Plug Power is hitting pause on its hydrogen plant ambitions and cashing out the assets it lined up to build them. (Times Union)
Why? Plug posted another steep loss—$120M on $170M in revenue—and says it can’t afford to build the six hydrogen plants it had planned, even with $1.66B in DOE loan guarantees. It will buy hydrogen from outside suppliers instead.
Plug plans to sell the electricity allocations tied to those shelved projects—including discounted New York hydropower—to a data center developer. The shift moves power originally reserved for hydrogen into the AI boom, with Plug pitching its fuel cells as possible backup.
The company says the changes should bring in about $275M in cash, buying time but underscoring how fragile its hydrogen-production strategy has become.