It quickly identified a market for material handling companies as Plug Power’s fuel cells now power more than 40,000 forklifts. With more than 150 patents, it has increased sales by 8x in the last ten years. Plug Power is the first company to create a market for hydrogen fuel cell technology. What next for Plug Power stock price and investors? The companies aim to develop, manufacture, and sell fuel cell systems and vehicles by 2024. In January 2021, Plug Power announced a partnership with French car manufacturer Renault to develop fuel cell-powered light commercial vehicles for the European market. The joint venture aims to sell 500,000 fuel cell systems and establish 15 hydrogen refueling stations in South Korea by 2025. In March 2021, Plug Power announced a $1.5 billion joint venture with South Korean conglomerate SK Group to develop hydrogen fuel cell solutions for the Asian market. Our continued focus on product development drives us towards profitability and provides flexibility to pivot into adjacent markets as well as new applications and geographies.” The company explains, “We have applied our suite of turnkey solutions to a large and growing first market in material handling, including blue chip customers in North America and Europe. Plug Power's balance sheet is healthy, with cash and cash equivalents of $2.2 billion and debt of $900 million as of December 2022. Additionally, its operating expenses have risen from $78 million in 2019 to over $450 million in 2022. Plug Power's R&D expenses have also increased over the years, reflecting the company's focus on innovation and product development. However, the company is yet to turn a profit, with operating losses of $658 million, $415 million, and $576 million in 2022, 2021, and 2020, respectively. Plug Power has shown robust revenue growth in recent years, with revenue increasing from $230 million in 2019 to $502 million in 2021 and further to $701 million in 2022. Is Plug Power stock a buy, sell, or hold? Let’s see if it makes sense to invest in PLUG stock right now. Valued at a market cap of $6.3 billion, Plug Power stock is down 88% from all-time highs. Plug Power has an extensive customer base across various industries, including material handling, on-road electric vehicles, and backup power generation. It designs, develops, and manufactures hydrogen fuel cell systems that replace traditional batteries in electric vehicles and stationary power applications. Plug Power (NASDAQ: PLUG) is a leading provider of hydrogen fuel cell solutions for the electric mobility and stationary power markets.
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