jan 2014	N/A	$30.0m	Post IPO Equity
Mar 2014*	N/A	$21.5m	Post IPO Equity
Apr 2014	N/A	$116m	Post IPO Equity
Jun 2016	Hercules Capital	$70.0m	Post IPO Debt
Dec 2016	State of New York	$25.0m	Post IPO Debt
Apr 2019	Generate Capital	$100m	Post IPO Debt
May 2020	N/A	$200m	Post IPO Equity
Nov 2020*	N/A	$1.0b	Post IPO Equity
Jan 2021	SK Group	$1.5b	Post IPO Equity
Feb 2021	N/A	$2.0b	Post IPO Equity
Jan 2024*	US Department of Energy	$1.6b	Post IPO Debt
Mar 2024*	US Department of Energy	$78.9m	Grant
Jul 2024*	N/A	$200m	Post IPO Equity
Sep 2024*	US Department of Energy	$10.0m	Grant
Total Funding		$108m

Plug Power is a pioneering company in the green hydrogen and fuel cell sector, dedicated to creating sustainable energy solutions. The company primarily serves businesses looking to enhance productivity and sustainability through clean energy. Operating in the renewable energy market, Plug Power focuses on hydrogen and fuel cell technologies, offering products and services like GenKey turnkey solutions, GenCare aftermarket services, and hydrogen services. The business model revolves around selling hydrogen fuel cells, providing hydrogen supply, and offering comprehensive support services. Revenue is generated through the sale of fuel cell systems, hydrogen fuel, and associated maintenance services. Plug Power's clientele spans various industries, including logistics, manufacturing, and transportation, all seeking to reduce their carbon footprint and transition to cleaner energy sources. With over 40,000 fuel cell units deployed and a significant number of hydrogen refueling stations built, Plug Power is a leader in the green hydrogen economy.

Keywords: hydrogen, fuel cells, sustainability, clean energy, zero-emission, renewable, logistics, manufacturing, transportation, GenKey.

Tech stackLearn more about the technologies and tools that this company uses.