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					</table><a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based hydrogen fuel cell company, recorded a net loss of $283.48 million during the third quarter (Q3) of the financial year (FY) 2023, a year-over-year (YoY) increase in losses by 66% from $170.76 million.
Plug&#8217;s finances took a hit as the North American hydrogen supply faced unexpected challenges, causing delays in plan executions and service margin improvements.
The company believes that this hydrogen supply obstacle is a temporary issue, particularly with the anticipation that the facilities in Georgia and Tennessee will operate at full capacity by the end of the year.
During the quarter, the company recorded a net revenue of $198.71 million, a YoY increase of 5.3%.
The company’s operating losses stood at $273.97 million, a 74% YoY loss increase.
9M 2023
During the first nine months (9M) of the year, the company recorded a net loss of $726.44 million, a YoY increase of 45%.
The company’s revenue for the January to September period stood at $669.18 million, a YoY increase of 39%.
Plug’s operating losses for the period were recorded at $717.61 million, a YoY increase of 61%.
Despite challenges impacting overall gross margin, the company said there has been margin expansion in specific new product platforms.
Plug&#8217;s Georgia Green Hydrogen plant is on the verge of the final step of the commissioning process for liquefiers/cold box completion, anticipating liquid production between November 15 and year-end.
Developments in Louisiana, Texas, and New York are expected to contribute to a substantial step change in fuel margin expansion. The gas plant in Georgia has been operational for nearly a year, supporting high-pressure tube trailer filling for Plug and other customers.
In terms of business segments, electrolyzer sales have experienced significant growth, with Plug being recognized as a supplier for industrial-scale projects. The company has line-of-sight to additional electrolyzer orders in its backlog.
The liquefier and cryogenics businesses are also experiencing growth, with a sales pipeline exceeding $1.1 billion. Revenue in this segment has increased approximately three times YoY, with margins expanding more significantly in the same period.
The company said it continues to secure significant global projects, with potential catalysts such as Inflation Reduction Act guidance for project Final Investment Decisions (FIDs) in the U.S. Ongoing monitoring of new orders is in progress for the previously disclosed 7.5 GW pipeline of near-term projects approaching FID.
Large-scale stationary manufacturing is gearing up, with the commissioning of manufacturing lines and the expectation of delivering multiple units in Q4 2023 paving the way for substantial growth.
Plug said it continues to monitor cost trends and hydrogen market dynamics, acknowledging the possibility of additional service loss provisions in the future. The company also envisions expanding manufacturing capacity, anticipating meeting the growing demand while achieving continued manufacturing cost reduction.
Plug Power <a href="https://www.mercomindia.com/plug-power-q2-fy23-loss-widens" target="_blank" rel="noopener">experienced</a> a wider net loss of $236.4 million in the second quarter (Q2) of 2023, compared to $173.3 million in the same period last year.
Plug Power’s net loss <a href="https://www.mercomindia.com/plug-powers-q1-million-on-higher-natural-gas-prices" target="_blank" rel="noopener">widened</a> to $206.6 million in Q1 FY2023 from $156.5 million YoY as the margins were squeezed by higher hydrogen molecule costs caused by elevated natural gas prices and supply chain disruptions.

Plug Power Reports Net Loss of $283 Million in Q3 as Hydrogen Supply Challenges Mount

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					</table>Solar cell and module manufacturer <a href="https://us.qcells.com/" target="_blank" rel="noopener">Qcells</a> has announced the completion of its expansion at its solar panel manufacturing facility in Dalton, Georgia, adding 2 GW of new capacity and bringing the factory&#8217;s total output to over 5.1 GW.
The company said the Dalton facility is now the largest solar manufacturing plant in the Western Hemisphere and the first solar panel factory to be built since the <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">passage</a> of the Inflation Reduction Act (IRA).
This expansion increases production capacity and introduces two new solar products: the Q.TRON G2 residential solar panel and a bifacial panel tailored for the commercial and utility sectors.
The Dalton factory is now set to manufacture nearly 30,000 solar panels daily.
Looking beyond Dalton, Qcells&#8217; investment extends to developing a fully integrated solar supply chain factory in Cartersville, Georgia. The facility will handle the production of solar ingots, wafers, cells, and finished panels.
By 2024, with the combined production capacity of the Dalton and Cartersville facilities, Qcells expects to reach 8.4 GW of solar production annually.
Justin Lee, CEO of Qcells, expressed his enthusiasm for the company&#8217;s expansion and its larger mission: &#8220;Completing this factory marks the third expansion we’ve made in Dalton, and it’s just the beginning of Qcells’ larger mission to build a fully integrated solar supply chain in America. The Inflation Reduction Act and the efforts of Georgia’s economic development team helped make these ambitious plans possible, and with it, thousands of careers in clean energy.&#8221;
Qcells opened its first factory in Georgia in 2019, initially manufacturing 1.7 GW solar capacity. The investment was partly made possible due to Section 201 tariffs on solar cells.
Last year, the company announced plans to add 1.4 GW to its manufacturing output.
The company said its production in Georgia alone is expected to prevent more than 12 million metric tons of CO2 equivalent per year, contributing to the growth of domestic solar manufacturing.
The achievement marks the first phase of Qcells&#8217; $2.5 billion investment plan <a href="https://www.mercomindia.com/qcells-invest-2-5-billion-solar-supply-chain-us" target="_blank" rel="noopener">unveiled</a> in January 2023.

Qcells North America Expands Dalton Solar Module Facility to 5.1 GW

Here are some noteworthy cleantech announcements of the day from around the world:
Abu Dhabi-based renewable energy company Masdar has <a href="https://news.masdar.ae/en/News/2021/12/30/11/07/Masdar-signs-agreement-to-develop-Georgias-largest-utility-scale-solar-power-plant" target="_blank" rel="noopener">signed</a> an agreement with the Georgian Energy Development Fund (GEDF) to develop a 100 MW solar photovoltaic PV power project. Masdar and GEDF will jointly progress the project&#8217;s development, which is being carried out as part of an agreement to develop renewable energy projects in the Eurasian nation. Georgia, which primarily relies on hydropower for electricity generation, wants to enhance its energy security and diversify its energy mix.
Egyptian president El-Sisi <a href="https://www.zawya.com/mena/en/story/Egypt_inaugurates_15GW_solar_complex_in_Aswan-SNG_274021495/" target="_blank" rel="noopener">inaugurated</a> the 1,465 MW Benban Solar Energy Complex in Aswan, Egypt.
Having a capacity of 1,465 megawatts, the $4 billion-Benban Solar Energy Complex was established in partnership with the private sector. The project has created 11,720 direct jobs and 23,440 indirect jobs during the implementation period. After it starts operations, it will create another 6,000, with 10% of the participating companies&#8217; profits allocated to social responsibility programs.
Sterling &amp; Wilson Renewable Energy (SWREL) <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/5512a848-1ba9-4a83-9c0e-c221797375bf.pdf" target="_blank" rel="noopener">approved</a> an allotment of equity shares that would give Reliance New Energy Solar a stake of 15.46% in the company. Reliance will acquire more than 29.3 million shares at ₹375 (~$5.04) per share. This brings the value of the transaction to ₹11 billion (~$148 million). In October, Reliance agreed to buy a 40% stake in SWREL in a series of transactions, including the preferential allotment of shares, an acquisition from Shapoorji Pallonji and Co, and an open offer.
Spanish renewable power producer Opdenergy <a href="https://www.opdenergy.com/en/2021/12/29/opdenergy-launches-a-e100m-green-promissory-notes-program-on-the-marf/" target="_blank" rel="noopener">registered</a> a €100 million (~$113 million) promissory notes program on Spain&#8217;s alternative fixed-income market MARF. The firm will use the program to reach qualified investors interested in funding renewable energy companies to diversify its sources of financing, optimize the average cost of debt and support its growth in the coming years. The company claims the in line with the green loan and green bond principles.

Daily News Wrap-Up: Abu Dhabi-based Masdar to Develop 100 MW Solar Project in Georgia

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