Plug Power ($PLUG) is one of the most recognizable names in the hydrogen fuel-cell world, but it’s long been a company of big ambitions and uneven execution. In this episode we trace its evolution from a 1990s startup focused on residential fuel cells to a material-handling foothold—powering forklifts in large warehouses—and now to an audacious bid to build a full “green hydrogen ecosystem.” That vertical strategy aims to cover everything from fuel cells and electrolyzers to liquefaction, storage, and delivery, plus recurring service and fuel contracts, which could create a sticky, integrated customer offering. But the path is capital-intensive and risky: Plug faces intense competition from established players across fuel cells, industrial gas, and equipment manufacturing, has struggled with profitability, and has a history of dilution and liquidity concerns. At the same time, global decarbonization policies and incentives give the company a powerful macro tailwind if it can execute. Is Plug Power a visionary platform that can dominate a new hydrogen value chain, or a sprawling, cash-hungry bet that may never prove economically sustainable?

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