Plug Power: Hydrogen Growth bet with High Risk

Plug Power is a "pure-play" company that benefits significantly from the global energy transition and government support for hydrogen (particularly through the U.S. IRA). The vertical integration strategy (from electrolyzer production to hydrogen generation to end application) offers the potential for high margins and a strong market position in a rapidly growing future market if successfully scaled. Plug Power recently announced a comprehensive workforce reduction, aiming to achieve positive gross margins by the end of 2025 and positive...