From GlobeNewswire:

Plug Power Inc. shared its financial results and milestones for the quarter and fiscal year ended December 31, 2023, reporting a record revenue of $891 million. The company achieved key operational milestones, including the commissioning of the largest PEM electrolyzer system in the U.S. The focus for 2024 is enhancing cash management strategies to drive sustainable growth and innovation.

In 2023, Plug expanded its material handling customer base with key clients like Walmart, Home Depot, and Amazon. They installed a 1 MW electrolyzer system at an Amazon fulfillment center and introduced a new platform for mid-market material handling sites. Plug also launched high-power stationary fuel cell systems for electric vehicle charging and secured deals for energy solutions projects.

Plug resolved the going concern issue, recording a revenue growth of 27% over the past year and a record revenue of $891 million for 2023. The company is focused on strengthening its cash management strategy in 2024 to optimize financial operations. Plug closed large-scale projects and introduced new energy products, like hydrogen storage tanks and a mobile liquid hydrogen refueler.

CEO Andy Marsh highlighted a commitment to driving the hydrogen economy forward through sound financial management. Plug has planned a conference call to discuss the Company’s fourth-quarter results for 2023 on March 1, 2024. In embracing cutting-edge technology and green hydrogen solutions, Plug aims to meet customer needs and help decarbonize the economy.



Read more at GlobeNewswire:: Plug Highlights Year of Strategic Growth and Advancements