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Plug Power makes hydrogen fuel cells and equipment that turn hydrogen into electricity for forklifts, data centers, and factories.
Plug Power is a hydrogen company. It sells the machines that turn hydrogen into electricity, plus the fuel and the gear that makes the fuel. Most of its money comes from selling fuel cells and hydrogen fuel to big companies, and lately from building large "electrolyzer" plants that split water into hydrogen. Its biggest customers have historically been warehouses and grocery chains that run forklifts. A forklift with a hydrogen fuel cell refuels in minutes instead of hours of battery charging, so busy warehouses love it. Walmart, Amazon, and Home Depot have been major users over the years. Think of it as a gas station plus the engine, bundled together.
The business has two main parts. First, the equipment side: fuel cells for forklifts and stationary power, plus electrolyzers that make hydrogen on-site. Second, the fuel side: Plug builds and runs hydrogen plants and sells the gas to customers, often on long-term contracts. Fuel and services now make up a large share of revenue, while equipment sales are lumpier and depend on big orders. Revenue has been roughly $700 million to $900 million a year in recent periods, with growth coming from new markets like data centers and European expansion. The company is not yet profitable and burns cash, which is the central risk investors watch.
Plug started in the late 1990s as a fuel cell maker and grew by buying companies that filled gaps: fuel logistics, electrolyzers, and cryogenic equipment. Its big bet now is green hydrogen — making hydrogen with renewable electricity instead of natural gas — and selling it to customers who want to cut emissions. The company has raised billions in capital, issued convertible debt, and repeatedly diluted shareholders to fund building plants and buying rivals. Free cash flow is negative, so money goes into construction, acquisitions, and covering losses rather than dividends or buybacks. The simple story: Plug wants to be the whole hydrogen ecosystem — make the fuel, move it, and sell the engine that uses it — but it must prove it can eventually do that profitably.
Saved answer · last researched 14 Oct 2026