imported>Writer5490: Net income year mistake

2025-06-28T10:57:29Z

Net income year mistake

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{{short description|American technology company}}
{{Infobox company
| name = Plug Power Inc.
| logo = Plug_Power_Logo.png
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NASDAQ|PLUG}}|[[Russell 2000]] component}}
| ISIN = {{ISIN|sl=n|pl=y|US72919P2020}}
| key_people = Andrew Marsh ([[Chief executive officer|CEO]]) George C. McNamee ([[chairman]])
| industry = [[Alternative energy]]
| products = [[Fuel cell|Fuel cell systems]]
| founded = {{Start date and age|1997}}
| location_city = [[Latham, New York]]
| location_country = U.S.
| revenue = {{nowrap|{{down}} {{US$|628 million|link=yes}} (2024)<ref name="10-K">{{cite web |url=https://www.macrotrends.net/stocks/charts/PLUG/plug-power/revenue |title=Plug Power Revenue 2010-2023 | PLUG }}</ref>}}
| operating_income = {{down}} -US$-1,078 million (2024) <ref name="10-K"/>
| net_income = {{down}} -US$-2,104 million (2024) <ref name="10-K"/>
| assets = {{up}} US$5.764 billion (2022)<ref name="10-K"/>
| num_employees = 3,353 (2022)<ref name="10-K"/>
| website = {{url|plugpower.com}}
}}

'''Plug Power Inc.''' is an American company engaged in the development of [[hydrogen technology|hydrogen]] [[fuel cell]] and electrolyser systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in [[Latham, New York]], and has facilities in [[Spokane, Washington]], and [[Rochester, New York]].

Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and [[Ballard Power Systems]] and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for [[lead-acid batteries]]. It allows hydrogen-powered forklifts to run at a constant steady power. GenDrive units occupy the same space designed for conventional batteries.

==History==
Plug Power was founded in 1997 as a joint venture between [[DTE Energy]] and Mechanical Technology Inc. The company went public in October 1999.

The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML).<ref> {{cite report |title=Form 10-K |date=30 March 2001 |publisher=Plug Power Inc |url=http://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/82b398c7-2973-4c38-9a8d-2c9208d409c9.pdf}}</ref> On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.<ref>{{cite web|title=SEC Form 424B5 Plug Power Inc 424B5 - Prospectus|url=https://sec.report/Document/0001193125-05-151346/|archive-url=https://web.archive.org/web/20211101005552/https://sec.report/Document/0001193125-05-151346/|archive-date=2021-11-01|access-date=2021-10-29|url-status=live}}</ref>

In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the [[USPS]] forklift fleet in [[Capitol Heights, Maryland]].<ref>{{cite news|url=http://www.marketwatch.com/story/plug-power-ships-first-production-progen-engines-for-electric-vehicle-range-extenders-2017-02-08 |title=Plug Power Ships First Production Progen Engines for Electric Vehicle Range Extenders |publisher=Marketwatch |access-date=February 13, 2017 |date=February 8, 2017}}</ref><ref>{{cite news|url=http://finance.yahoo.com/news/plug-power-fuel-cells-power-173807753.html |title=Plug Power Fuel Cells Power USPS Lift Truck Fleet in Maryland |work=Yahoo! Finance |access-date=February 21, 2017 |date=February 16, 2017}}</ref>

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment.<ref>{{cite web|title=Plug Power introduces new fuel-cell system for heavy duty on-road applications|url=https://www.greencarcongress.com/2020/02/20200218-plugpower.html}}</ref> In January 2021, [[SK Group]], a major South Korean company, announced an investment of $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.<ref>{{cite web|title=SK Group to invest $1.5 billion in Plug Power to develop hydrogen business|date=7 January 2021 |url=https://www.h2bulletin.com/sk-group-to-invest-1-5-billion-in-plug-power-to-develop-hydrogen-business/}}</ref>

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer [[Renault]]. The deal would launch a joint venture in France by the end of June 2021.<ref>{{cite web|url=https://www.marketwatch.com/story/plug-power-stock-rallies-to-nearly-15-year-high-after-analyst-calls-renault-deal-validating-11610478111|title=Plug Power stock rallies to nearly 15-year high after analyst calls Renault deal 'validating'|author=Claudia Assis|work=www.marketwatch.com|access-date=January 12, 2021|date=January 12, 2021}}</ref>

On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings.<ref>{{Cite web|last=Assis|first=Claudia|title=Plug Power to restate financial statements, stock plunges|url=https://www.marketwatch.com/story/plug-power-to-restate-financial-statements-stock-plunges-11615930211|access-date=2021-03-18|website=MarketWatch|date=17 March 2021 |language=en-US}}</ref> It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.<ref>{{cite press release|title=Johnson Fistel, LLP Files Class Action Suit Against Plug Power (PLUG) Announces Expanded Class Period|url=https://www.prnewswire.com/news-releases/johnson-fistel-llp-files-class-action-suit-against-plug-power-plug-announces-expanded-class-period-301283986.html}}</ref>

Due to the rarity of [[hydrogen infrastructure]], Plug Power delivers several mobile refueler solution for transit agencies and trucking fleet customers.<ref>{{cite web | url=https://www.hydrogenfuelnews.com/hydrogen-refueler-plug-power/8559291/ | title=Mobile Hydrogen Refueler Solution Among Plug Power Analyst Day Unveilings - H2 News | date=23 June 2023 }}</ref>

==References==
{{reflist}}

==External links==
*{{official|https://www.plugpower.com}}
{{Finance links
| name = Plug Power Inc.
| symbol = PLUG
| reuters = PLUG.O
| bloomberg = PLUG:US
| sec_cik = 1093691
| yahoo = PLUG
| google = PLUG:NASDAQ
}}

{{authority control}}

[[Category:Engineering companies of the United States]]
[[Category:Companies based in Albany County, New York]]
[[Category:Fuel cell manufacturers]]
[[Category:American companies established in 1997]]
[[Category:Technology companies established in 1997]]
[[Category:Companies listed on the Nasdaq]]
[[Category:1999 initial public offerings]]
[[Category:Former joint ventures]]

Plug Power - Revision history

imported>Writer5490: Net income year mistake