New CEO Jose Luis Crespo outlines a plan to scale operations and achieve profitability, focusing on electrolyzers, hydrogen production, and fuel cells.
Plug Power posted positive margins in Q4 2025 with 13% revenue growth and targets EBITDA by Q4 2026, operating income in 2027, profitability in 2028.
Plug Power highlighted a 100‑MW electrolyzer at Galp’s Sines refinery in Portugal and a 25‑MW electrolyzer with Iberdrola and BP in Spain.
He cited electrolyzer efficiency, capital costs and US Inflation Reduction Act tax credits (30% ITC, $3/k) as levers, stressing strategy is subsidy‑independent.