Full-Time
Posted on 7/30/2025
Produces hydrogen fuel cells and services
$76.9k - $115.4k/yr
Albany, NY, USA
In Person
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Plug Power provides hydrogen fuel cell systems and related services for clean energy. It sells hydrogen-powered fuel cell units and offers hydrogen supply, along with end-to-end services like GenKey, a turnkey deployment package, and GenCare maintenance. Its products work by converting hydrogen into electricity through fuel cells, enabling zero-emission power for logistics, manufacturing, and transportation. The company differentiates itself by offering a complete, integrated solution: a large installed base (over 40,000 fuel cell units), an extensive network of hydrogen refueling stations, and comprehensive support and hydrogen supply under one roof. Its goal is to help customers reduce their carbon footprint and transition to sustainable, hydrogen-based energy across industries.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Town of Colonie, New York
Founded
1997
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Health Insurance
Dental Insurance
Vision Insurance
401(k) Retirement Plan
401(k) Company Match
Performance Bonus
Paid Vacation
Paid Sick Leave
Paid Holidays
Wellness Program
Professional Development Budget
Mental Health Support
Milbank, Tweed, Hadley & McCloy represented underwriters in a $124 million common stock offering by Plug Power Inc., a fuel cell systems manufacturer. The offering comprised 22.6 million shares and was the largest in Plug Power's history. Morgan Stanley & Co. LLC and Barclays Capital Inc. served as underwriters. The transaction closed on 30 April 2014. New York-based Plug Power plans to use proceeds for general corporate purposes, including capital expenditures and potential acquisitions. The offering was significantly upsized, reflecting investor confidence in the company's order book and customer base. Global Securities partner James Ball led the Milbank team representing the underwriters.
Senator Schumer champions Plug Power's vision for hydrogen and green jobs in New York. Key points. * Senator Schumer supports Plug Power's initiative to establish a new gigafactory. * The factory aims to create hundreds of green energy jobs in New York. * Schumer emphasizes New York's potential as a leader in hydrogen fuel cell technology. * Plug Power's expansion is seen as beneficial for local manufacturing and workforce. In a recent announcement, U.S. Senator Charles Schumer expressed strong support for Plug Power, a leading manufacturer of hydrogen fuel cell systems, as the company seeks to establish a new gigafactory in New York. Schumer's backing comes at a pivotal moment as Plug Power looks to enhance its manufacturing capabilities and capitalizes on the local workforce's strong skill set in fuel cell technology. Recognizing New York's role in the green economy, Schumer highlighted the potential benefits of the new factory, which are expected to include hundreds of new jobs for the upstate region. He stated that the initiative could serve as a win-win situation, boosting both the local economy and Plug Power's production capacity. The senator's proactive outreach to Plug Power's CEO, Andy Marsh, underscores his commitment to promoting green technology and job growth in the state. This support aligns with broader efforts to position New York as a global hub for green energy. As the demand for clean energy solutions continues to rise, endorsements like Schumer's are critical to fostering innovation and investment in sectors like hydrogen fuel. Plug Power's expansion not only represents a significant step forward for the company but also reflects a growing recognition of the importance of hydrogen as a clean energy source, potentially transforming the landscape of energy manufacturing in New York and beyond. April 10, 2026 at 09:20 PM United States
Plug Power reported quarterly earnings with sales exceeding $700 million over the past year and positive gross margins in the fourth quarter. The hydrogen fuel systems manufacturer outlined strategies to reduce cash burn under its new CEO. Hydrogen fuel offers benefits including flexible, portable, and climate-friendly power generation. However, cost remains a major challenge. Experts predict hydrogen fuel won't reach cost parity with fossil fuels until 2030 at the earliest, with some projecting 2040 or later. Management is targeting AI data centres as a growth opportunity, but these facilities prioritise cost-effectiveness over novel power sources. Whilst Plug Power may benefit from hydrogen adoption, the timeline for profitability remains uncertain, with significant cost reductions needed for market competitiveness.
Plug Power has raised fresh investor interest following recent share price momentum, closing at $2.69. The hydrogen and energy company reports revenue of $709.919 million but remains loss-making with a net loss of $1.632 billion. The stock has delivered strong short-term returns: 11.62% in one day, 25.70% over seven days, and 116.06% over one year. However, three-year shareholders remain significantly underwater with a 71.26% total return decline. The most popular valuation narrative pegs fair value at $2.74 per share, suggesting the stock is roughly 2% undervalued. This optimistic view is supported by recent clarity on US hydrogen production tax credits, which analysts believe will accelerate customer adoption and improve project economics. However, a simple price-to-sales analysis shows PLUG trading at 5.3x versus the US electrical industry average of 2.1x.
Plug Power shares rose 4% to $2.50 following news of its largest electrolyzer contract to date: a 275 MW system for Hy2gen Canada's Courant project in Quebec. Construction is expected to begin in 2027, with commissioning in 2029. The company's new CEO, Jose Luis Crespo, has outlined a path to profitability, targeting positive EBITDAS by Q4 2026 and full profitability by end of 2028. Fourth-quarter 2025 gross margin improved to 2.4% from negative 122.5% year-over-year, whilst full-year revenue reached $709.92 million, up 12.9%. However, significant risks remain. Plug Power faces multiple securities lawsuits and carries an $8.2 billion accumulated deficit. Wall Street maintains a Hold rating with a $2.37 average price target.