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Plug Power, Hydrogen Hype, and $6 Billion Lost
The endgame for hydrogen transportation and energy plays is finally arriving — and it’s not pretty
This is the year that the hydrogen bubble pops, especially for transportation, but increasingly for all hydrogen for energy plays. One of the firms on my hydrogen death watch is Plug Power, which has managed to lose $6 billion of other people’s money since 2010, about $400 million a year on average, and has never turned a profit in its 28 years of existence.
Plug Power Inc. was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. (MTI), with a focus on developing proton exchange membrane (PEM) fuel cell technology. Initially targeting stationary power applications, the company later shifted its emphasis to hydrogen fuel cell systems for material handling and industrial vehicles. Over the years, Plug Power expanded its operations, securing key partnerships and contracts, including supplying fuel cell solutions for major warehouse operators like Amazon and Walmart. The company also invested in green hydrogen production, aiming to build a comprehensive hydrogen ecosystem.
