Plug Energy (PLUG -4.44%)
This fall 2022 Earnings Name
Mar 01, 2023, 4:30 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Contributors

Ready Remarks:

Operator

Greetings and welcome to PLUG’s fourth quarter and year-end 2022 earnings name. Right now, all individuals are in listen-only mode. [Operator instructions] Please observe that this convention is being recorded. I’ll now flip the convention over to our hosts Teal Hoyos, senior director of promoting and communication.

Thanks, it’s possible you’ll start.

Teal Hoyos — Director of Advertising Communications

Thanks. Welcome to the 2022 fourth quarter and year-ed earnings name. This name will embody forward-looking statements. These forward-looking statements include projections of our future outcomes of operations, or of our monetary place, or different forward-looking data.

We intend these forward-looking statements to be lined by the Protected Harbor provisions for forward-looking statements contained in Part 27A of the Securities Act of 1933 and Part 21E of the Securities Trade Act of 1934. We consider that it is very important talk our future expectations to traders. Nevertheless, traders are cautioned to not unduly depend on ahead wanting statements, and such shouldn’t be learn or understood as a assure of future efficiency or outcomes. Such statements are primarily based upon the present expectations, estimates, forecasts and projections, in addition to the present beliefs and assumptions of administration and are topic to important dangers and uncertainties that would trigger precise outcomes or efficiency to vary materially from these mentioned because of varied components, together with however not restricted to the dangers and uncertainties mentioned underneath merchandise 1A threat issue within the annual report on Kind 10-Okay for the fiscal yr ending December 31 2021.

Subsequent quarterly reviews on Kind 10-Q and different reviews we file now and again with the Securities and Trade Fee. These forward-looking statements converse solely as of the day by which the statements are made and we don’t undertake or intend to replace any forward-looking statements after this name or because of new data. At this level, I wish to flip the decision over to PLUG’s CEO Andy Marsh.

Andy Marsh — Chief Govt Officere

Thanks to you and all those that have joined us on the decision as we speak. Our shareholder letter was made public half-hour in the past and as beforehand mentioned in January, our efficiency didn’t meet our expectations. We attribute this primarily to 3 components. Obstacles we encountered whereas introducing new merchandise, delays in setting up our hydrogen plant, and macroeconomic situations that affected the price of pure fuel, leading to a big improve in the price of our hydrogen.

Regardless of the difficulties we face this tempo previous yr, I firmly consider our efforts in 2022 will function the inspiration for PLUG’s success over the subsequent 5 years. Enable me to take just some minutes to clarify how all of the items match collectively. PLUG is actively pursuing each facet of the hydrogen economic system, together with increasing the hydrogen ecosystem, and establishing top-tier manufacturing and provide chain capabilities. Considered one of our main benefits is the distinguished listing of shoppers, together with Amazon, Walmart, New Fortress Power, and nice companions like Gasquet and Renault.

Furthermore, our development plans are supported by a coverage atmosphere that promotes renewables, similar to the usA. IRA Laws, and repower New York. We anticipate that our broad efforts throughout the hydrogen ecosystem will change into obvious this yr. Our hydrogen era services, as an illustration, will play a vital position on this effort.

Our first inexperienced hydrogen plant in Georgia is ready to start hydrogen manufacturing early this yr. Nevertheless, that is simply the beginning of our plan to broaden our manufacturing of 500 tons per day throughout america by 2025. We’re additionally constructing inexperienced vegetation in Europe, together with initiatives within the port of Antwerp, Bruges, and in collaboration with our ACCIONA in Spain. Our vegetation will make the most of plug electrolyzers and cryogenic gear to provide and ship liquid hydrogen, the Plug trailers.

A part of our aggressive technique we additionally will present merchandise similar to our electrolyzer platforms, pay sharing a product for EV charging and peaker vegetation. We’re additionally growing on highway automobiles by way of our JV accomplice Renault. All of those merchandise will probably be marketed and bought by our JV accomplice SK. We consider that our manufacturing provide chain capabilities are essential differentiators in our business.

The state-of-the artwork facility, we’ve in Albany are unequalled within the sector. Moreover, we’ve fashioned helpful partnership with companions similar to Johnson Massey, which grants us entry to invaluable product growth, manufacturing experience, in addition to important components which might be essential to scaling the business. At Plug we place a excessive precedence when the benefit of enormous scale manufacturing, which we consider will speed up our enterprise development and drive profitability. Whereas some might information capability to realize all these duties concurrently, we’ve confidence that our 4,000 world staff and partnerships could make it doable.

Furthermore, the favorable enterprise atmosphere for sustainable options will profit all Plug’s state stakeholders. By the top of 2023 we purpose to generate $1.4 billion in income, fee greater than 200 tonnes of liquid inexperienced hydrogen plant and change into the biggest world participant, exceed $400 million in electrolyzers gross sales, deploy 30 megawatts of stationary energy merchandise, which can function a considerable supply of recurring income per Plug and at last clearly display the trail to profitability for our traders. I do need to guarantee full transparency by acknowledging the potential challenges which will come up throughout our enterprise actions all year long. Constructing new product platforms and constructing first of its form hydrogen vegetation includes taking account design and manufacturing learnings, particularly for advanced merchandise like our electrolyzers in stationary merchandise.

Based mostly on my expertise design points that weren’t initially take into account approved inside the first six months and provide chain and manufacturing challenges are likely to emerge through the first yr. As somebody who has been concerned in introducing new platforms for a few years, I can confidently say that it is unrealistic to anticipate flawless product launches. Nevertheless, we consider that our plans are achievable and have in-built some buffer in our projections for 2023. Lastly, I consider, the top of 2023, nobody will query Plug’s skill to scale the hydrogen economic system.

By 2026, we anticipate to generate $5 billion income and $20 billion by 2030. We’re dedicated to reaching our imaginative and prescient being the chief within the hydrogen economic system, and we’ll proceed to construct and dream accordingly. Paul, Sanjay and I are actually open to take your questions.

Questions & Solutions:

Operator

Thanks. [Operator instructions] Our first query comes from James West with Evercore ISI. Please state your query.

James West — Evercore ISI — Analyst

Hey, good afternoon, guys.

Andy Marsh — Chief Govt Officere

Good afternoon, James.

James West — Evercore ISI — Analyst

So Andy, I like what you are doing in Europe right here. You are getting extra aggressive. I do know you guys began form of with the U.S. build-out however now with Antwerp, and particularly with the JV accomplice in Iberia, it looks like that could possibly be — may speed up into many extra vegetation in that space of the world.

Is {that a} truthful assumption to make?

Andy Marsh — Chief Govt Officere

That may be a truthful assumption to make, James. And our crew has been significantly targeted on the Nordic areas. And once we take into consideration hydrogen era in Europe, these are actually the 2 areas that southern portion of Europe, similar to Spain, in addition to the Nordic area the place you could have accessible hydropower and wind energy, which we expect makes quite a lot of sense.

James West — Evercore ISI — Analyst

Proper. OK. Received it. After which, on the EV charging entrance, this has been rising.

Might you characterize form of the place you are seeing that demand and perhaps the extent of demand that you just’re seeing?

Andy Marsh — Chief Govt Officere

So what we’re seeing — I feel, James, you are effectively conscious of the challenges that people have in bringing transmission-wise to help fleets of electrical automobiles. And as we — as you — as of us are conscious, we’ve some massive clients who want to deploy EV automobiles. And on the EV aspect, the primary deployments will probably be final mile supply to cost EV automobiles as a result of it is a lot simpler to carry hydrogen facility 70 miles away to generate the gasoline in utilizing our stationary energy merchandise to energy the automobiles. We additionally see — and our traders will see bulletins over the approaching months about first-generation peaker vegetation, the place we’ll be deploying electrolyzers, say one thing, James, within the 8 to 10-megawatt scale at first — fortify our stationary merchandise.

In order that’s an actual space of focus in the mean time. And the mix of these two actions help the 30 megawatts.

James West — Evercore ISI — Analyst

Received you. OK. Good. Thanks, Andy.

Andy Marsh — Chief Govt Officere

You are welcome, James.

Operator

Our subsequent query comes from Manav Gupta with UBS. Please state your query.

Manav Gupta — UBS — Analyst

Andy, you lately introduced long-term strategic partnership with Johnson Matthey. Assist us perceive what they bring about to the desk, why this partnership is essential to you? Does it form of make sure that future provide chain points don’t come up? Simply assist us stroll by way of that, please?

Andy Marsh — Chief Govt Officere

Positive, Manav. Thanks for the query. When — we actually consider once we have a look, Johnson Matthey has nice capabilities on the subject of having the ability to supply valuable metals, which is admittedly essential on this business, but additionally have been deeply concerned in what we expect are actually attention-grabbing product growth work in MEAs, and we use their know-how as we speak. We consider that one combining Plug power in purposes, in addition to MDA developments with Johnson Matthey provides us a a lot stronger product growth platform for each our electrolyzers and gasoline cell enterprise.

We additionally consider that once more, pondering of scale manufacturing, the place we’re wanting as much as placing a ten gigawatt plant right here within the U.S. with Johnson Matthey very like and take into consideration one thing that appears just like the Tesla plan in Nevada. We predict that is an added power. And clearly, if you begin fascinated with recycling valuable metals, nobody is best on this planet than that than Johnson Matthey.

I feel this offers Plug a singular technical benefit, manufacturing benefit, in addition to addressing a number of the bigger issues within the business concerning the availability of valuable metals.

Manav Gupta — UBS — Analyst

Thanks. My very fast follow-up is you typically do credit score on your supplies dealing with enterprise and we’re — simply mainly in so as to add about 80 new materials dealing with websites — so when you may rapidly speak about that.

Andy Marsh — Chief Govt Officere

Positive. And you’re proper, it will get misplaced within the shuffle. And when you — what I actually like concerning the combine is it is actually — quite a lot of it’s — a few of our conventional clients like Walmart, we’ve a reasonably aggressive plan this yr with them but additionally through the previous yr, we introduced the brand new pedestal clients. And people pedestal clients, of us like Gastar want to deploy — begin deploying at scale and that is a profit not solely right here in North America, however constructing out our newer European capabilities.

So sure, it does get misplaced within the combine, and it’ll characterize about half of it if you mix it with the hydrogen service that they’re going to use. It is nearly half of our enterprise within the coming yr. And a giant soar from final yr.

Manav Gupta — UBS — Analyst

Thanks for very detailed responses.

Operator

Our subsequent query comes from Alex Kania with Wolfe Analysis. Please state your query.

Alex Kania — Wolfe Analysis — Analyst

Thanks. Good afternoon. I seen on the dialogue on the gross sales funnel for the electrolyzers at a reasonably substantial proportion is said to, I assume, inexperienced hydrogen/inexperienced ammonia. We have definitely seen quite a lot of hydrogen bulletins within the final, even few weeks.

I am simply form of questioning, it appears like there’s quite a lot of demand for inexperienced ammonia, however simply what’s your sense when it comes to the timing of once we see bigger varieties of bulletins?

Andy Marsh — Chief Govt Officere

I’ll let Sanjay take that as a result of I do know Sanjay has been deeply engaged in that exercise over the previous month. So Sanjay, perhaps you can provide out some perception.

Sanjay Shrestha — Chief Technique Officer

Positive. Pleased to try this. And once more, Alex, as you recognize, proper, we have talked about it earlier than. When you concentrate on our funnel, and once more, I simply need to be clear, our funnel, it is effectively in extra of $30 billion.

And if you break down what’s in that funnel, nearly 50% of that’s actually associated to e-fuels, together with inexperienced ammonia-type alternatives. Now, we’ve some actual significant actions occurring right here in North America. And when it comes to the timing of once we would possibly be capable to speak about that, i.e., I consider that we’ll be capable to share one thing incremental with you throughout 2023. And these are ranges from a number of sizes of initiatives, some being put substantial alternative in kind of the Panhandle Texas space, when you actually give it some thought.

So give us a while, there’s rather a lot occurring behind the scene and actually wanting ahead to truly speaking much more about it even in North America, as you truly actually take a look at when 2023 kind of like within the second half of the yr.

Alex Kania — Wolfe Analysis — Analyst

Nice. Thanks. After which, only a follow-up in your dialogue on SK and expectations of the (inaudible) are energy, which I feel was like 400 megawatts by 2025. How do you characterize that? Is that absolutely form of contracted? Or is it form of extra just a few understanding? Simply form of inquisitive about the way you see these deliveries.

Andy Marsh — Chief Govt Officere

That is a great query. So 2020 out — by the way in which, we — I’ll take one other step again — we’ve a great deal of enterprise exercise, which can happen with SK this yr, together with supporting electrolyzers in South Korea, bus fleets as fueling stations the place we’ve fairly a little bit of enterprise in fueling stations that will probably be seen as income this yr as that enterprise begins to develop. This yr is mostly a testing and verification of our stationary merchandise. And as soon as that’s full, we’ll lock within the 200 megawatts and 400 megawatts value of merchandise.

Concurrently, which ought to give traders just a little extra confidence, we’re additionally engaged on the small print of the MEA manufacturing plant in South Korea to help that 200-400 megawatts per yr dimension deployments between ’25 and 2040. So these efforts — there’s quite a lot of growth and manufacturing coordination occurring between Plug and SK. I hope that is useful.

Alex Kania — Wolfe Analysis — Analyst

Nice. Thanks very a lot.

Andy Marsh — Chief Govt Officere

OK.

Operator

The subsequent query comes from PJ Juvekar with Citi. Please state your query.

Andy Marsh — Chief Govt Officere

Good afternoon, PJ.

PJ Juvekar — Citi — Analyst

Hey, Andy and everybody. Good afternoon. My query is that given the delays that you just had in 2022 and constructing these hydrogen vegetation, you have not modified the 200 tons per day quantity for 2023. Questioning what provides you confidence to maintain that steering the identical.

Possibly Sanjay, are you able to speak about that?

Sanjay Shrestha — Chief Technique Officer

Positive. Pleased to. So Andy, I can soar in right here. So comfortable to — P.J., so a few issues, proper? And I feel you guys should have seen that there’s some replace within the slide that we offered right here on this shareholder which might be much more is the one which we had earlier than.

As you may see, there is a verify mark in Georgia from a commissioning standpoint, proper? So we — and you’ll see that within the slide, we’re speaking about getting Georgia beginning to produce by the top of this quarter and in early Q2 from a full manufacturing standpoint. There’s been an incredible studying interval that we’ve had with the plant in Georgia. Let’s not neglect, it is a first of the inexperienced hydrogen liquid plant on this planet that has not been constructed previously, proper? So we have realized rather a lot. With that studying, what that has allowed us to do is if you then take that studying and know-how into our vegetation in Texas, into our vegetation in New York, we truly are capable of leverage quite a lot of that, proper? In order a matter of truth, in Texas, it is going to be clearly our electrolyzer, our liquefier however we’re now capable of do turnkey EPC contract, proper, for a few of that execution functionality much more on that turnkey EPC.

In relation to New York, we have truly spent quite a lot of time wanting on the deadly flaw design evaluation, substation work is transferring forward. So there’s quite a lot of learnings that we have been capable of leverage from Georgia. After which, if you take a look at the listing of all of the initiatives, Georgia this yr, Louisiana this yr, Tennessee growth, ongoing work then we even have purchased about 45 tons of liquefier, one of many key lengthy lead time gadgets, which we are able to additionally leverage for some feed fuel alternative when it comes to 2023 alternative. Now, lastly, Texas is a 45-ton plant.

New York is a 75-ton plant. And one level, PJ, perhaps we may do a barely higher job than perhaps what we have accomplished previously is there’s a few six-month lag, proper? Once we speak about commissioning to full manufacturing, no completely different than how photo voltaic and wind business truly speak about commissioning to industrial operation date. So if you take all that into consideration and take a look at all of the listing of these initiatives, 200-ton fee, we really feel superb about by the top of the yr. And by the center of 2024, that 200-plus tons will probably be producing at full capability, and that is how we’re it.

PJ Juvekar — Citi — Analyst

Nice. Thanks. And Andy, I do need to speak to you and the query is, in speaking to different hydrogen producers and industrial fuel firms, everyone seems to be struggling to determine the IRA profit that you just get, how a lot of that — the producers will maintain and the way a lot of that can they cross on to their clients? And I feel I get completely different solutions from completely different individuals. Simply questioning what are your kind of huge image views on that matter.

Andy Marsh — Chief Govt Officere

So PJ, I feel will probably be — I feel — let me take a step again. I feel what it’s in 2025 will probably be completely different in 2030-2032, that originally the producer will be capable to seize a better proportion of the manufacturing tax credit score. Let’s circle within the 70% vary. I feel as time goes on and there is extra competitors that the power for the producer to seize that degree, I feel, declined.

If I used to be in — crystal balls are powerful, however I’d suppose in 2028-2029, you are most likely speaking 30%. However throughout that entire time, your — particularly for vegetation you could have already on-line, you are already had the payback for these vegetation and different gadgets. In order that’s how I feel it would play out, PJ and I’ve actual reside information at the very least initially that most likely is a reasonably truthful estimate of the preliminary quantity I am placing on the market.

PJ Juvekar — Citi — Analyst

That is truthful. So that you suppose there is a bonus to being the primary mover within the area?

Andy Marsh — Chief Govt Officere

I really feel very strongly about that primarily based on contracts we have already signed.

PJ Juvekar — Citi — Analyst

Nice. Thanks. I am going to cross it alongside.

Andy Marsh — Chief Govt Officere

OK.

Operator

Our subsequent query comes from Amit Dayal with H.C. Wainwright. Please state your query.

Amit Dayal — H.C. Wainwright and Firm — Analyst

Thanks, guys. Recognize you guys taking the questions.

Andy Marsh — Chief Govt Officere

Hello, Amit. Good to speak to you.

Amit Dayal — H.C. Wainwright and Firm — Analyst

Hello, Andy. Thanks. Similar right here. Simply with respect to the questions from the current caller, the 200 tons which were commissioned by the top of the yr after which getting commercialized absolutely by mid-2024.

In that context, how will we bridge this $1.4 billion income goal for 2023? Should you may simply get away the segments between materials dealing with, gasoline electrolyzers, I feel that might be useful to hear.

Andy Marsh — Chief Govt Officere

Positive. Paul, do you need to take that query?

Paul Middleton — Chief Monetary Officer

Yeah. I feel, initially, materials dealing with will probably be a significant a part of our gross sales, someplace between 55%. Electrolyzers goes to be a reasonably significant half as we’re speaking about that. That is most likely roughly 30%-plus.

Stationary goes to be a significant a part of our program this yr. I feel publicly, we have talked with a goal of as much as $100 million of gross sales in that product line. After which, gasoline most likely makes up many of the relaxation. And I put in gasoline, that gasoline class, different cryogenic gear and liquefiers and tank and tankers and issues like that.

The true — the place we will see as we activate these vegetation this yr and ramping on into subsequent yr, that gasoline will change into a extra — more and more extra significant a part of the combo as we flip these services on and transferring into ’24 however for this yr, that is form of how that roughly breaks down.

Amit Dayal — H.C. Wainwright and Firm — Analyst

Thanks, Paul, admire it. And final one for me, guys, on. With respect to the inexperienced hydrogen community arising now, are the offtake agreements for this already in place? Or are you engaged on these? After which, what sort of contracts that you just may be organising, month-to-month contracts? Any shade on how it will play out.

Andy Marsh — Chief Govt Officere

Sanjay, do you need to take that one for Amit.

Sanjay Shrestha — Chief Technique Officer

Positive. Pleased to try this. So — and I imply, as we briefly talked about within the shareholder letter, proper, we’ve nearly 200 tons of offtake settlement in place proper now between our pedestal buyer like Amazon, Walmart and others. So — and once more, these are all accomplished from a portfolio perspective, when you would, proper? So there’s some scenario the place perhaps an offtake settlement is from one specific plant and a significant quantity of that.

And in different conditions, it is truly the community the place they’re truly allotted a certain quantity of capability from plant A, B, C and D, if you’ll, proper? Now, from a structuring standpoint, there are conditions the place we’ve so long as a seven-year contract from a take-or-pay standpoint. There are conditions the place we’ve a five-year contract, proper? And we even have quite a lot of negotiation and the dialogue occurring at this time limit the place we’re a number of the swap agreements, proper? We’re additionally a number of the gamers within the business that may produce other varieties of specialty fuel however not hydrogen in a significant quantity as we speak. We’re having discussions with of us like that. However from a contracting standpoint, that is what you may see proper now, Amit.

Amit Dayal — H.C. Wainwright and Firm — Analyst

Understood. Thanks, Sanjay. Recognize it. That is all I’ve, guys.

Thanks.

Andy Marsh — Chief Govt Officere

OK. Thanks, Amit.

Operator

Our subsequent query comes from Eric Stine with Craig-Hallum. Please state your query.

Eric Stine — Craig-Hallum Capital Group — Analyst

Hello, everybody.

Andy Marsh — Chief Govt Officere

Hey, Eric. How are you as we speak?

Eric Stine — Craig-Hallum Capital Group — Analyst

I am doing OK. Thanks. So perhaps simply on gross margin. Simply on gross margin, clearly, a reasonably essential goal.

Are you able to perhaps simply speak about a number of the signposts that we should always search for in 2023 to form of choose the progress towards a few of your long-term objectives? After which, in ’23, are you able to simply speak concerning the development? I imply, clearly, I’d suppose the low pure fuel costs right here early within the yr, what perhaps affect the linearity all year long.

Andy Marsh — Chief Govt Officere

So Paul, and Sanjay, do you need to take that one? Paul, you may go first.

Paul Middleton — Chief Monetary Officer

Positive. A few issues, Eric. There are some near-term occasions which might be, for us, actual essential milestones. Sanjay talked about turning on the Georgia plant and beginning to scale that up.

That is an actual essential milestone to indicate, and it’ll begin being accretive in a short time. And as we transfer ahead in the middle of the yr, further services will probably be incrementally accretive as effectively. In order that’s an essential one. Scaling up the electrolyzer manufacturing, as we talked about, we have already seen a considerable enchancment in output.

And as we talked about within the letter, transferring as much as the 100 megawatts per 30 days within the subsequent month or six weeks, one other main milestone. After which, lastly, the stationary — large-scale stationary product, we will be delivery the primary large-scale techniques in Q2. So these are near-term milestones which might be essential for us as a result of it is actually going to come back from delivery extra product, which is a giant chunk of what we will do that yr, and that’s already accretive to leveraging the services, which we get by way of quantity after which the fuel enhancements that we already see with pure fuel costs abating, in addition to turning on the inexperienced hydrogen facility. So all these are essential.

And when it comes to cadence, clearly, we will nonetheless have form of the one third two thirds phenomenon seasonality of our gross sales for numerous causes. Quantity helps rather a lot. So you are going to see an even bigger affect within the second half, each when it comes to the quantity, in addition to these price down efforts. However you’ll completely see development and enchancment in Q1 sequentially and transferring on by way of the course of the yr given these — the enhancements we’re already seeing and issues just like the pure fuel, price abatements that we’re already seeing advantages now.

So I feel because the yr progresses, we get to This fall, it is going to be a giant quarter for us and a giant yr when it comes to profitability.

Eric Stine — Craig-Hallum Capital Group — Analyst

Received it.

Andy Marsh — Chief Govt Officere

Sanjay, do you need to touch upon pure fuel in any respect? As a result of I do know there’s a slight delay.

Sanjay Shrestha — Chief Technique Officer

Proper. So Eric, as you recall, proper, so there’s a few quarter delay earlier than we see the advantage of the decline within the pure fuel value beginning to stream into our price molecule. And one other factor which is — and by the way in which, once we talked about our margin cadence for the gasoline enterprise, we have been fascinated with pure fuel perhaps at round $4 an MMBtu by the top of the yr. Clearly, the numbers are a lot decrease than that.

And if this development holds, that definitely can be very useful. And one remaining factor, I will be amiss if I did not point out this, as our plans come on-line, the fee truly is one third for us versus what we’re paying out there as we speak that can even have a reasonably significant affect to how the trajectory modifications for our gasoline margin enterprise all through 2023.

Eric Stine — Craig-Hallum Capital Group — Analyst

Yeah. Completely. Thanks for that. After which, perhaps only a follow-up on a earlier query.

When you concentrate on the credit score and also you talked a few 70% seize fee, I imply, if I am doing the maths proper, I imply, that would appear like roughly $350 million a yr, incremental. And if I take into consideration what you are going to — you are planning to double inexperienced hydrogen manufacturing over the subsequent, name it, three-four years past 2025. What your seize fee is just a little bit greater than lower in half, I imply, that is a quantity, that is $350 million. Right me if I am flawed, however that is a quantity that could possibly be fairly fixed as we glance out on an annual foundation.

Andy Marsh — Chief Govt Officere

Do you need to touch upon that, Sanjay? I assume I’ll — I am going to simply make one remark, after which I am going to hand it off to you Sanjay, that is assuming that our plans for what we construct stays flat, which I feel most likely will proceed to construct extra vegetation. However go forward, Sanjay.

Sanjay Shrestha — Chief Technique Officer

Yeah. And Eric, math-wise, you are completely proper, proper? That is 500 tons, 70% seize fee, that is the quantity. However as Andy talked about, proper, clearly, 500 tons is quantity at a time limit and given how huge this hydrogen economic system and hydrogen ecosystem goes to be as we get to that timeframe and past that, clearly, these numbers are going to go up. And if the seize fee stays related than that, regular money stream quantity solely goes up.

Eric Stine — Craig-Hallum Capital Group — Analyst

OK. Thanks.

Andy Marsh — Chief Govt Officere

Thanks, Eric.

Operator

Our subsequent query comes from Sam Burwell with Jefferies. Please state your query.

Sam Burwell — Jefferies — Analyst

Hello, Andy.

Andy Marsh — Chief Govt Officere

Hello, Sam. How are you as we speak?

Sam Burwell — Jefferies — Analyst

Doing effectively. On the highest line within the quarter, got here in just a little bit gentle than what the steering that you just gave a month in the past implied. And I feel you guys defined that the information down in again on the enterprise replace was on account of operational hiccups associated to the electrolyzer ramp in rollout. So curious what triggered the quantity to come back in gentle and if these points have been resolved.

After which, simply how to consider how electrolyzers ought to ramp up by way of the yr and the way that impacts high line gross margins?

Andy Marsh — Chief Govt Officere

There are literally two questions there, Sam, the primary one, I’ll let Paul handle by the quarter was just a little gentle. And the second, I am going to let Sanjay speak concerning the ramp of the electrolyzer enterprise. So, Paul.

Paul Middleton — Chief Monetary Officer

Yeah. I feel a mixture of a number of the points that we shared and talked about beforehand along with — it was a significant chunk of exercise related to our acquisitions. And if you’re transferring what was successfully non-public firms into public firm area and dealing by way of all their processes and accounting for brand spanking new fashions, new constructions, new applications, it felt — in going by way of that, just a little conservative to form of error towards transferring a few of that into 2023 till we get all these processes finalized and end. The excellent news is it is — the quantity and the gross sales are there.

So it is actually only a timing factor. It isn’t like the quantity was not there. So — however as we proceed to enhance that, will probably be — a stronger course of is extra predictable, simpler to handle transferring ahead. In order that was form of the ultimate piece as we work by way of the numbers.

And once more, high-class drawback, nevertheless it was pretty significant when it comes to the quantity, which is an effective drawback. So when it comes to the electrolyzer scope and the timing and cadence, do you need to speak about that, Sanjay?

Sanjay Shrestha — Chief Technique Officer

Positive. Pleased to try this. Once more, I feel the way in which we’re managing and working our electrolyzer enterprise, proper, is actually there’s two items to that enterprise. One, we’ve a challenge enterprise and we’ve a product enterprise the place we’re actually specializing in standardization, turnkey merchandise.

Now, inside our challenge enterprise, there’s quite a lot of synergies that we are able to draw from our inside challenge, in addition to issues that we’re doing for the exterior buyer just like the work we’ve occurring with New Fortress Power. That is our challenge enterprise, which I feel, given the scope and dimension of that that finally ends up changing into extra on a % of the completion accounting and timing of how the challenge ramps and rolls out. Now, from a product standpoint with our 1-megawatt structure and 5-megawatt structure, particularly with our 5-megawatt turnkey product, that is actually making inexperienced hydrogen simple, when you would, for our clients as a result of all our buyer want in that case is land and water and availability of energy. We’re offering ranges of product that is completely turnkey.

And as you noticed in a few of our feedback in our shareholder letter, for the reason that launch of the product, we have seen large traction there, proper? Now, when it comes to a significant income ramp, you will notice that change into very significant as you go towards the latter a part of Q3 and actually into This fall from a timing of when the set up occurs, how the income will get acknowledged, however as Paul talked about, we’re electrolyzer being about 30% of our general income in 2023. However from a cadence standpoint, that is how it’s best to give it some thought.

Sam Burwell — Jefferies — Analyst

OK. Actually useful, particularly delineating between challenge and product. I imply, this kind of begs the query of my follow-up. I imply, I am attempting to reconcile the gross sales funnel with the order backlog.

I imply, there’s sentiment on the market that the response to the IRA to date has been underwhelming, however it is rather new, and there is a lot to digest. Do you suppose that your clients are nonetheless digesting the small print on all of the nuances of the PTC and some other IR implications earlier than changing their inbound to, say, a agency order?

Andy Marsh — Chief Govt Officere

So Sam, I am going to take that one. Let me take a step again at a better degree, I feel how companies reply is what looks like to you and traders is sluggish, for a few of these massive firms is definitely fairly quick. So I do suppose there’s a little little bit of distinction there. On the second merchandise, I — we do — I feel we talked about within the shareholder letter, we most likely booked 30 of those 5-megawatt techniques within the final two-three months of final yr.

So there was uptake. That being stated, I feel that treasury will probably be popping out in July with the steering. I am not going to make use of the ultimate steering as a result of it would — there’s at all times an evolution however I feel when treasury comes out with its steering that it’ll assist finalize enterprise instances in some firms, which can enable there to be larger momentum. Look, once I take a look at Plug, $1.4 billion this yr is a reasonably good traction with the IRA however I do suppose that — I do perceive how traders might take a look at it and the way massive firms can take a look at it.

I can let you know, subsequent week, I will be at CERAWeek for 3 and half days. And I proudly — in 40 hours of conferences already established largely with of us who’re electrolyzers.

Sam Burwell — Jefferies — Analyst

Received it. Thanks.

Andy Marsh — Chief Govt Officere

OK. Sam.

Operator

[Operator instructions] Our subsequent query comes from Biju Perincheril with Susquehanna. Please state your query.

Andy Marsh — Chief Govt Officere

Hello, Biju.

Biju Perincheril — Susquehanna Worldwide Group — Analyst

Hello. A fast query on the cryo gear enterprise. Simply attempting to grasp the chance there. Are you able to speak about how huge this could possibly be for third-party gross sales? Are you this largely to serve your inside wants? Or any shade you can provide there on the potential to ramp there?

Andy Marsh — Chief Govt Officere

I am sorry, Biju. I missed the product to begin. I heard the remainder of your query.

Biju Perincheril — Susquehanna Worldwide Group — Analyst

The cryo gear?

Andy Marsh — Chief Govt Officere

Completely. So if I take a look at the cryo gear, we have — I’d say once we take a look at the trailer enterprise, Sanjay, how a lot — what number of trailers will we anticipate from a percentage-wise to develop this yr, higher exterior? It is a pretty important quantity.

Sanjay Shrestha — Chief Technique Officer

Completely. And each 15-ton plant wants a seven trailer to not even embody all of the storeys that they will want, proper?

Andy Marsh — Chief Govt Officere

However I do know that there is most likely 20 trailers that — or hydrogen trailers that we’re constructing or have been constructed that we’re trying to ship and that we are able to see that as we promote our liquefier and electrolyzer merchandise, persons are coming to us about our cryogenic trailers too. And we’re truly to broaden the power that we’ve in Houston to have the ability to help the demand. On the liquefier, we’re an actual believer that through the subsequent 10 years, liquid hydrogen goes to be the first most cost-effective technique of transporting hydrogen any distances. And we consider that finally, the liquefiers additionally will probably be used off hydrogen pipeline to have the ability to ship high-quality storage of people who find themselves not on the pipeline.

So we — this yr, we already, I do know Sanjay have 4 contracts, 4 liquefiers we bought and that we’re trying to proceed to extend that quantity and there is quite a lot of gross sales exercise. So the cryo enterprise is — and I’ll circle someplace between $150 million to $200 million this yr. Is {that a} truthful quantity?

Sanjay Shrestha — Chief Technique Officer

It is a truthful quantity, Andy. Yeah.

Andy Marsh — Chief Govt Officere

Yeah. So Biju, yeah, it is a crucial a part of our enterprise mannequin. However I additionally suppose you hit on one other key level. The interior use of these merchandise, we purchased these companies primarily for safety of provide, in addition to utilizing the fee financial savings we’ve from these at cryogenic gear truly greater than pays for the acquisitions.

So it is a mixture that the acquisitions are working and for each our personal use and exterior use. Lengthy reply. Hope that was useful, Biju.

Biju Perincheril — Susquehanna Worldwide Group — Analyst

That is very useful. Thanks.

Operator

Thanks. And our subsequent query comes from Kashy Harrison with Piper Sandler. Please state your query.

Kashy Harrison — Piper Sandler — Analyst

Good night crew and thanks for taking the query.

Andy Marsh — Chief Govt Officere

Hello, Kashy.

Kashy Harrison — Piper Sandler — Analyst

Hello, Andy. So I wished to dig in just a little bit to the This fall outcomes, only one extra time. Wanting on the gasoline cell techniques and infrastructure line, that is been a constant 20% gross margin enterprise and it dipped in 4Q. Might you simply broaden on what the drivers have been there? After which, an analogous query for companies and the loss provision line, they elevated a bit in This fall.

So simply perhaps stroll us by way of what occurred there and what drives the boldness that these ought to begin to enhance beginning in Q1 and Q2?

Andy Marsh — Chief Govt Officere

Go forward, Paul.

Paul Middleton — Chief Monetary Officer

Yeah. So within the gear line, it now displays all gear throughout the corporate. And what you see in This fall was a reasonably large funding in new product and new manufacturing services. So that you most likely have seen, we have talked extensively about launching two large-scale services, one right here in Latham and one up in Rochester.

These are simply coming on-line and beginning to ramp. So the mix of, we name it, unfavorable leverage at these preliminary phases of turning this on along side launching numerous new merchandise, which you at all times have some new product expertise as you scale these preliminary merchandise off our line. These are what you are seeing negatively draw down gear margin. As we rolled into 2023, you are going to see a step operate change and leverage on these services.

And so, it is a reasonably large quantity profit that you’ll see along with figuring out the kinks on these merchandise for now as much as launching that first large-scale stationary and electrolyzers at scale. And so, we have labored by way of quite a lot of these preliminary bumps and bruises and velocity bumps that you’ve if you try this. And so, this yr, significantly as we progress by way of the yr, you are going to proceed to see not simply the leverage, however the margin accretion as we proceed to scale these merchandise and work by way of these points. On the service line, it is actually — final yr was affected partly with provide chain and different points that we talked about, we’re gaining access to components.

We have now numerous applications, which we have seen large advantages within the small inhabitants of websites and models that we have deployed them to. And we simply did not get as far alongside as we might hoped to into placing these applications in place. Having stated that, we have now labored by way of quite a lot of these points and obtained the components coming in, and we have got energetic collaboration with the purchasers to try this and roll that out at a a lot quicker scale in ’23. So we’re extra assured than ever when it comes to the advantages that we’re seeing in these reliability investments.

And so, as you see these begin to play by way of, you may positively see a big constructive trajectory in that service margin. And to be sincere, as we transfer ahead, I am hoping that we’re even hopefully perceive over ship and on the service profile in order that we’re hopefully conservative when it comes to the place our place was in a few of these loss positions that we accrued. However we’ll see as the primary — there’s some the primary half will probably be essential to actually present that progress. And we’re seeing that already within the first couple of months.

And so, I feel we will have actual good development as of the yr.

Kashy Harrison — Piper Sandler — Analyst

Thanks for the element, Paul. Actually, actually admire it. Simply had one fast follow-up on liquidity and money. Simply money, short-term securities, restricted money on the steadiness sheet, simply summing all of these up, it appears to be like such as you guys used about $1.4 billion of money.

I used to be simply questioning when you may converse to your expectations on money utilization in 2023. After which, perhaps additionally focus on how we needs to be fascinated with the timing and dimension of the DOE mortgage, if there’s been any evolution in your expectations there? Thanks.

Paul Middleton — Chief Monetary Officer

Yeah. I admire that. After I take a look at money, I take a look at the full pool of the fairness investments, the short-term securities. I imply, all of them are liquid brief time period in nature.

We clearly try to maximize unfold and leverage on these from an funding standpoint. Given the market charges, you are truly — you see a giant tick up within the rates of interest, and you will see extra of that this yr as we go ahead. However collectively, I sit with near $3 billion in complete money liquidity even the restricted money, I imply, that is mainly releases to me at about 20%-25% a yr. So it helps fund our enterprise as we transfer ahead because it does — the fairness investments and so forth as these turned.

So I am sitting with an excellent place, and also you most likely noticed that we paid off generates. So I actually haven’t any debt at present, as I stated, as a result of the small — very small portion of converts to have is like 4 occasions six occasions within the cash. So that can convert out. And so, I sit with a reasonably mainly unleveraged steadiness sheet and so we sit in a great place to fund the pipeline this yr.

And with the development that we’re displaying in each gross sales and margin, it places me in a a lot stronger place when it comes to choices. Thankfully, we’ve an excellent relationship with the DOE they usually’re actively working with us attempting to shut that program. It is a course of as most likely you recognize and admire, they’re actually going by way of the entire due diligence as we converse, which is fairly huge. I imply, they use industrial engineers to have a look at our vegetation, they’re trying to rent outdoors companies to do monetary diligence.

There’s quite a lot of completely different processes they undergo. However we have been speaking about an overview of a $1 billion program. Issues which might be mutually we’re engaged on an idea, a contract that we mutually aligned on and we’re working diligently to carry that to fruition. And thankfully, I’ve different choices obtainable to me given the power of the steadiness sheet and the positioning them in as we transfer by way of the yr, together with leveraging the Georgia facility and different services that we will activate this yr to flow into that capital.

These are very engaging applications given the PTC and the character of these and the money era alternatives there. So I feel within the second half, you may see both one thing within the DOE area or different applications that we’ll act on. However I really feel actually good concerning the DOE program, and I really feel like that is a really actual alternative that has excessive chance coming to fruition. So we’ll see because the months progress, what is smart for Plug.

Operator

Thanks. And our subsequent query comes from Invoice Peterson with J.P. Morgan. Please state your query.

Invoice Peterson — JPMorgan Chase and Firm — Analyst

Hello. Good afternoon. Sorry, I’m within the airport, may be loud. So I apologize prematurely.

My first query is — it is associated to your manufacturing price. Within the February 3 presentation, you talked about near-term manufacturing prices about $4 per kilogram. Simply need to guarantee that’s nonetheless the correct means to consider it as we take into consideration Georgia lighting up interval the subsequent month or so. Your confidence degree round that.

That is proper — after which how that might evaluate in opposition to comparable applications that could be coming on-line, I assume, by way of — I assume most likely later than ’24 timeframe out of your rivals?

Andy Marsh — Chief Govt Officere

Sanjay, do you need to take that?

Sanjay Shrestha — Chief Technique Officer

Yeah. Pleased to try this. Once more, Invoice, from a portfolio perspective, proper, that $4 quantity, we’re completely very assured about that. That is the quantity we have talked about, and we really feel fairly good about it.

So when the primary 15 ton comes on-line in Georgia. The quantity will probably be just a little bit north of that. However we’ve different vegetation which might be truly obtained even higher charges on the electrical energy that truly, we’ve decrease numbers than that, proper? So I feel from a portfolio perspective, when you concentrate on our general price of inexperienced hydrogen, that is about the correct quantity. In order that’s appropriate, No.

1. And No. 2, if you then take into consideration — and the objective right here, proper, is we simply need to guarantee that we maintain driving the capex numbers down, which clearly impacts the depreciation price and the general price of that hydrogen molecule. However extra importantly, we’re actually fascinated with the place are you able to get the bottom doable price of that renewable electrode, proper? That has a a lot greater affect when it comes to driving that price down.

And directionally, you’ll truly see that as prices proceed to go down.

Invoice Peterson — JPMorgan Chase and Firm — Analyst

OK. Nice. My second one is, I assume, it is extra associated to potential offtake or technique round heavy responsibility. We talked about how we’re doing previously and as final yr, you probably did announce Nikola as an offtake and plus to be shopping for vehicles.

However I assume you could have additionally on the similar time, extra expertise with HYVIA. So wished to get a really feel for a way you are fascinated with your technique for heavy-duty trucking. Partnerships, JVs, or simply perhaps simply have offtake agreements with the likes of nickel or different gamers?

Andy Marsh — Chief Govt Officere

So Invoice, that is — we’ve a number of discussions on the board degree concerning the potentials of the heavy-duty automobile market. I feel in the beginning, we’re fairly focused on offtake agreements. Just like the one we did with Nikola. I feel that the query we battle with is does the margin related to being a heavy-duty automobile supplier in the long run align with the margin objective of our firm.

So we are able to — I’d say this, I can let you know what we’re not going to do. We’re not going to independently construct a heavy-duty trucking firm. We do take a look at and we proceed to discover potential JVs. So if I used to be going to present you an order, Invoice, we’ll promote hydrogen to anybody within the heavy-duty automobile business.

We’ll take a look at JVs with a really considerate eye fascinated with the long-term margin profile of that business. Chance we may simply promote ProGen engines, which can be extra engaging to us and even, I feel, for actual heavy quantity stacks. And the third one is we’re not going to do all of it.

Invoice Peterson — JPMorgan Chase and Firm — Analyst

OK. That is very clear. Thanks for the colour and good luck on the execution on all these initiatives.

Andy Marsh — Chief Govt Officere

Thanks, Invoice.

Operator

Thanks. The subsequent query comes from Sherif Elmaghrabi with BTIG. Please state your query. Mr.

Elmaghrabi, your line is open. Go forward.

Sherif Elmaghrabi — BTIG — Analyst

Hello. Are you able to hear me now?

Andy Marsh — Chief Govt Officere

Sure, we are able to hear you.

Sherif Elmaghrabi — BTIG — Analyst

All proper. Sorry about that. Thanks for taking my query. I wished to ask a few fast ones, following up on Manav on the high of the decision about materials dealing with.

Final quarter, I feel you stated about 35% of the fabric dealing with enterprise was small and midsize and the way is that trending given you guys are concentrating on a handful of recent pedestal clients this yr?

Andy Marsh — Chief Govt Officere

Good query. I’d suppose that — once I take a look at the approaching deployments over the subsequent six to seven months as a result of a few of our massive pedestal clients are starting to deploy at a quicker fee once more. It is going to most likely be combined. That blend might be 75%, 80% for big websites within the first half of the yr after which most likely settling again into the medium — the 35% quantity we shared beforehand within the second half of the yr.

Sherif Elmaghrabi — BTIG — Analyst

That is useful. After which, to comply with up, you stated you have been concentrating on 50 to 60 new pedestal buyer websites. Are any of these with current clients? Or is that extra of a proxy for including new pedestal?

Andy Marsh — Chief Govt Officere

Yeah. I — so let me be sure I am clear concerning the numbers, Sherif. We’ll do 80 deployments in materials dealing with this yr. We’ll add three new pedestal clients this yr.

So these pedestal clients may over the approaching years deployed anyplace between 5 to 10 websites per yr simply to form of guarantee that the numbers are clear to you.

Sherif Elmaghrabi — BTIG — Analyst

Yeah. Thanks for clearing that up. That is it for me.

Andy Marsh — Chief Govt Officere

All proper. Thanks.

Operator

And our subsequent query comes from Ameet Thakkar with BMO Capital Markets. Please state your query.

Ameet Thakkar — BMO Capital Markets — Analyst

Hello. How are you? Thanks for squeezing me in. Simply actual fast on the GenDrive models bought for the yr. It appeared prefer it was round 1,800.

I used to be simply questioning that is decrease than it was final yr within the prior yr. I used to be simply questioning when you may give just a little little bit of shade on form of what’s driving form of the, I assume, perhaps a number of the smaller numbers than we anticipated for this yr?

Andy Marsh — Chief Govt Officere

Yeah. I feel that — and we — and it is actually associated to what I talked about in January with the development at our buyer websites being slowed down due to the challenges in provide chain and so this yr, the variety of websites we’ll do will probably be 2x, and we all know the place they are going. In order that’s actually — it actually was extra — it was extra on the — it was actually on the client aspect and their skill to — a lot of our merchandise go into new services with a few of our clients. That actually — that was actually the place the delay is.

Ameet Thakkar — BMO Capital Markets — Analyst

Received it. After which, only one fast housekeeping problem. Such as you guys reaffirmed ’23 income and gross margins, however the working revenue margins. I feel you guys are concentrating on minus 24% for ’23, however that is nonetheless unchanged, proper?

Andy Marsh — Chief Govt Officere

I’ll let Paul reply that, Ameet, to be sure you get the correct reply. Paul?

Paul Middleton — Chief Monetary Officer

Yeah. Let me simply make clear. So it was $1.4 billion, 10% gross margins and what I’ve talked about is form of a $125 million per quarter opex fee is roughly as a proxy. In order that form of provides you the maths when it comes to — sure, the 24% being detrimental, sure, that was the quantity, and that is roughly directionally in that vary.

Ameet Thakkar — BMO Capital Markets — Analyst

Thanks a lot for that.

Operator

Thanks. And our subsequent query comes from Craig Shere with Tuohy Brothers. Please state your query.

Andy Marsh — Chief Govt Officere

Hello, Craig.

Craig Shere — Tuohy Brothers — Analyst

Hello. Good afternoon or night, Andy, Sanjay, and Paul. So on the reply to Kash’s query, I used to be just a little confused, Paul. Should you’re profitable with the DOE mortgage, do you not must again lever and recycle the capital within the inexperienced hydrogen community?

Andy Marsh — Chief Govt Officere

Paul?

Paul Middleton — Chief Monetary Officer

Yeah. No, I perceive. The reply is it might most likely be both/or. We may do one or the opposite.

There’s a likelihood that we may do each. When you could have a $5 billion steadiness sheet by itself, you theoretically may leverage up that. It is in isolation, in addition to again lever these particular person plant services. So I’d say all the pieces is within the combine, Craig, and I’ll — we will work by way of the perfect capital resolution for Plug.

So I am excited concerning the DOE program. I feel it is a very viable and thrilling potential program for us. However the excellent news is the choices proceed to divulge heart’s contents to us even unsolicited inbound alternatives from varied lenders and folks and banks that we need to be sure we’re finest positioned to make the most of the bottom price of capital and most versatile capital alternatives, and we’ll proceed to consider what that construction is. However I am very optimistic concerning the DOE, I feel that is a really viable and sure situation.

However likewise, we will definitely nurture completely different alternatives as effectively and make the perfect resolution. So hopefully, that helps.

Craig Shere — Tuohy Brothers — Analyst

Definitely does. I assume this type of segues just a little on my second query, I do not know if that is form of like utterly off observe. But when Sanjay, as an instance, we quick ahead 9 months on the finish of the yr and your inexperienced hydrogen community and your Olin JV is doing higher than it appeared just like the final three months and a number of the delays we have seen. And maybe you are ready, significantly with decrease fuel costs, in the event that they maintain right here the place perhaps when you’re doing higher than anticipated on the tempo of inside hydrogen era that it would make sense to only purchase out a few of these money-losing third-party industrial fuel contracts given how a lot liquidity you could have after which simply have a clear easier to grasp, extra engaging set of operations going ahead after you chunk the bullet.

Might that ever make sense with that chance to ever current itself?

Andy Marsh — Chief Govt Officere

Craig, all I am going to say is that it is an actual attention-grabbing thought.

Craig Shere — Tuohy Brothers — Analyst

OK. All proper. Thank for that.

Andy Marsh — Chief Govt Officere

OK.

Operator

And our subsequent query comes from Michael Blum with Wells Fargo. Please state your query.

Michael Blum — Wells Fargo Securities — Analyst

Thanks. Good night, everybody. Simply two fast. Simply wished to verify in on the fee for hydrogen plant.

Curious of that $8 million to $9 million per ton per day continues to be holding regular and the way you anticipate that to development over time? After which, additionally simply wished to see what we should always assume for capex in ’23 and perhaps ’24. Thanks.

Andy Marsh — Chief Govt Officere

So Sanjay, do you need to take the primary one? And Paul, the second half is that query?

Sanjay Shrestha — Chief Technique Officer

Yeah. So Michael, no change to that view, proper? Clearly, the built-in inexperienced hydrogen plant is larger. The feedstock hydrogen plant, the likes of JV with Olin, decrease capex, proper? However we actually haven’t any purpose to alter that quantity that you just simply acknowledged about at this time limit. Paul?

Paul Middleton — Chief Monetary Officer

Yeah. And I’d say we’re nonetheless concentrating on $1 billion in capex this yr. As we undergo the yr, we’ll have higher visibility on timing of issues. We’re attempting to speed up the applications and I am working behind the scenes, attempting to defer the funds being a great CFO.

So we’ll see how the timing all that comes collectively in facilities, however that is our focus.

Michael Blum — Wells Fargo Securities — Analyst

Thanks.

Operator

Thanks. And there are not any additional questions at the moment. I am going to hand the ground again to Andy Marsh for closing remarks.

Andy Marsh — Chief Govt Officere

Properly, thanks, everybody. And many people from Plug will probably be in Houston for CERAWeek subsequent week. Please come up and speak to us. I do know Sanjay will probably be there.

I will be there and plenty of different members of the Plug crew will probably be obtainable to rule at all times. to speak to traders and analysts. So thanks, everybody. Discuss to you quickly.

Bye now.

Operator

[Operator signoff]

Period: 0 minutes

Name individuals:

Teal Hoyos — Director of Advertising Communications

Andy Marsh — Chief Govt Officere

James West — Evercore ISI — Analyst

Manav Gupta — UBS — Analyst

Alex Kania — Wolfe Analysis — Analyst

Sanjay Shrestha — Chief Technique Officer

PJ Juvekar — Citi — Analyst

Amit Dayal — H.C. Wainwright and Firm — Analyst

Paul Middleton — Chief Monetary Officer

Eric Stine — Craig-Hallum Capital Group — Analyst

Sam Burwell — Jefferies — Analyst

Biju Perincheril — Susquehanna Worldwide Group — Analyst

Kashy Harrison — Piper Sandler — Analyst

Invoice Peterson — JPMorgan Chase and Firm — Analyst

Sherif Elmaghrabi — BTIG — Analyst

Ameet Thakkar — BMO Capital Markets — Analyst

Craig Shere — Tuohy Brothers — Analyst

Michael Blum — Wells Fargo Securities — Analyst

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