Plug Statement on Certain Inaccuracies

Plug Power would like to correct certain inaccuracies in an article appearing in the Washington Free Beacon on April 5, 2024.

For over 25 years, Plug has been a leader in the hydrogen industry, spearheading innovative solutions related to hydrogen technology. Plug’s end-to-end hydrogen ecosystem, from production, storage, and delivery to energy generation, helps customers across the globe meet their business goals and decarbonize the economy. The Company has deployed more than 69,000 fuel cell systems and over 250 fueling stations.  It is the largest buyer of liquid hydrogen in the United States.

Through strategic partnerships, continued innovation, and steadfast commitment, Plug Power has remained dedicated to building out the green hydrogen ecosystem, accelerating the growth of the industry and shaping a sustainable future for generations to come.

As with any nascent industry, Plug recognizes the necessity of patience and significant investment to lay the groundwork for long-term success.

As stated in the company’s recent earnings call, Plug has resolved its previously announced going concern notice and established a firm financial footing, securing outside capital and reducing expenses. Plug has remained dedicated to bolstering its financial profile and is well-positioned for sustainable growth and continued innovation in renewable energy.

In addition, we have begun operations at our new liquid hydrogen plant in Woodbine, Ga., and continue to expand capacity at our state-of-the-art Gigafactory and Vista plant for production of electrolyzers and fuel cells to meet growing market demand.

As with any publicly traded company, Plug is routinely subject to litigation. We firmly dispute the merits of the matters referenced by the author of the referenced article, and note similar claims have been recently dismissed by the court, as disclosed in the Company’s most recent public filings. All material updates to such litigation are disclosed in the company’s public filings.

Plug Power has been transparent about its application with the Department of Energy (DOE) Loan Programs Office. As of early 2021, Plug had already entered the LPO application process. For more than three years, Plug has pursued an intensive application process with the aim of obtaining the loan to facilitate growth in the hydrogen sector.

Plug’s LPO application is under evaluation for a potential conditional commitment for a loan guarantee (For more information: https://www.energy.gov/lpo/articles/lpos-loans-and-loan-guarantees-overview-and-characteristics-its-financing-options). Loan guarantees are guarantees of debt instruments that must be fully repaid with applicable interest. While a conditional commitment demonstrates DOE’s intent to finance a project, the project must satisfy certain conditions, which may include reaching technical, legal, commercial, contractual, environmental, or other milestones, before DOE issues any financial assistance including a loan.

Additionally, Plug Power regularly reviews its financial instruments for optimal performance and opted to repay a loan from Generate Capital as part of that process.  This is a process that is conducted not just by Plug but by all financially prudent companies. 

Plug leadership was not aware of any request for comment from the author of the referenced article. The company encourages open dialogue and welcomes the opportunity to appropriately engage with all constituencies including reporters, sharing insights into its prominent role in the hydrogen industry and discussing the future.