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Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report


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					</table><p><a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based hydrogen fuel cell company, reported a revenue of $891 million for 2023, up 27% from the prior year, allaying fears about its ability to continue operations.</p>
<p>The company said it now has sufficient financial resources and liquidity to sustain its ongoing activities &#8220;for the foreseeable future.&#8221;</p>
<p>Last November, the company said that its cash reserves and available equity securities were inadequate to fund operations over the ensuing 12-month period.</p>
<p>The company posted a net loss of $1.37 billion, which nearly doubled from $724 million in 2022, as increased investments in growth weighed on profitability.</p>
<p>Plug Power said it is implementing a major strategic shift in 2024 aimed at significantly improving its cash position and driving towards profitability. The hydrogen fuel cell company plans to raise prices across its product lines, consolidate facilities, reduce headcount and inventory levels, and slow scaling of some new platforms.</p>
<p>&#8220;Recognizing past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,&#8221; said CEO Andy Marsh. &#8220;Our commitment to the hydrogen economy remains unwavering, but we will leverage existing investments with a prudent cash management approach.&#8221;</p>
<p>Plug expects these initiatives to reduce cash burn by over 70% from 2023 levels and achieve positive cash flow within the next 12 months, albeit with lower near-term revenue growth. The company is targeting $75 million in cost savings from a major restructuring.</p>
<p>To improve liquidity, the company filed for a $1 billion at-the-market equity offering while working to secure $1.6 billion in conditional loan commitments from the U.S. <a href="https://www.energy.gov/" target="_blank" rel="noopener">Department of Energy</a>.</p>
<p>During the earnings call with analysts, the company also said it is “engaged and planning” with “the three major data center operators” without naming them. It expects the demand for its green hydrogen fuel cell systems as backup power for data centers to rise, driven by artificial intelligence’s need for higher computing.</p>
<p>The company added that initial tests are planned for 2024, with significant deployments at scale anticipated in late 2025, as major data center operators like Amazon, Microsoft, and Google aim to reduce their carbon footprint and diesel usage.</p>
<p>In the third quarter, the company’s net loss <a href="https://www.mercomindia.com/plug-power-reports-hydrogen-supply-challenges-mount" target="_blank" rel="noopener">ballooned</a> by 66% as delays in plan executions hurt the bottom line. Significant cost escalations <a href="https://www.mercomindia.com/plug-power-q2-fy23-loss-widens" target="_blank" rel="noopener">widened</a> its losses in the previous quarter as well.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Plug Power Resolves ‘Going Concern’ Doubts as 2023 Revenues Increase by 27%


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					</table><p><a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based developer of hydrogen fuel cell (HFC) turnkey solutions, recorded a net loss of $170.76 million in the third quarter (Q3) of 2022, a year-on-year (YoY) increase of 60.08% from $106.67 million.</p>
<p>The company&#8217;s net revenue was recorded at $188.6 million in Q3 2022, an increase of 31% compared to $143.92 million in Q3 2021. The revenue growth stemmed from the core material handling market, new products, and recent acquisitions.</p>
<p>In the third quarter, the company’s operating loss accounted for $159.75 million, a 61.9% YoY increase in losses compared to $98.66 million. Of the cumulative operating expenses, $28.11 million was attributed towards research and development compared to $16.63 million in Q3 2021, and  $85.58 million went towards selling and administrative expenses as opposed to $42.42 million in Q3 2021.</p>
<p>Andy Marsh, Chief Executive Officer of Plug Power, said, “The equation for success really comes down to building out our green hydrogen platform, which will transform a negative margin hydrogen business to a growing positive margin business just by turning on the plants.”</p>
<p>“We can generate hydrogen at one-third of the cost we&#8217;re paying from the industrial gas companies today. Equipment sales, even for our new electrolyzer business, gross margins are already over 15%. And we&#8217;re just starting to scale. We&#8217;ve made fuel cells profitable and material handling and now doing this again in electrolyzers and stationery,” he added.</p>
<p>Some of the major developments for the company this quarter include securing a deal to deliver a 5 MW containerized proton exchange membrane electrolyzer system to international energy company Irving Oil for the production and distribution of hydrogen.</p>
<p>In August, the company was selected for an agreement with New Fortress Energy for a 120 MW industrial-scale green hydrogen plant in Texas. Later in the month, the company entered into a  hydrogen supply deal with Amazon, which is expected to boost the company and help it achieve its 2025 $3 billion revenue goal. Plug Power is expected to provide liquid green hydrogen beginning in 2025 to help Amazon decarbonize its operation as part of its net zero carbon commitments by 2040.</p>
<p><strong>9M FY 2022 </strong></p>
<p>For the first nine months (9M) of 2022, the net loss for the company was recorded at $500.54 million, an 87.43% YoY increase from $267.05 million.</p>
<p>Revenue for 9M in 2022 was reported to be $480.7 million, a YoY increase of 41.2% from $340.44 million.</p>
<p>The company said its revenues are below the prior estimate target of $900-$925 million largely because of function delays in the supply chain and the timing of some large projects. In addition, the fuel margin remained under pressure due to increased hydrogen molecule costs associated with higher natural gas prices and continued supplier disruptions.</p>
<p>In terms of operating costs, in 9M, the company accounted for a major loss of $445.82 million, an 88.44% increase compared to $236.58 million for the same period in 2021.</p>
<p>Despite losses, the company said its industry and strategic initiatives position it to be on track to deliver on its 2026 and 2030 revenue and operating margin targets.</p>
<p>Plug created the first commercially viable hydrogen fuel cell technology market, deploying over 50,000 fuel cell systems.  Their fuel cell system surpassed 1 billion operating hours in the field on November 3, 2022. It has become one of the largest buyers of liquid hydrogen, having built and operated a hydrogen highway across North America.</p>
<p>In the second quarter (Q2) of 2022, the company saw its net loss <a href="https://mercomindia.com/hydrogen-fuel-company-plug-powers-revenue-rises-q2-2022/" target="_blank" rel="noopener">increase</a> to $173.3 million from $99.63 million during the same period last year. The net loss decreased by 11% QoQ, compared to $156 million in the previous quarter.</p>
<p>In April, Plug Power <a href="https://mercomindia.com/daily-news-wrap-up-atco-groups-solar-project/" target="_blank" rel="noopener">announced</a> an agreement with Walmart for an option to deliver up to 20 tons per day of liquid green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S. The liquid green hydrogen produced will fuel up to 9,500 lift trucks and support the retailer’s goal of a zero-emissions future by 2040.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Plug Power’s Net Loss Up 60% YoY in Q3, as it Builds its Green Hydrogen Platform

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The U.S. Energy Information Administration&#8217;s latest construction cost data </strong><a href="https://www.eia.gov/todayinenergy/detail.php?id=49176" target="_blank" rel="noopener"><strong>revealed</strong></a><strong> that the average construction cost for onshore wind generators fell from $1,895/kW in 2013 to $1,391/kW </strong>in 2019. The U.S. offshore wind generating capacity increased 74% from 2013 to 2019 to a total of 104 GW, including 9.6 GW built in 2019. Average onshore wind construction costs in 2019 for Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (MISO) were $1,114/kW, $1,426/kW, and $1,637/kW, respectively. Average construction costs in both SPP and MISO were above the U.S. average in 2019. ERCOT installed the most wind capacity of any U.S. electricity market region in 2019 of 3.5 GW and had a total wind capacity of 26 GW as of December 2019. California had relatively high average wind plant construction costs, averaging $2,310/kW for new wind installations between 2013 and 2019.</p>
<p><strong>Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, </strong><a href="https://www.dewa.gov.ae/en/about-us/media-publications/latest-news/2021/08/mohammed-bin-rashid-inaugurates-300mw-first" target="_blank" rel="noopener"><strong>inaugurated</strong></a><strong> the 300 MW first stage of the 900 MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. </strong>Implemented by Dubai Electricity and Water Authority using the Independent Power Producer model, the solar park has a planned total capacity of 5 GW by 2030. The Solar Park&#8217;s projects will supplement Dubai&#8217;s Clean Energy Strategy 2050, aiming to provide 75% of its total power capacity from clean energy sources by 2050. The fifth phase investments amount to AED 2.058 billion (~$560 million).</p>
<p><strong>Solar module manufacturer JinkoSolar Holding, through its 100% subsidiary Jinko Solar, </strong><a href="https://ir.jinkosolar.com/news-releases/news-release-details/jinkosolars-subsidiary-signs-long-term-supply-agreement-wacker" target="_blank" rel="noopener"><strong>inked</strong></a><strong> a deal with Munich-based chemical company Wacker Chemie AG to procure over 70,000 tons of polysilicon. </strong>Under the terms of the agreement, Wacker will supply the polysilicon to Jinko Solar from September 2021 to December 2026. Wacker will reserve the agreed capacity to Jinko Solar and supply polysilicon from its production sites in Germany and the United States. The purchase price will be decided based on the market price.</p>
<p><strong>Germany-based fuel cells supplier SFC Energy AG and Norway-based electrolyzer manufacturer Nel ASA have agreed to </strong><a href="https://www.sfc.com/en/sfc-energy-and-nel-asa-enter-into-a-joint-development-partnership-for-worlds-first-integrated-electrolyzer-and-hydrogen-fuel-cell-system-for-industrial-markets-key-product-to-replace-diesel/" target="_blank" rel="noopener"><strong>develop</strong></a><strong> an integrated electrolyzer and hydrogen fuel cell system for decentralized energy generation and storage.  </strong>The partnership will focus on developing industrial solutions to replace less efficient diesel generators. As a first step, the partnership addresses applications in a power range up to 50 kW, will be extended up to 500 kW in the medium term. The parties plan to launch the first products in the second half of 2022.</p>
<p><strong>Sweden-based energy storage company </strong><a href="https://www.azelio.com/" target="_blank" rel="noopener"><strong>Azelio</strong></a><strong> received a conditional order from Egypt-based Engazaat Development for 20 of Azelio&#8217;s TES.POD® renewable energy storage </strong>units. Azelio&#8217;s TES.POD® is a long-duration energy storage system that stores renewable energy in recycled aluminum. It supplies electricity and heat on demand around the clock. The 20 units have a combined storage capacity of 3.3 MWh of electricity production. They will be part of a mini-grid system to supply farmers with renewable energy. The order is valued at approximately $1.5 million and is estimated to be delivered in December 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Daily News Wrap-Up: Construction Cost for Onshore Wind Generation in the US Down by 27%

<p>India’s leading power generator <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has issued an expression of interest (EoI), inviting bids for hydrogen fuel cell-based pilot projects.</p>
<p>The last date for submission of bids is July 10, 2021. The bids will be opened on July 10.</p>
<p>NTPC wants to explore the feasibility of replacing diesel generators with hydrogen-based fuel cell electrolyzer systems in these applications and subsequently create products and solutions that are an alternative to diesel generators.</p>
<p>NTPC has plans to set up a standalone fuel cell-based backup power system and microgrid with hydrogen production using electrolyzer. The two separate pilot projects will be located at NTPC premises in Noida, Uttar Pradesh, and its guest house in Simhadri, near Visakhapatnam, Andhra Pradesh.</p>
<p>NTPC intends to replace around 500 kW–1,000 kW of backup diesel generators at its offices in Noida with an electrolyzer fuel cell-based system. The system would act as a backup power source during power outages. The hydrogen has to be generated using a suitable sized electrolyzer placed at its premises in Noida.</p>
<p>Similarly, NTPC intends to set up a 50 kW electrolyzer fuel cell-based microgrid system at one of its guest houses in Simhadri, Visakhapatnam, as the second pilot project. The electrolyzer will run during the day, produce enough hydrogen, and then provide electricity through the fuel cell at night.</p>
<p>The intellectual property generated from the pilot projects – a first of its kind in India – will be co-owned by NTPC and the applicant. The same may be monetized separately during the commercialization of the technologies.</p>
<p>Applicants are expected to arrange the agreed capital contribution for the procuring, installation, and commissioning of the system. Interested parties will also have to select technology for fuel cell and electrolyzer and design the system that best fits the intended use cases. Engineering, supply of all parts of the systems, erection, testing, and commissioning of the system, and integration to the existing electrical system will also have to be done by the winning bidder. Successful bidders will have to carry out routine maintenance of the systems for three years from the date of commissioning of the project. Additionally, data collection and analyzing system performance during testing and subsequent operation will also have to be carried out by the successful bidder.</p>
<p>The proposals will be evaluated based on the applicant’s expertise, credentials, technology, timelines, equipment cost, technical support, etc. One key criterion would be the cash equivalent support (funding/equipment/service) provided upfront by the applicant.</p>
<p>If the bidder proposes to bring financial support or grant from third-party agencies or government institutions, either in India or abroad, then the responsibility of arranging such funding support or grant would fall on the bidder. NTPC would not participate in any agreement between the bidder and the funding agency and bear no obligations to that end.</p>
<p>To prove their technical eligibility, applicants must provide the relevant product or system catalogs, experience or reference list, copies of customer certificates, engineering strengths, collaborations or tie-ups with the manufacturer (if applicable), quality accreditations, etc.</p>
<p>For financial eligibility, participating bidders must provide copies of audited financial statements (annual reports) for the last three years, credit ratings, market share (domestic and international), and segmental revenue in the applied category or categories.</p>
<p>In January this year, the Indian Railways Organization for Alternate Fuels under the <a href="https://indianrailways.gov.in/" target="_blank" rel="noopener">Indian Railways</a> had <a href="https://mercomindia.com/bids-invited-hydrogen-fuel-cell/" target="_blank" rel="noopener">invited</a> bids to develop a hydrogen fuel cell-based hybrid power train for retrofitting the 700 HP diesel-hydraulic locomotives running on the Kalka-Shimla narrow gauge section in Himachal Pradesh.</p>
<p>Last month, the Delhi High Court had <a href="https://mercomindia.com/court-tells-govt-to-consider-hydrogen-under-fame/" target="_blank" rel="noopener">directed</a> the Government of India to consider including hydrogen fuel cell-based electric vehicles and hydrogen refueling stations under the ambit of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) program.</p>
<p>According to the latest study by Global Market Insights published in April this year, the global hydrogen market revenue is <a href="https://mercomindia.com/daily-news-wrap-up-hydrogen-market/" target="_blank" rel="noopener">expected to surpass</a> $300 billion by 2027. Increasing focus toward clean energy in the emerging economies coupled with rising utilization of hydrogen in new application areas comprising metal refining, power generation, and heating for buildings will positively enhance the industry outlook.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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NTPC Floats Tender for Hydrogen Fuel Cell-Based Pilot Projects

<p>The finance ministry of the People’s Republic of China has issued a notice about launching demonstration applications of fuel cell vehicles. The notice about new policies to support hydrogen fuel cell vehicles focuses on improving the country’s supply chain and technology.</p>
<p>Since 2009, China’s central government has been supporting the development of fuel cell vehicles by giving purchase subsidies to consumers. As of July 2020, China has promoted more than 7,200 fuel cell vehicles and built about 80 hydrogen refueling stations, according to China’s National Energy Administration.</p>
<p>The notice is a joint effort by the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Development and Reform Commission, and the National Energy Administration.</p>
<p>These five departments will adjust the subsidy policy to purchase of fuel cell vehicles and reward eligible city groups for the industrialization of key core technologies.</p>
<p>The demonstration period is set for four years.</p>
<p>The notice stated: “<em>A healthy industrial chain requires reasonable allocation of resources and elements, effective coordination of technology, market, and policies, and can be formed through long-term joint efforts of all parties. The five departments will select eligible city clusters, rely on outstanding companies in the fuel cell vehicle industry chain to carry out demonstration applications, promote the sustainable and healthy development of the industry, and build a complete industry chain.”</em></p>
<p>The overall idea is to support the breakthroughs in key core technologies and industrial applications of fuel cell vehicles.</p>
<p>Cities that fall under the demonstration cluster would focus on technological innovation, identify application scenarios, and build a complete industrial supply chain. They are expected to build a fuel cell vehicle industry supply chain and promote technology research and development and industrialization of all links in the chain.</p>
<p>Demonstration city clusters should identify the lead city, clarify the division of tasks, strengthen communication, and coordinate demonstrations.</p>
<p>The policy also aims to promote the formation and development of a unified domestic market and accelerate the formation of a domestic fuel cell vehicle industry. This would include establishing and promoting demonstration city clusters, supporting enterprises to use the unified national market to become bigger and stronger, and accelerating product economics.</p>
<p>Another goal is to rely on the domestic industrial chain to accelerate the industrial application of key components. Through demonstration policies, companies that support complete vehicles and power systems would be encouraged to rely on the domestic industrial chain to actively use key components that achieve breakthroughs. Cities with outstanding companies in the industry chain can participate in multiple city clusters to prevent foreign companies from investing.</p>
<p>The policy is likely to strengthen vehicle management through information technology and build a test and evaluation standard system and safety guarantee foundation for industrial development.</p>
<p>The country will adopt a “post-subsidy” approach and approve and allocate reward funds based on the results of acceptance evaluation and performance evaluation.</p>
<p>The notice added that by November 15, 2020, the provincial finance, industry, and information technology, science and technology, development and reform, and energy authorities of the lead city should submit two application documents and demonstration application implementation plans to the five departments. The five departments will rely on third-party institutions and expert committees to track and guide the demonstration work throughout the process and implement control and milestone assessments.</p>
<p>Earlier this year, the Ministry of Finance of the People’s Republic of China had <a href="https://mercomindia.com/china-subsidy-policy-electric-vehicles/" target="_blank" rel="noopener noreferrer">issued</a> a notice on ways to promote financial subsidies for new electric vehicles. The ministry said it had given the order to support the new electric vehicle industry. It has highlighted a few areas of the subsidy policy for the new EVs that must be addressed.</p>
<p>Recently, Mercom <a href="https://mercomindia.com/byd-toyota-join-hands/" target="_blank" rel="noopener noreferrer">reported</a> that China-based BYD Company Ltd and Toyota Motor Corporation announced that the operation of their new company would be launched in 2020. The name of the new company will be called BYD Toyota EV Technology Co. Ltd. The company will be involved in the design and development of battery-run electric vehicles and their platforms and related parts. The equity participation of both companies is 50% each.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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