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Globe and Mail
19-05-2025
- Business
- Globe and Mail
Plug Power CFO, Paul Middleton, Underscores Confidence in Financial Strength and Strategic Growth with Share Purchase
SLINGERLANDS, N.Y., May 19, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive solutions for the hydrogen economy, today announced that its Chief Financial Officer, Paul Middleton, has purchased Plug's common stock in an open market transaction, underscoring his conviction in Plug's current strategy and future potential to dominate the hydrogen economy at scale. On May 16, 2025, Middleton acquired 350,000 shares at an average price of $0.7154 per share, for a total investment of approximately $250,000. 'I remain confident in Plug's long-term strategy and the opportunities ahead as we continue to execute our vision in the hydrogen economy,' said Middleton. 'This purchase reflects my belief in the company's financial strength and growth potential.' This announcement follows Plug's Q1 2025 earnings results, which demonstrated continued progress toward its strategic and financial goals. Plug delivered revenue of $133.7 million, while net cash used in operating and investing activities declined to $152.1 million in Q1 2025 versus $288.3 million in Q1 2024. The company also expanded hydrogen production capacity to 40 tons per day across three operational plants and secured meaningful growth in its electrolyzer and fuel cell businesses, reinforcing Plug's position as a global leader in the clean hydrogen economy. Earlier this year, Plug introduced an executive compensation program to align executive incentives with shareholders—highlighted by CEO Andy Marsh's decision to elect to take 50% of his compensation in Plug's stock for 2025. The transaction was disclosed in a Form 4 filing submitted to the U.S. Securities and Exchange Commission on May 19, 2025. About Plug Power Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers—advancing energy independence and decarbonization at scale. With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, that have collectively 40 tons per day of capacity. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP. Plug Power Safe Harbor Statement This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other statements that have not occurred. You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: the anticipated benefits and actual savings and costs resulting from the implementation of cost-reduction measures; the risk that Plug's ability to achieve its business objectives and to continue to meet its obligations is dependent upon its ability to maintain a certain level of liquidity, which will depend in part on its ability to manage its cash flows; the risk that the funding of the Department of Energy loan may be delayed or cancelled; the risk that Plug may continue to incur losses and might never achieve or maintain profitability; the risk that Plug may not be successful in its financing initiatives and not have sufficient capital to continue its operations; the risk that Plug may not be able to expand its business or manage its future growth effectively; the risk that global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, increase in tariffs, and supply chain disruptions, may adversely affect Plug's operating results; the risk that Plug may not be able to obtain from its hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that Plug may not be able to produce hydrogen internally at competitive prices; the risk that delays in or not completing its product and project development goals may adversely affect its revenue and profitability; the risk that its estimated future revenue may not be indicative of actual future revenue or profitability; the risk of elimination, nonrenewal, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act and its qualification to utilize the ITC; the risk that volatility in commodity prices and product shortages may adversely affect Plug's gross margins and financial results; and the risk that Plug may not be able to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug's public filings with the Securities and Exchange Commission, including the 'Risk Factors' section of Plug's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and Plug disclaims any obligation to update forward-looking statements except as may be required by law.
Zawya
13-05-2025
- Business
- Zawya
DEWA, Kyung Hee University and KAIST discuss sustainable energy collaboration
Dubai, UAE: HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), welcomed a high-level delegation from the Republic of Korea, headed by Prof Won-Soo Kim, Rector of the Global Academy for Future Civilisation at Kyung Hee University, and Prof Yeo Hwasoo from the Korea Advanced Institute of Science & Technology (KAIST). The meeting was attended by representatives of Korean universities and research centres, as well as DEWA officials including Waleed bin Salman, Executive Vice President of Business Development and Excellence; Dr Yousef Al Akraf, Executive Vice President of Business Support and Human Resources; and Marwan Bin Haidar, Executive Vice President of Innovation and the Future. Al Tayer underscored DEWA's alignment with the visionary leadership of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in driving sustainable innovation and global excellence. The meeting explored ways to strengthen collaboration in future energy strategies, emerging technologies and the hydrogen economy, aligning with Dubai's vision to drive global sustainability efforts. Discussions centred on Dubai's pioneering initiatives in clean energy and technology, including the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to ensure 100% of the emirate's total power capacity comes from clean sources by 2050. Al Tayer underscored DEWA's pivotal role in advancing Dubai's energy transition. At the heart of this transformation lies the Mohammed bin Rashid Al Maktoum Solar Park – a flagship initiative that stands as the world's largest single-site solar park. With an ambitious target capacity of 7,260 megawatts (MW) by 2030, the solar park symbolises the UAE's unwavering commitment to a sustainable future. Al Tayer highlighted the solar park's structured expansion, beginning with the successful implementation of the first phase until today using Photovoltaic (PV) and Concentrated Solar Power (CSP) technologies. The solar park's capacity has reached 3,760MW, bringing Dubai's clean energy share to 21%. Al Tayer also highlighted Phase 6, set for completion in 2026, and Phase 7, which is being tendered and expected to commence in 2027. He further highlighted DEWA's Green Hydrogen plant – the region's first project using PEM electrolysers to produce up to 400kg a day of hydrogen using solar energy. Additional milestones include the groundbreaking Hatta Pumped-Storage Hydroelectric Power Station, the first of its kind in the GCC, which delivers full grid power within 90 seconds, and Al-Sheraa, DEWA's net-positive headquarters, the world's largest and smartest government building, integrating cutting-edge artificial intelligence and robotics. Al Tayer reiterated DEWA's global leadership in 12 key performance indicators, including electricity and water line losses which have been reduced to new global record levels, and indicated that DEWA's total installed power capacity reached 17,879 MW, with clean energy currently accounting for 21% – a figure set to rise to 34% by 2030, exceeding the target. Collaboration with Kyung Hee University and KAIST is intended to bolster knowledge exchange in AI, smart grids and policy frameworks, cementing Dubai's position as a hub for the Fourth Industrial Revolution.
