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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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Plug Power expands hydrogen footprint Across New Zealand and Australia with GenEco(TM) electrolyzer delivery to HWR Hydrogen. September 24, 2026 Discover more Switch Energy Plans Launch Ad Campaigns Access Premium News Deployment strengthens Plug's growing presence across hydrogen production, refueling and industrial decarbonization projects in New Zealand and Australia1 MW GenEco electrolyzer will produce hydrogen for HWR Hydrogen's Invercargill refueling station and dual-fuel heavy transport fleetFrom distributed hydrogen production to large-scale industrial projects, Plug technology is supporting a growing range of hydrogen applications across the region SLINGERLANDS, N.Y., Sept. 22, 2026 (GLOBE NEWSWIRE) - Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the shipment of a 1 MW GenEco(TM) PEM electrolyzer to HWR Hydrogen, a division of H.W. Richardson Group Limited, expanding Plug's GenEco footprint across New Zealand and Australia. The unit will be installed at HWR Hydrogen's refueling station in Invercargill, New Zealand, where it will produce hydrogen to support HWR's fleet of dual-fuel hydrogen-diesel heavy trucks. The project represents another step in the development of New Zealand's emerging hydrogen ecosystem, where locally produced hydrogen is increasingly being deployed to address emissions from heavy transport and other hard-to-decarbonize applications. It also builds on Plug's existing presence in the country, including deployed electrolyzer technology supporting Hiringa Energy's green hydrogen refueling network. Discover more Try Productivity Apps market intelligence Install Solar Panels Across New Zealand and Australia, hydrogen projects are moving into real-world deployment across transportation, refueling and industrial applications, ranging from distributed production serving local demand to major industrial projects requiring hundreds of megawatts of electrolyzer capacity. José Luis Crespo, CEO of Plug, said: What's important about this project isn't simply the size of the electrolyzer. It's what it represents, "Plug is building a strong presence alongside this emerging market, with the technology and experience to support projects at every scale. As hydrogen adoption grows across New Zealand and Australia, we're positioned to grow with it." Once installed, the system will enable local hydrogen production at HWR Hydrogen's Invercargill refueling station, supporting the company's dual-fuel fleet while helping establish the infrastructure required for broader hydrogen adoption across Southland and the South Island. Gareth Wishart, GM Technology & Innovation at HWR, said: Hydrogen Central is looking forward to installing the Plug GenEco electrolyzer equipment, which Hydrogen Central will use at its refueling station initially to supply hydrogen for Change Fuel Technologies built dual-fuel trucks operated by HWR and other customers across the Southland region. "The station will also be ready to refuel OEM-supplied hydrogen vehicles for HWR companies and the wider industry as they become available. Bringing Plug equipment and capabilities to Invercargill is about proving out a model we can extend across the South Island as adoption grows." Discover more Find Chemistry Tutors Source Bulk Chemicals Plug's work with HWR adds to a growing portfolio across Australia and New Zealand. In Australia, Plug was selected to supply a 50 MW GenEco PEM electrolyzer system for Orica's Hunter Valley Hydrogen Hub, the largest renewable hydrogen project in Australia to reach FID, which is expected to produce approximately 4,700 metric tons of renewable hydrogen annually. In New Zealand, Plug technology is already deployed to support Hiringa Energy's green hydrogen refueling network. Plug Power expands hydrogen footprint Across New Zealand and Australia with GenEco(TM) electrolyzer delivery to HWR Hydrogen, source.
Plug Power shares have risen 10.1% year-to-date but lag behind the industry's 37.5% return and the S&P 500's 12.2% gain. Competitors Bloom Energy and FuelCell Energy have surged 191% and 104.5%, respectively, over the same period. The company's total net revenues increased to $341.8 million in the first half of 2026 from $307.6 million in the prior-year period. Services revenues rose 55.9% year over year to $51.8 million, whilst power purchase agreement revenues grew 13.6% to $53.2 million. Plug Power secured significant electrolyzer orders, including a 50-megawatt system for Orica's Hunter Valley Hydrogen Hub in Australia. However, the company reported a net loss of $433.5 million in the first six months of 2026, up from $423.8 million in the prior-year period.
Plug Power's electrolyzer demand signals long-term growth potential in hydrogen market. Key points. * Plug Power's electrolyzer revenues reached $54.1 million in early 2026, maintaining demand. * Strong government backing in Europe fosters the growth of green hydrogen projects. * Plug Power secured significant orders for large-scale hydrogen projects in Australia and the UK. * Despite some financial challenges, the growth in electrolyzer demand indicates a positive outlook. Plug Power Inc. is witnessing a robust demand for its electrolyzer product line, which is emerging as a primary driver of the company's growth in the green hydrogen sector. In the first half of 2026, Plug Power generated $54.1 million in revenues from its electrolyzer sales, a figure consistent with the previous year despite variations in project timelines. The demand for the company's GenEco proton exchange membrane (PEM) electrolyzers remains strong across various industries, including refining, chemicals, steel, fertilizer, and commercial refueling. This consistent demand is bolstered by supportive policies in Europe, where government investments are accelerating the adoption of green hydrogen technologies. Notably, in July 2026, Plug Power secured a major order for a 50-megawatt (MW) GenEco electrolyzer for Orica's Hunter Valley Hydrogen Hub in Australia, marking it as the country's largest renewable hydrogen project to reach a final investment decision (FID). Furthermore, in May 2026, the 30-MW Barrow Green Hydrogen Project in the UK also reached FID, with Plug Power set to supply six 5-MW GenEco PEM electrolyzers for this facility. Such projects significantly enhance Plug Power's status as a key supplier of large-scale green hydrogen solutions. Despite facing challenges such as negative gross margins, operating losses, and cash outflows - which could affect its near-term performance - the growing demand for electrolyzers and initiatives like the Quantum Leap project are expected to support Plug Power's long-term growth trajectory. These developments reflect a positive sentiment towards the company's potential in the green hydrogen market. In comparison to its peers, Plug Power's stock has seen a notable increase of 19.3% over the past six months, significantly outpacing the industry average growth of 6.4%. The company's forward price-to-sales ratio stands at 3.26X, which is considerably lower than the industry average of 12.49X, indicating potential undervaluation. Nonetheless, the Zacks Consensus Estimate for Plug Power's bottom line has decreased in recent months, and the company currently holds a Zacks Rank #3 (Hold). Overall, the outlook for Plug Power appears promising, supported by the rising demand for its electrolyzer products in the expanding green hydrogen market, which is expected to play a critical role in the energy transition and sustainability efforts globally. September 1, 2026 at 10:10 AM Australia, United Kingdom
Plug Power has raised approximately $128 million through recent financing activities and asset sales, yet its share price remains 54% below October highs as investors await evidence of operational turnaround. The hydrogen specialist secured $52 million via financing initiatives in July and August, plus $76.5 million from selling a Texas project. The company reduced net cash consumption to $61 million in the second quarter and targets EBITDA breakeven in the fourth quarter. Gross margins improved significantly from negative 31% year-over-year, whilst operating costs halved and cash burn dropped 58% quarter-over-quarter. However, rising US Treasury yields reaching 5.33%—the highest since 2007—present headwinds for capital-intensive growth companies. The stock trades below both its 50-day and 200-day averages, though it has rallied 57% from September lows. Plug Power lifted its 2026 revenue growth forecast to 15–16%.
Plug Power is showing signs of improvement under new CEO Jose Luis Crespo, but the turnaround may be slower than Wall Street expects. The hydrogen company narrowed its quarterly loss to $188 million from a $1.7 billion annual loss in 2025. Gross profit reached negative $1.7 million, improving from a $53.5 million loss the previous year. The company secured its largest order ever: a 275-PEM electrolyser system for Canadian conglomerate Hy2gen. Revenue is growing double digits due to strong GenEco hydrogen fuel system demand. Wall Street analysts set an average 12-month price target suggesting 40% upside, with two forecasting gains up to 205%. However, the fundamental challenge remains: hydrogen is uneconomic compared to natural gas, wind, and solar, limiting long-term industry growth prospects.