U.S. Plug Power has reached nameplate capacity at hydrogen plants in Georgia and Tennessee, marking a milestone for the company’s hydrogen network.
Green hydrogen plant in Georgia reached a nameplate capacity of 15 tons per day (TPD) of liquid hydrogen production, while the plant in Tennessee is now operating at a nameplate capacity of 10 TPD, Plug said, noting that the company can now fulfil approximately 50% of its customers’ green hydrogen demand.
The company’s cryogenic fleet now consists of 40 trailers which are being filled and supplying liquid hydrogen to Plug customers across the U.S. in material handling operations, fuel cell electric vehicle fleets and stationary power applications, Plug added.
As part of the company’s efforts to restructure the business model, Plug revealed it had implemented price increases across all its offerings including equipment, service and fuel, stating that the recalibration of prices better reflects the value of Plug’s services, while still offering a “strong” economic proposition to its customers. Furthermore, Plug pointed out that with the increased supply from its hydrogen production network, the company will benefit from a lower cost of hydrogen.
Andy Marsh, Plug CEO, commented: “As part of our initiative to strengthen financial performance, we are pleased to make headway in a two-prong strategy: lower cost sourced hydrogen through capacity expansions at our Georgia and Tennessee plants coupled with improved margins through the recalibration of pricing across our portfolio. We greatly appreciate our customers’ loyalty and commitment to our joint vision for a clean energy future. Their willingness to work alongside us underscores the critical role that Plug’s hydrogen products play in their operations.”
To note, Plug’s Louisiana plant, a joint venture with Olin Corporation, is projected to add another 15 TPD of liquid green hydrogen to the company’s North American network by the end of Q3 2024. Moreover, the company said it is doing work on other U.S.-based plants and is actively engaged with suppliers to facilitate the expansion of its green hydrogen network and to achieve cost-effectiveness in green hydrogen production at scale.