Plug Power

Workhorse on the bubble, or is it worse?

Less than three months after my generally upbeat visit to Workhorse Group’s refurbished plant near the Ohio-Indiana border, the electric truck maker’s situation appears dire.

Layoffs and furloughs

Workhorse has laid off 20% of its workforce. Much of the rest is on unpaid furlough and could be called back to work. 

The company is choked with inventory. It has less than $7 million in cash on the books and accounts payable for more than twice that amount. At a projected burn rate less than Q1’s $5.5...

https://www.freightwaves.com/news/workhorse-on-the-bubble-or-is-it-worse

Electric trucks should shake off setbacks in 2024

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Meaningful volume growth eluded heavy-duty electric trucks last year for several reasons: Charging...

https://www.freightwaves.com/news/electric-trucks-should-shake-off-setbacks-in-2024

Startups struggling to make financial ends meet

One is a startup. The other is better described as an early-stage growth company. Choosing lidar maker Ouster Inc. and bus, battery and electric infrastructure provider Proterra Inc. for Securities and Exchange Commission filings scrutiny may be selective. But they represent the ongoing financial difficulties affecting companies trying to advance transportation technology.

Some have already left the stage: XL Fleet was purchased by the Shyft Group. Electric Last Mile Solutions went bankrupt amid...

https://www.freightwaves.com/news/startups-struggling-to-make-financial-ends-meet

ProMat roundup: The biggest announcements from Day 1 & 2

CHICAGO — ProMat 2023 is well underway, and the announcements have been coming fas and furious.

The massive trade show, running this week for the first time since 2019, features 1,000 of the top supply chain and logistics companies pitching their latest and greatest solutions to tens of thousands of guests.

As you can imagine, the 500,000-square-foot show floor is jam-packed with firms across industries like robotics, automation, manufacturing, assembly, delivery, fulfillment and information...

https://www.freightwaves.com/news/promat-roundup-the-biggest-announcements-from-day-1-2

Cummins sees billions from its hydrogen electrolyzer business

The New Power division at Cummins Inc. probably won’t break even before interest, taxes, depreciation and amortization before 2027. But when it does, it may never look back. One reason is its investment in producing electrolyzers, a critical enabler to making hydrogen fuel for zero-emission long-haul trucking among myriad other uses.

IDTechEx forecasts the water electrolyzer market will grow over the next decade to $120 billion by 2033. By 2025, the firm estimates fivefold growth in electrolyzer...

https://www.freightwaves.com/news/cummins-sees-billions-from-its-hydrogen-electrolyzer-business

Nikola gets boost to European fuel cell truck business

A German provider of integrated energy solutions has signed a letter of intent to purchase 100 hydrogen-powered trucks from Nikola Corp. It is the startup’s first prospective European customer for Nikola Tre fuel cell electric vehicles.

A letter of intent is not the same as a purchase order. But it boosts Nikola’s manufacturing joint venture with Iveco in Ulm, Germany. That’s where the trucks would be built for delivery in 2024 and 2025.

GP Joule, based in Reussenkoege, Germany, wants the...

https://www.freightwaves.com/news/nikola-gets-boost-to-european-fuel-cell-truck-business

Plug Power will buy up to 75 Nikola fuel cell trucks

Electric truck manufacturer Nikola Corp. will buy 100 metric tons of hydrogen a day from Plug Power in exchange for selling Plug Power up to 75 fuel cell electric trucks over the next three years.

Nikola’s hydrogen-powered fuel cell Class 8 cabover truck goes into production next year at a greenfield plant in Coolidge, Arizona. Nikola is building a hydrogen hub in nearby Buckeye to make the hydrogen needed to fuel the trucks. The facility is going through permitting and rezoning processes....

https://www.freightwaves.com/news/plug-power-will-buy-up-to-75-nikola-fuel-cell-trucks

1MW Fuel-Cell Power Generation System To Become A Reality Soon

Toyota and the US Department of Energy are working on a prototype 1MW fuel-cell power generation system which could eventually be a drop-in replacement to a conventional generator, reports DCD.

A 1MW fuel cell

The DOE’s National Renewable Energy Laboratory (NREL) in Arvada Colorado, is working with Toyota Motor North America to install and evaluate a 1MW proton exchange membrane (PEM) fuel cell power generation system at NREL’s Flatirons Campus.

The announcement comes after Microsoft, working...

https://mfame.guru/1mw-fuel-cell-power-generation-system-to-become-a-reality-soon/

Amazon taps Plug Power for green hydrogen supply

An Amazon warehouse with semi trailers parked in the lot sits in front of a green background.

E-commerce giant Amazon on Thursday announced an agreement with Latham, New York-based Plug Power to supply 10,950 tons of green hydrogen annually for transportation and building operations starting in January 2025.

This contract includes enough green hydrogen to power 30,000 forklifts or 800 heavy-duty trucks for long-haul transportation annually, according to Amazon (NASDAQ: AMZN). The green hydrogen will replace gray hydrogen, diesel and other fossil fuels to reduce greenhouse gas emissions.

“A...

https://www.freightwaves.com/news/amazon-taps-plug-power-for-green-hydrogen-supply

US producer to generate 35 tons of green hydrogen daily in Belgium

A lake in the shape of a hydrogen pump is surrounded by green trees.

Latham, New York-based Plug Power announced Wednesday it will produce 35 tons of green hydrogen a day at a new plant in the Port of Antwerp-Bruges in Belgium, starting in 2025.

The agreement includes plans to build a 100-megawatt green hydrogen plant on 28 acres of land that can produce up to 12,500 tons of liquid and gaseous green hydrogen annually. Green hydrogen is produced by using electrolyzers powered by renewable electricity to split water into hydrogen and oxygen.

“As Europe grapples with...

https://www.freightwaves.com/news/us-producer-to-generate-35-tons-of-green-hydrogen-daily-in-belgium

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