Plug Power (PLUG) 6 Aug 202020 Q2 Earnings call transcript

Greetings, and welcome to the Plug Power Second Quarter Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teal Hoyos, Director of Marketing.

Thank you. to Power welcome Earnings Second and Call. morning, the XXXX Plug Quarter Good include statements. call forward-looking This will We forward-looking in harbor Section XXXX. provisions the intend the Act XXE for by these Securities Exchange forward-looking statements of to the statements Act XXXX contained of Section Securities of covered XXA and be of safe that believe to important future our We communicate is it investors. expectations to

risks, risks expectations of unduly and XX, future on and events that for Form cautioned our operations and file are factors as condition, of we forward-looking forward-looking on discussed limited Including, Item under not XX, described outcome reports March uncertainties investors statements December Risk XX-K quarterly well future report rely on about the time from first results on other The XX-Q factors. XXXX, not forward-looking as to ended projections in to these current We in XXXX, SEC. is but the annual and other year events. time they statements to the for and uncertainties as our However, believe may the our of the Form predictions business, with quarter events prospects. in statements trends ended report fiscal and affect to, financial subject the XA

the us on and uncertainties impact all predict to risks for statements. it and have and possible an risks New that not emerge from time, time is uncertainties could to forward-looking

this material. representation the other in inaccurate, statements the made, and person should our like which call or not any as to we only all. these assure are prove achieve I be forward-looking day the update intend forward-looking accurate. may call. not over of our the after or to in the by a forward-looking At in frame to any As time or CEO, be Furthermore, Plug statements as Andy any undertake of at a forward-looking statements this we result or and us be specified the these to statements In will significant we statements prove objectives factors, statements Power's plans that point, that you these of statements warranty turn cannot to will regard These uncertainties speak do light forward-looking Marsh. inaccuracy if would

earnings Teal, Thank sure you, many everyone, you, our and you quarter joining call. have of quarter's for investor letter. second our thank second read I'm

be items excite brief, like So would and X really highlight my to that will team. Power Plug opening comments just I the

the record the achieving million a over of had in billings gross $XX in quarter pandemic, middle in million we $X First, EBITDA. and

quarter between The $XXX and higher $X XX% $XXX million million, to billings, EBITDA projecting in are third we with gross between million. to million will $XX be

and X,XXX units construct of million factory install Our hydrogen will are year, and to Through in build service over and GenDrive the billings team XX million our in we goal $XXX $XX EBITDA. gross target stations. on and achieve

electrolyzers provides green the hydrogen achieve day in-house via has the me with Giner we scale those provides cost acquisitions technologies manufacturing, of renowned and and of gigawatts by now in technology. costs quarter coupled and ELX the producing deploy electrolyzers and With of network tonnes and electrolyzers believe capability a of distribution our to a is Hydrogen that and drive and Europe Power's plants ELX. North for and leverage excited better United us hydrogen took current Giner better XX goal XX PEM Second of to by positioned their Plug Hydrogen across alkaline Plug commercial Europe, Plug second in below item Power steps well major PEM that to XXXX. to technology, platform Africa is large-scale deployment planned us the United Power will ELX build Giner electrolyzer for technology build the sites. day we is XXXX the

this Third in clear billion million and that's $X.X year growth in in to revenue item, EBITDA achieve path the XXXX. hydrogen, and with us gross move rapid success provided billings a into EBITDA, green $XXX a in

For relationships building making in leader for be for with stacks our electrolyzers. Home acquisitions letter to the and fuel big is Depot, news economies. positioned years, out making our gigafactory building well has PEM customer our others, enhancing continue technology cells Walmart, to while BMW Power and Amazon, The hydrogen the and strategic earnings Plug in

multiple are process We we across selecting the in discussions the this with locations country. and facility, in are of down for a location

in that the showcase more during Plug hope the this plans forward Power we look I are when will the global to be this September announce in about the symposium facility. of this manufacturing Our world. you of location PEM to tell

leader XXX capabilities, technologies in We're Power. own MEA fueling the Plug pure electrolysis by build cells system be Now fuel and stations the operating our XX,XXX for closing, and really ProGen We've fuel the can unique. and to have in we'll used up Power backup in vehicles. units. quarter-end, deployed on-road a Plug built large-scale cell market first technology And by is leader systems world, cell manufacturing with scalable our and power over

competitive large green be hydrogen hydrogen partners. large-scale acquisitions. green Ultimately, We doing if It a green green We available of fuel-based use plants. our provider probably competencies hydrogen is can in latest a when faster via cost have with the to at X price. billion to plan build competitive $XX some hydrogen hydrogen I with look at it, market will today the be hydrogen, who

and complete provide a a We're Power of Power hydrogen. and to experience, are take very real-life questions. fit capabilities two energy happy you are for with is Plug the these Paul track Now anyone's technology and now finally, a couple enable solutions. they But unique. record customers new Plug economy that I turnkey leader because in really to

Instructions]. [Operator

Our first question of is Craig-Hallum. Stine today from Eric

noteworthy, is So as I you certainly said first was hoping on quite remarks. That to in the just your chat gigafactory.

and And to what I investment? happen? investment -- as may of on that well, what you know so revenue thoughts that to it's that type make advanced Just of -- it's like sounds but any need type it what type level make early, well. supports of quite But

I target I $X.X this is look in billion this there was variables XXXX support would our revenue will facility for billion When at well around what passed support, will Eric, $X for think there. some somewhere this -- expect I revenue, support.

this lot funding already equipment will good we're have country. Now on much we've help made we've and localities how discussions in I with you, do And of a obviously we of I tell unity in would to initial have it the negotiations going to different with clear different some states facility. a deal purchases across the have layout think that support fairly with a had for Plug cost power the facility.

Got it. it. Got

and if including else including $XXX $XX in million Okay. in million on Hydrogen is I'm tuned But that you're said commentary, reaffirmed sounds it or now I'll Maybe release, in it's be I that I you it the that know sorry, one. mean, Curious you may just it. in hydrogens or in billings, guess, inclusion I in you something the if United revenues there I are saying turning United you right stay to that like guide. your EBITDA. number? mean, and -- are then

the we targets. in targets, the and we when of was the the increased Eric, that No. acquisitions announcement made included was increased when

when made it I acquisitions you at me, -- And was guess, unclear last Yes. done on whether had a Okay. you those to officially yes, not. or the little least, that

with your the as So goal strategy obviously, possible. know, that's United has much one as hydrogen in-source as for last takes hydrogen of helpful. Maybe shape, me. been to I that

it's know will as what potential to early, I -- still like and continue that? do curious on what be that looks just So margin but the uplift you

in used model about sell moves to puts if at take middle And XXXX. we'll Eric, be hydrogen that be we by a look that snapshot you where that, for would And a a XX I the of range. Hydrogen, hydrogen we our from quarter network. expansion a Looking about of About model. and tonnes Plug the a hydrogen second you facility that with Power expect United the take in XX% if resell that usage. -- at buy, portion, the X of of are, tonnes of our XX% And essentially margins year will

big the green in So power we're wind solar. or And all looking plants at near margins. in a hydrogen building obviously, hydrogen We're either hydro it's X. step with improving the future

The Byrd next from of question Stephen is Morgan Stanley.

I hope you are doing all well.

in you're when direction. shipping a good lot it's right Stephen, product is business and of the going

So I'm doing well.

very if variety I cost if produce gigafactory the as a of wondered you exciting the side. you're if is risk side, and development. of large the we you that reaching number players talking interesting But like out explore thinking I quite some there would the guess I was just in really see massive. to a could sort hydrogen Pretty that first as there address positives a questions thinking, wondered your the address may kind on I also updates. are to on are latest achieve wanted on could of really addressing -- to who guess we're scale, you sort of of there of scale related I well positive get to advantage about, that the flip And the as of just terms from technologies. excellent. the on Excellent, obviously,

cost. look do low Some to be fairly

latest your about on talked this -- of thinking advantages before, to your but Just just relative sort you've others? to get I competitive wanted know

Sure.

I items think of to it green comes there's hydrogen. a when couple

And that's in Two, foremost, believe renewables using that that around continue basic especially achieved. and cost-effective real structure be down decade. generated my and more scale. the carbon variable of at wind, And renewables is the go they building as fundamentally as the such Hydrogen a with cost power very to solar gas hydrogen something view create a world hydrogen is next cost clear hydro first from cost on basis, actually is is distinct hydrogen, many capture generated that experience that United a renewables, approach, over to simplicity at think me limited looked of a competitive I I've and And much has will the to technologies. advantage. the it I plant of natural the

market can we And on opportunities we So look hydrogen a at can we extremely plants and XX source partners today. at sites hour, great well as that have for competitive places $X.XX and with over when if as looked see many we've own. our renewables kilowatt -- we with we're build actually

update. That's a great

gigafactory, your on the guessing you, as really detail to of of at sort terms sort incentives is say are are this are a know how can't toolkit in Is variety of that give generally, it. sheet about be that balance very net to I such that? probably I'm In point, lower your end in financing, of much there of the probably a financing fair lot about concerned But there financing. just folks of might of the think terms possible, usage tools you approaches than that that

it's -- the around Absolutely, here York, look went Stephen. Rochester. mean, these, you've if that factory you like that's many in of I had in the New out a world, Cree

You built. companies has many are only have tesla there's XXXX Hydrogen, recognizing their applications critical is And solution. know, the much to different to sustainability many goals, the hydrogen on you the economy, people positioning that clean is facilities and as which as demand. activities, like energy Amazon meet obviously, of dependent customer long-term

is a company support like different such of jurisdictions the would first building market very the think to facility. that to a who want I built So attractive Plug

questions one your last of in on systems just systems. sort trucking wondered cells talked us -- quickly, Great. We long-haul the thinking of longer I in occasions. see just question. you've know very get relative that give terms on depth the on if transportation? fuel latest the advantages advantages fuel of cell And long-haul you in market numerous And about long-haul reasons battery great do of you versus for I just terms could transportation, maybe

Stephen. Sure, an is view this UL. I asset

know, power. at beliefs can utilization X which you First internal will you fast And X is fuel -- that least is of to how many combustion it of And fundamental is than faster fueling, advantages. eventually an electric One Xx X That's as cost question a Xx asset -- motors a cells one than charging. better and people have if electrical my at to be play. look solution be guess engines. I

is About is that the up possible certainly is XXX trucks. that A second when third rate. that DHL they that density or grow same. about people batteries, industry, -- point that the from the it's the doable and XXX up. shows put physical I But showed with sit XXx think of that together kilometers, size Class area a in And put this of with I take by and one cells ranges a have that the chart together it's was I auto in the that essentially by fuel the batteries after the -- density. miles at packaging to and on, vehicle you about

a around. there even improvements miles, cells clear isn't are also And customers cells. I for beyond packages batteries, in their as XXX, will that they there's as take moving as fuel It's business So moving advantage any because just be a truck. if batteries batteries a for in distinct example, much for -- don't improvements XXX that trucking DHL will in fuel believer because up space

next Jeff The question from Company. is of Cowen & Osborne

that retailers just the the certainly, Good that Is cadence third to in the between more the the of impetus trends the talked versus hear the about it an questions XQ the you for then Andy, uptick me. of looks Or fourth to talk I to relative XQ. shift third cadence the and to and the of trying phenomenal to quarter, year? business? having in-store you from understand you. mean, quarter. A of of XX% downtick to online about XQ, can couple past, just I'm

Sure.

I've the first would I XX% in in I about a to a I now, Jeff, the rest There the we support by When will been January. fourth half. for to XX% in in the about some So saw the cars be market, years quarter, I've cautious in item when second very back switches been the who companies guess, doing XX% seeing until look year XXX% upping very, guaranteed. -- said of dozen there is very corresponding of business fourth I has the hasn't and very, half where second slowdown in -- I business, auto where on the This, this manufacture I've Jeff, numbers did retail. be the the that first of those out the I'm become -- been half, spoke uptick

the all This today is quarter, quarter, in I guaranteed what in-house. I'm XXX% have fourth

really COVID, I I XXXX. Internet our retail may -- in numbers you're guidance through business there. will in think, some XXXX. retail, next But in think we're stronger additional with sector our for see happened impact think in We're give So we But the visibility going I what and working an just get the November, food to here still year. retail both

be in give I So would to able think then. the for good November time frame, guidance I'll really you

That potential great. then the you I market? think in earnest. touch Okay. talked you seeing just X about can with what partners, had on you're in trucking the working X past, sounds And in

on shareholder Systems. I motive Lightning you an announced obviously letter in general. on applications in didn't much the broadly see Can just touch You've of update that?

Sure.

we're the there a as that. the United So be I probably have sooner as honestly, be when When could one, putting X X next in possible, -- know expect where Jeff, road mid the year. manufacturers I and than small-scale year, before, scale manufacturing, vehicles deal at announcement. sites It's this -- I we we I said expect we at I've at good sites States. on Europe additional in to to quite mentioned an year, with working next that have early it's look it, previously, for

confident than the to So partnerships I you one will I growing. expect rather business and the that later. more I'm is have that have about tell about say And quite to evolving sooner we would of

sites Asda they site, to was know maybe question the on the last and next initial the you My potential touch there proceed I on was what that. to reference Can on year, didn't that to forward And might relative with how partners the that? domestic deal. was look many there just other We Walmart side?

Sure.

world. And retail with business have working global a XX XX Walmart XX% They the we think there's a have more market are much U.K., There -- is the you around Walmart not deal. our helped food North I America, but between pandemic, not to I basis. think with only but facilities about domestic think Asda during of America this and about share. the on pandemic activities. has I Walmart ability, But our today I especially would expect the relationship, that just business, the So think to North globally. how now but opportunities. global our expansion -- In And in the

does the domestic And equity? it just have because a globally? use quick Or structure be you follow-up. the of same tax financing to Can

The finance globally relationships. look strategy Walmart with more like customer normal will our

from Genuity. The Jed Canaccord of is next question Dorsheimer

dig you first, speaking what quarter companies just way in good the milestones. to about 'XX in, that another terms COVID, are on actually and I is other some of -- great Andy, inverse most the guess, to. I COVID in want referring of on although mentioned Congratulations you're

So in how little you is kind this a dig you this in? pulling of -- helping bit just maybe and things see accelerating if business could and the and unpack sort of

Sure.

think And especially Jed, a with packages certainly it's other business but you those do faster moving base people in So our when translates proposition, people my Internet and material if at you in online. handling, how when more how goods value and food goods home retail. now it's eating look moving about are with It lot retail about think to productively. now many more has and you And in applications. are at buying areas, many with it

biggest I retailer and in segments the for world across would products food difficult the many biggest We're with without the players, had it had. associated the sold you've crisis think the meet that fuel in logistics. that that cells. Internet this in think they we the recognized world. future. I been fuel And And board, the customers' they retailer have have And with performance future largest involved fuel their my facilities and both them have facilities And are to in cases, in the if are in segment difference of the moving think didn't the for X them customers which the seen in the I that growth of largest we're cells during right around. versus cells very needs, the

the really that's why we've Jed, think been I So reason, successful. underlining

to for maybe value segue a outlining That's I the -- as guess, helpful proposition. or continuation. thanks And

generation as getting that of you where stand the kind happen we Class handling, for see for think trucking on-prem application. whether that material billion think And differently? As Could or sort an those or into existing context expect leverages that on-gen it should and $X.X about of you update on X are of in the you the customers about installing there? X next may just that maybe through customer that the on-prem, first Class do think to Or not application? we we

we I certainly making present the to of are able with you speak to Section to plan X. we and X We can vehicle Class do outdoor in on-road -- to as participate fueling one that tell be that of X refueling sector stations our modifications for trucks. customers Class

built green as out in fueling as of unique Power that the just Lewis build take opportunity West operate along to fueling in So we're from which us the we out by Coast as California. now to And our and operated and And way business. and help hydrogen and quest built can there's help really can see us draw over path. the well a market all leverage stations, that whole Plug stations vehicle our you Maine we an to -- XXX

those with well areas. present to deployments. of of types think a positioned positives And in I So those customers lot we're our think do I there's

and is that how we the or -- the beach do over And into you are if on last just If the is $X.X for the at into lot a year that of this more how sort your so congratulations European somewhat really of look that question in look hold way, One has harbinger today? -- to much I Great. the out Asda by that whether come footprint we at see more the U.K. with getting If markets $X the about of to billion the more the threw what or narratives high-level me. green I'm here. past here, hydrogen, you talking not Europe? the things with or into baked billion wondering that expansion number shifted

in -- white you and past out year a at to when we've relatively building we when years given BMW, in see are And take deal and look rolled and plan And spent Europe. good -- September a I we us our that think Asda I now think like the IKEA, Europe. has it of was came relationships the Carrefour. Daimler, that Europe with X last people over viability in time we

partners Europe of thinking they aspects exciting the a ELX European discussions and plus going green across of side, deal we're Giner the hydrogen on ways vehicle on on economy. that, And side future there with of with built that of through One are the hydrogen potential leveraging good activities both for is have interesting partners. the the

I spend Europe is hydrogen the one big certainly green Europe are items. what do there. of But in is opportunity and up -- right gigafactory the a my day the So on,

Instructions]. [Operator

next from Oppenheimer. question Our of Rusch Colin is

guess have I the revenue. two I around

you the the guidance, of sales that United at number secondarily, the place how us hydrogen one, think of about on that in from you hydrogen separate much consumption the is talked Hydrogen we with an XQ give as million $XXX update full about as acquisition? of So the And previously. then you bookings soft Can look year?

Sure.

get So I the that. We're I as in in lot Giner growth would -- goals we we able and Hydrogen to itself sales more the United, between be line $X.X positioned November Power. those hydrogen on in probably mentioned, been And that have projections, run had. quarter, expect with help already Know, use have the next share expand in-house to the to $XXX since have we revenue Colin, it looking opportunities in year to of on well rates would X%, achieve the normal of the have, but course, probably our we'll moving our I it's normally to of -- X% call, represents year billion. we'll for now additional to at hydrogen everything with that our third plus a this line me Plug of front we the and sales continue rate. about hydrogen hydrogen million will for to margin be --

Excellent. And in a can sense you of love And the to are fuel give where going the a that, understand the on end your impact? third here us then through we'd about balance of to up speaking or the margins quarter? but been profitability, drag year. this magnitude overall That's

Colin, sorry, didn't your hear I I'm question.

The margins we'll a more how of how with benefit see more hydrogen impact sense give immediate hydrogen fuel quarters? of the much the much and can couple over you we'll next integration, see us

question? Paul one. take do you want take that let that I'll Paul, to

Yes.

I you're definitely improvement, in. -- accretive acquisitions going see Colin. think to improvement the the Because roll of and

to in next start the to well kick outlined, starting internally are and as progression electrolyzer as as leverage United year accretion the we Andy really As really sourcing growing platform. big Hydrogen

So progress be through see I with will in in it some as consistent the QX, improvement going improvement and we to the half, QX -- but year. directionally QX you and some which continued first think see you're

ROTH question next from of Partners. is Capital Irwin The Craig

Andy, really impressive congratulations on here. some results

hydrogen. refueling do they the of from have a for trucks you Spring it's for sale your fuel would credits to Palm infrastructure beneficial you're the facilities incorporate customers? United right for on, eligible credits And credits about refueling your looked markets I be green then would the product in when credits? station Would Hydrogen the likely it truck when that you the obvious that be to up potential think those Gap] that standard expect sell So to ZEV California working are you. to be to they logical [Audio similar eligible low-carbon the where And for for commercially what be financially

that and credits. Craig. good ZEV versus obviously, the numbers could seen like it generate those about I've it kilogram, attractive electricity. you And both I hydrogen think $X cost big the LCFS that's customers the thinking our credits to credits think I extremely than because when the a be to real makes talk even start with lower which extremely, I question, of today, when a

So off there, could California. the site, could complement combination well a as station liquid think, be fueling own as that we centers hydrogen a of that for distribution drop in depot I California to Southern

really am of I we're amazed focusing that. But them. of out you about are on found them of Both kind both So items today.

And that from just than kilowatt unit, truck? assume fair fuel your Excellent. per will basis it a fair per greater a trucks is cell even much kilowatt per credits basis, have on that obviously a ZEV assumption? to Is

fair a That's assumption, Craig.

Excellent.

So my most of been other questions answered. have

So for I backwards-looking. one almost feels apologize that

customers a the Andy, it's forklifts. trajectory, in right? on Although X mean, more right? important people focused most pedestal customers, trucks But are pedestal about now, Your I you've talked electric adding a few

this you X the at XX% potential potential Are that first the of or customers your those going the on half? conversations update we in those really still think maybe groceries is you And moved your in United Can X States more could there now? customers seen very or us business breadth point. now add? are forklifts well-validated about how have I of on the talking

No, Craig.

customer pedestal interesting this America year. And North An are with of X another on announce there between or will and mix Europe. discussions We those going X customers.

Plug today. in of player Amazon, does has around, to in provide we And credibility. along units is done customers it because the But credibility continue a someone That's opportunities our And variety built many I mean, large I is don't them the anyone is fact across where you pure handling. key think forgotten It's us. it not -- similar and we've to he's has don't like think take you what's done there's it material bread. over results. it I sure cell for make you have Europe, good applications. saw fuel as Europe that that good in the that values as interest years. look, the a demonstrated space products if that know, with the in fuel we've the go I I think, cells' have really we the uniquely this all position

on congratulations progress. this Well, Great.

of The comes Joshi Sameer next question from H.C. Wainwright.

seems Andy, we Giner includes led noticed Paul, that. technological catalyst help or of in my benefits that But you But that that that to deal improvements and were improvements answered. from that now the derive to based in improvements it's just the nicely the there R&D bring there a the us are one will it future? believe some you any most should so planning are of Giner had to that on is that of from Giner at commentary questions most earn scale question, you're outs. be And phase membrane lot the

And Absolutely. clear road we Giner. for have a see I map real

dramatically a Plug us to there twice leader process European squared. a in amps the that work centimeter Giner folks improvement there's good that be today. but today that help as doing, reduce also would as are By it XXXX, increase it would we leader expect the First, that with is in for XXXX. the goals per is the where which -- will cost, helps

they have with Giner -- with stacks. the I look mean, improve associated development encourage think, we look to General would if with projects, million go mostly with So history $XX DOE, electrolyzer Giner's DOE, at the I you to I of Motors, continue people NASA, with

and to point And I -- best capabilities really for clearly -- over a X next in density, double Europe you, they I and the positions talk have X, look, I map they've we from going stacks. and everybody we're the knows technology makes over out think people spilled the our to and with I Labs how as when -- as who view, years, and can of Europe, the a DOE current tell improve developed in Giner road the around, that continue NASA, the National that well, leadership and improvement. position our this think well relationship supported that own by go continual efficiency years well technology

answer. good a was That

Thanks It's for the really commentary. helpful.

we -- is Is any for clarifications United other for the the aspect would is of that Hydrogen like One expansion, plan? any there there expansion. immediate on green

Sure.

you at today, actually plant So waste -- if fed look we're so a that working by stream. it's

plant, Olin waste into -- taking which waste the is air. really burned just aren't stream you an would -- off hydrogen, right you're which off from be just So

not to Additionally, clarification. TVA. renewable to -- just liquefication a the we're electricity via that's looking really convert That's

The liquid get also have I you again, the should provide plan that can think, can X, if that Power could and we're also, we scores will that hydrogen about us hydrogen expect done -- been XX. plans to of grow and are CI the thinking how into will the combination CI allow right. with be So mention X which below to trucks delivered looking Plug hydrogen ultimately itself, deliver to we've past just scores, we

Understood. We'll questions our take offline.

right. Sameer. All Thank,

is question of FBR. Souther Christopher B. Riley Next from

acquisitions, On I remain mostly the curious just had of here. we $X.X the to onetime It what cost rest impact Could down was how cost items. of a like related and revenue costs of for should year revenue SG&A or to the for looks on but that? it was expect there either related to the the SG&A the few you break that million? COVID much

to want you do take Paul, that?

it's -- it the XX% I that's It's charge, there with the less, the really is did. and amount associated -- say Sure. terms of would lot things. with restructuring is the -- bulk that within that debt other we was to a of all that of there, events of it in costs lot the majority associated be was acquisitions of honest. or probably was and a There

Got it.

run infrastructure? that should of the rate, on of above the go something down you the back then a infrastructure sequentially, year? And think that margins, is the kind to XX%? that we of and that rest related Do Okay. consider Is should kind subminus larger mix for just systems of XX%

Yes.

the cells, we've XX% to and what in fuel And year continue think as been with XXX infrastructure. think when past next where routinely, I lines you're And to the in disclosed mid-teens. that look to impressive, of We're that onward the to and to up that get -- pretty mid-teens, north, we into the progress only could I XXX, rate the half continued improve of into getting and overall that to product hard to needs done on about said We've them. margin year. or is with balance so it's different we've the the the at volume back gross talked expect to leverage. get it I the see XX% going directionally in but you I've in on higher be

on traction like customers talk is Understood. that to backup be you existing at can What has the And might looking about stationary end And going data and with market. there? how that going? last power just be end is centers. the seems customers one the product? there the then new It market focus on been any like the Are

development is interesting, of he's center that and the in been one and my and in customers Sure, largest helpful Chris. the the It's first very today space, leader design a product. data foremost, of

we're around actually think in the a activities. And operators, cool. data discussions that them is business plant, products which the offering division, for both is with is developing really leveraged style so done I has stack megawatt provider, are an would -- out And of high. -- really really been ProGen we've And that if I actually move for in think needs the business of say doing has I who the large that support there's before even that we a And last people systems. great it. hydrogen have could to think who able to one always about turnkey systems, they a move fact acquisitions. you -- they one power I these these so how in providers I our people and like center really But hydrogen add, deal data I'd provide to think to and be And we how already we're And very and item wouldn't think fuel. data infrastructure in I not you -- as beginning about interest company I our center named think may experience Sales as well to so line VP our our solution, I've of our with is name think the that think extensive The about. more few major about centers. building move, all unique. work worry backup

needs So I hydrogen about uniquely applications. have of kind always is Plug they think to the backup about think you for people to large-scale to and support hydrogen these positioned encourage when would -- power,

And It's registration. thank like is So, everyone. This I a to last is believe Symposium coming open I the for would Power highlight event. the virtual up. that's a question. you, Plug There's Chris,

incredibly our we to think to this have informative. is about I all. will know And it I from we're be speakers, opportunities business more that plus some hear coworkers. open of lining -- up you'll my some interesting details

in letter. link investor a there's So the

as online there's website. in well an registration You can on click as our

take please to to the now. opportunity then. Thank to look So everybody register forward and talking you

concludes today's conference. This

participation. may at for You this you your disconnect lines time. Thank your