Plug Power cuts costs, slows hydrogen investments after $970m impairments
“While we made great strides in improving cash flows in 2024, it is clear based on market dynamics that we have to make additional strides,” said Plug CEO, Andy Marsh.
“While we made great strides in improving cash flows in 2024, it is clear based on market dynamics that we have to make additional strides,” said Plug CEO, Andy Marsh.
The troubled US hydrogen fuel cell and truck firm implemented the mechanism after two prior attempts to hold the liquidation vote failed due to insufficient shareholder participation.
Bosch said the $200m expansion has been delayed after the hydrogen fuel cell mobility market experienced “significant changes over the past year.”
Ballard President and CEO, Randy MacEwen, tells H2 View about how the fuel cell maker is restructuring, cutting costs and fighting for long-term success in a tough hydrogen market
Its hydrogen-powered trucks have been recalled as the bolts may be too long and could damage the tank – therefore increasing the risk of a hydrogen leak and, potentially, a fire.
The pair claim they could “eliminate” liquid hydrogen boil-off losses during transfer, storage and dispensing.
Ingeteam has optimised its rectifier systems to minimise integration risks and reduce total project costs by up to 60% compared with industry benchmarks.
“We can’t build the Michigan facility until we have a market to sell what we’re producing,” said Chief Financial Officer (CFO), Kjell Christian Bjørnsen.
Once operational, Plug’s total liquid hydrogen production capacity will increase to 39 tonnes per day.
It has also said it will soon provide updates on its 2.2GW NEOM green hydrogen plant and Louisiana blue hydrogen project.
