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Plug Power Inc. SWOT & PESTLE Analysis

ID : 521270753| Jun 2022| 21 pages

COMPANY PROFILE -Plug Power Inc.

Business Sector :Fuel Cells, Energy

Operating Geography :United States, North America, Global

About Plug Power Inc. :

Plug Power Inc. is an American firm that develops hydrogen fuel cell devices to replace traditional batteries in electrically driven equipment and automobiles. The company's headquarters are in Latham, New York, and it also has offices in Spokane, Washington, and Rochester, New York. The firm was established as a joint venture between DTE Energy and Mechanical Technology Inc. in 1997. The company went public in October of 1999. Plug Power is the innovator that brought hydrogen and fuel cell technology from concept to market. The GenKey system from the company combines all of the parts required to power, fuel, and serve a customer. Plug Power replaces lead-acid batteries in electric industrial vehicles, such as the lift trucks customers use in their distribution facilities, With proven hydrogen and fuel cell products. The company's ProGen platform of modular fuel cell engines expands its reach into the on-road electric vehicle sector, allowing OEMs and system integrators to quickly integrate hydrogen fuel cell technology. Thousands of ProGen engines are in service today, serving some of the world's most demanding activities. Edison Motors and Plug Powers Inc. have signed a deal to mass-produce hydrogen-fueled city buses. By the second half of 2022, the businesses plan to have a fuel cell electric bus prototype finished and be ready to launch a mass-market platform by the first half of 2023.

Plug Power's USP lies in its being the world's top provider of turnkey hydrogen solutions for the global green hydrogen economy, as well as the world's largest buyer of liquid hydrogen and builder of hydrogen filling stations. The mission statement of Plug Power reads, " To build the clean hydrogen economy – green hydrogen sustainability solutions that lower carbon footprints, increase productivity, and lower operating costs".

Plug Power Inc. Revenue :


US$ 502.34 million - FY ending 31st Dec 2021
US$ -93.24 million - FY ending 31st Dec 2020

Competitive Analysis of Plug Power Inc.

SWOT
PESTLE
The SWOT analysis for Plug Power Inc. is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Industry leader in hydrogen fuel cell technology with global presence and blue-chip customers
2. Strategic partnership with Renault, BAE systems, SK group etc. to capture B2B vehicle market
3. Vertical Integration by strategic investments and partnerships to reduce costs
4. On track to build world’s first PME fuel cell giga factory in New York State.
1. Companies core business performance in poor state
2. Accounting irregularities found causing negative $93M revenues and loss of $566M in 2020
3. Consistent negative operating income for last 4 years

OpportunitiesThreats
1. Numerous use cases where Hydrogen fuel cell technology can be applied
2. Importance of renewable and pollution free sources of energy increasing due to climate change
3. Fuel cell cost decreasing with technological progress and increasing production volumes
4. Opportunity of expansion in Europe with European countries welcoming renewable technology
1. Uncertainty over the success and adoption of Hydrogen fuel cell technology in longer run
2. Battery electric vehicles becoming the preferred alternate to conventional vehicles
3. Multiple Challenges in storing hydrogen
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Detailed SWOT Analysis of Plug Power Inc.

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

1. Numerous use cases where Hydrogen fuel cell technology can be applied: With stronger push for the use of renewable resources coming from many directions, it seems only a matter of time before these renewable sources of energy will replace the usage of traditional forms of energy from all sectors. Hydrogen fuel cell technology that is being pioneered by Plug Power has multiple use cases and can help in this energy transformation. They can be used in transportation by powering vehicles, they can be used for the generation of heat and power for housing, buildings and industry. Additionally, they also have potential to be used for powering container ships, tankers, fuel cell airplane, metal processing industry. They can act as Auxiliary power units, large scale CHP for industry. Fuel cell technology faces a tough challenge from battery powered systems which are being rapidly adapted but they do have advantages over them. Hydrogen Fuel cell engines can be refueled quickly as the hydrogen has to be refilled just like gasoline whereas the battery powered vehicles take hours charging the battery. All these applications open up a huge market for fuel cell technology which plug power can leverage on.

2. Importance of renewable and pollution free sources of energy increasing due to climate change: The importance and use of renewable sources of energy is increasing exponentially because of several factors. The most important among them being that their use will reduce the pollution and carbon dioxide emission caused by other traditional sources of energy there by mitigate climate change and its drastic consequences. Governments all around the world are pledging to reduce their carbon dioxide emissions to meet this goal. Another factor that plays to the advantage of renewable sources of energy is that most of them do not cause pollution and can be considered clean. Energy produced form coal, oil and natural gas produces a lot of pollutants and impact the quality of air and water thereby impacting standard of living. As the world comes out of poverty people expect their governments to provide them with clean air and water as basic necessity. Another important factor for the growth of renewable sources of energy is that it would help many countries meet their energy needs without being dependent on other countries. In the past oil producing countries have formed groups (e.g., OPEC) that manipulate oil prices by changing supply. Plug Power can leverage on this trend to become an important player in energy sector.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Ballard Power
  • Toshiba
  • Fuelcell Energy
  • Hydrogenics
  • Doosan Fuel Cell
  • Horizon
  • Intelligent Energy
  • Hyster-Yale Group
  • Nedstack
  • Pearl Hydrogen
  • Sunrise Power
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Check Out Analysis of Other Relevant Companies

References used in Plug Power Inc. SWOT & PESTLE Analysis Report

1. BAE Systems and Plug Power collaborate on hydrogen-powered solutions for electric buses - https://www.baesystems.com/en/article/bae-systems-and-plug-power-collaborate-on-hydrogen-powered-solutions-for-electric-buses
2. Plug Gigafactory on Schedule for First Operation - https://www.plugpower.com/plug-gigafactory-on-schedule-for-first-operation/
3. Plug Power to restate financial statements, stock plunges - https://www.marketwatch.com/story/plug-power-to-restate-financial-statements-stock-plunges-11615930211
4. In the face of worsening climate crisis, UN Summit delivers new pathways and practical actions to shift global response into higher gear - https://www.un.org/sustainabledevelopment/blog/2019/09/in-the-face-of-worsening-climate-crisis-un-summit-delivers-new-pathways-and-practical-actions-to-shift-global-response-into-higher-gear/
5. Regulating Power Sector Carbon Emissions - https://www.c2es.org/content/regulating-power-sector-carbon-emissions/
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Plug Power Inc. SWOT and PESTLE analysis has been conducted by Mukesh Anand and reviewed by senior analysts from Barakaat Consulting.

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