US-based Plug Power, a provider of green hydrogen and fuel cell solutions, has announced results for the fourth quarter (Q4) of calendar year (CY) 2021.
The company reported net revenue of $162 million, compared to negative revenue of $309 million during the same period in 2020.
The company posted a net loss of $193 million, down 60% from $484 million in the fourth quarter of 2020.
In its financial statements, the company said more than 20% of revenue in the quarter came from new business, including more than $10 million from electrolyser sales. In the fourth quarter of 2021, the company also incurred a one-time charge of $56 million associated with future maintenance of the existing fleet.
Plug Power shipped approximately 3,300 GenDrive fuel cell units and generated revenue associated with 11 hydrogen infrastructure systems for the fourth quarter of 2021, compared to approximately 2,200 GenDrive units and nine hydrogen infrastructure systems in the fourth quarter 2020.
Overview of the calendar year (CA) 2021
The company reported net revenue of $502 million in 2021, compared to negative revenue of $93 million in 2020.
For 2021, the company reported a net loss of $460 million, down 23% from $596 million in 2020.
In 2021, the company delivered over 5,000 GenDrive units to customers with improved technology that reduced service costs by 50%.
Looking to 2022, the company expects average molecule costs to continue to decline throughout the year, compared to 2021, due to a full-year impact from the additional capacity of the plant in Tennessee, strategic agreements with key suppliers and lower logistics costs for green hydrogen plants. come online.
The company remains committed to previous estimates to reduce its cost of service per unit by 30% over the next 12 months and 45% by the end of 2023.
The company said that several plug-in hydrogen plants are currently under construction and will be commissioned by the end of 2022. In addition, the company plans to innovate on many more in 2022, essentially establishing a generation network of green hydrogen in North America by late 2023 or early 2024.
The company is targeting 70 tonnes per day by the end of 2022 and is on track to have 500 tonnes per day of green hydrogen production by 2025 and 1,000 tonnes per day by 2028.
Plug Power has built an electrolyser backlog of 155 MW for delivery in 2022, positioning Plug as the largest electrolyser company in the world.
It also launched the world’s largest “one-of-a-kind” fuel cell and electrolyser plant. Once fully online, the company expects the gigafactory to have an annual production capacity of more than 2.5 GW for proton exchange membrane stacks for fuel cells and electrolyzers.
Last December, Plug Power completed the acquisition of Frames Group, a turnkey systems integration provider for the energy industry. The acquisition of Frames Group has added engineering, process and systems integration expertise to Plug Power, enabling the company to expand the supply of green hydrogen solutions.
Previously, the company acquired Applied Cryo Technologies, which offers technology, equipment and services for the transport, storage and distribution of liquefied hydrogen and other cryogenic gases.
In November 2020, Plug Power announced that it had raised approximately $1 billion in one of the largest buy-equity deals in the cleantech sector.
Rakesh Ranjan is a journalist at Mercom India. Prior to joining Mercom, he held numerous positions as Business Correspondent, Deputy Editor, Senior Content Editor and Deputy Editor at bcfocus.com, CIOReview/Silicon India, Verbinden Communication and Bangalore Bias. Rakesh holds a BA in English from the Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.