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Plug Power Corrects Accounting Errors and Plans to Bring Wind-Powered Hydrogen Plant to Fort Worth Texas

By May 15, 2021 2   min read  (252 words)

May 15, 2021 |

Fuel cells works, Plug Power Continues Executing on its Green Hydrogen Strategy with Purchase of Hydrogen Liquefaction System from Chart Industries

Plug Power the Latham fuel cell manufacturer and hydrogen supplier restated its earnings on Friday following the discovery of mistakes in accounting for leases, assets, and service contracts.

The financial statements for 2020 have been revised upward by $7.7 million.

The company sees more than 10,000 GenDrive fuel cells being installed in 60 factories and distribution centers this year, and Plug Power remains on track to sign joint venture agreements in France, South Korea, and the Iberian Peninsula.

Plug Power held a conference call yesterday in which Andy Marsh, Plug Power’s CEO, told analysts there are substantial opportunities in new markets, including on-road, stationary, and backup generation for data centers.

He also announced that in Texas, Plug Power Inc. is looking to construct a hydrogen-production plant that will be powered by the wind as part of a nationwide network of facilities to produce clean-energy fuel.

The plant is expected to produce up to 60 metric tons of hydrogen per day.

Plug Power has announced plans for plants near Buffalo, New York, and Lancaster, Pennsylvania, and Marsh said “four or five” potential locations are being studied.

Marsh said two of Plug’s plants are poised to begin operating by 2022. Green hydrogen can be produced without emitting greenhouse gases and can be a key way to cope with climate change.

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