Overview
- Plug Power’s initial NASA award covers deliveries of up to 480,000 pounds of liquid hydrogen worth as much as $2.8 million for the Glenn Research Center in Cleveland and the Neil Armstrong Test Facility in Sandusky, Ohio.
- The company will handle logistics with its cryogenic transport fleet, drawing from a growing U.S. production network to meet NASA’s reliability and purity requirements.
- Management says recent financings fully fund the current plan, including roughly $399 million in new convertible debt used to refinance higher‑cost obligations and a planned monetization of electricity rights expected to generate more than $275 million.
- In the third quarter Plug reported a $363.4 million net loss on $177.1 million of revenue, ended with $166 million of unrestricted cash, and cited operational cash burn of about $90 million.
- Operational updates include more than 230 megawatts of electrolyzer programs underway, delivery of a first 10‑megawatt unit to Galp in Portugal, strong Georgia plant metrics, and guidance that targets $700 million of 2025 revenue and gross‑margin neutrality by year‑end.