Well, good morning. Welcome to JP Morgan's Industrial Conference, and here on the last day. We have a few companies today. One is Plug Power, really a pioneer in green hydrogen. And we have Paul Middleton, who's the CFO. He's gonna just say a couple intro comments, and then I'm gonna move on to some questions, and if there's any questions in the room, happy to take them. Please use the microphone. Paul, thanks for supporting the conference, and over to you for some intro comments.
Thanks, Bill, and thanks, everybody here who's showed up and dialed in as well. I guess just quickly, the elevator speech for anybody who doesn't know who Plug is. We are a hydrogen solutions company. Think about us as a end-to-end solutions company. We started out with a fuel cell technology that we kind of developed, that we were able to launch in the market for a very specific application in material handling. And from that, back in 2014, we've now grown that 10 years forward into a much broader set of technologies, and we're now doing end-to-end, from hydrogen generation, to distribution, to storage, dispensing, and a wide range of applications. I've been with the company 10 years.
I joined them right when they kind of started developing and launched a commercial success into the market. We've launched into companies like Walmart. We do about 70% of their distribution centers across the U.S. So if you visit a Walmart store, it's highly likely the products you're buying are coming from a distribution center that is solely powered by fuel cells in their forklift applications by Plug Power. We're in over 90 Amazon sites, distribution centers. We're into almost half of the Home Depot distribution centers, just to give you a context.
Most of the growth historically has been in that material handling space, but over the last two years, as we've broadened out the technology and the applications that we participate in, we're now probably 60% of our sales this year will be in what we call our energy technology business. And so that's gas generation, distribution, it's cryogenic technology of trailers and storage tanks, mobile refuelers. It's liquefaction equipment, so it's big boxes that you can use to liquefy the gas. And then, of course, it's electrolyzers. So we make electrolyzers that basically crack water and extract hydrogen from the molecule to make hydrogen, but we also sell that equipment into the market, and we're really one of the premier PEM electrolyzer companies in the world.
I would just share one other comment before we open it up to questions, and that is, 2024 will be another big year for Plug. With all the growth that we've experienced over the last couple of years, I always say it's hard to optimize when you're doing one of something, or 10 of something, or 100 of something. But now that we're really starting to get traction in these businesses, you know, this is a year that we're really focusing on optimization. And that, in the backdrop of high interest rate market and other market dynamics, it's just kind of apropos that this is a good time for us to do that. So, this year... You know, historically, we've been growing at kind of 30, 40% per year, and sometimes 50%.
This year, we're focused a lot less on growth and really on optimization. So we're in, you know, automating operations, we're consolidating facilities. We've, you know, we've added a lot of people over the last couple of years. We've now kind of looking at how we really get to drive collaboration and streamline efficiency from those teams. So you're gonna see a lot of effort and investment this year and focus on optimizing the company and focusing on generating on cash. And which probably means that we grow less than we historically have. And you know, part of our effort in optimization this year is increasing prices with a wide range of our product applications.
Now that we've kind of established our footholds and we can really drive that accreditation for the value that we generate, we're really looking to optimize those equations as well. So this is another big year for Plug, and I look forward to the conversation today.
Yeah, thanks for the intro. Let's start off with this sort of 2024 outlook and from the revenue line. I guess you said lower than kind of near recent historical growth. How should we think about growth overall? Where are you seeing the most opportunities, let's say, strength and weakness? And how should we think about the cadence through the year, you know, within that context? I mean, the first quarter is already over. How should we think about first quarter and how that transitions through the rest of the year?
Yeah, that's a good question. I'd say a couple things. You know, again, when you're raising prices and you're... You know, part of the optimization is trying to accelerate products that are kind of already there on the cost curve and newer platforms, focusing more on getting the cost structure right before you grow it. You know, some of those dynamics are kind of what's tempering some of the growth, for this year for us. So I would say, then you have, as a backdrop to that, that, in the material handling business, most of the customers like to deploy in the third quarter.
The reason they do that is because they do it really kind of in advance of the big swell in the back half of the year, when you think about Black Friday and the holidays and those time periods. So it's not uncommon for two-thirds of our sales to happen in the second half. And if you look back historically, that's how we've kind of trended. So I would expect this year to be the same, both because of material handling in that case, you know, continues with that trend. Also, the auto. We do a lot in the auto space. We've got, like, BMW is one of the biggest auto manufacturers in South Carolina.
That facility has over 800 forklifts and all that, has been powered by fuel cells over the last, you know, 10+ years. We just announced a few weeks ago, another massive platform with another U.S. auto company, that we're super excited about, that they're building a big presence. But those auto companies like to do a lot of their investments in the fourth quarter as well. So material handling is gonna, as seasonally, is gonna have that fourth quarter, the second, third and fourth quarter kind of boom. In addition to that, all the new platforms, like we've launched mobile refuelers, we've launched a broad range of electrolyzer products.
Those, as you continue to scale up with timing, it just, you know, it looks, it just happens to be more second half weighted in terms of how those, those products come into market and commercializing, commissioning with customers. So it'll be that one-third, two-thirds again. A couple other comments I would share is, as I mentioned before, if you go back historically, 95% of our sales was material handling. That's all we really did. This year, over 60% of our sales will be this energy technology side of the house with all those new platforms. And if you compare that to last year, that business, it almost doubles this year. So I expect, we expect a lot of growth out of those different platforms.
Where we see some tempering in the material handling business, and the reason why is, A, we're increasing prices with existing customers, and B, with the focus on cash, we're really pushing. Historically, we've offered a lot of products to customers where we've provided a leasing solution where they could subscribe it, and we would provide the assets. You know, when you're focusing on cash as kind of a late-stage startup, it's tough to provide that. So we're pushing a lot of those customers now that we've gotten the traction we've gotten, to either buy the equipment or figure out how to finance it themselves. And early on, we've been successful.
One of our major customers that has historically done subscription programs bought seven sites, as an example, you know, in the first quarter here. So that's a big, big win to move towards that different business model, which will help us, you know, from a cash standpoint. All that translates to, you know, we think we will grow this year still. I would say, even though we haven't given exact numbers for 2024, I would kind of 10% as a tempered, you know, moderate growth to maybe 15%, but I would use that as a general proxy for growth this year.
you know, I think there's a lot of in the pipeline that it could be better, but we just don't want to come out of the gates and tout that, because, again, our focus this year is really kind of optimizing the business and position us for more profitable growth on, in 2025 and onward.
Okay, so roughly similar, one-third, two-thirds, first half, second half, and okay. You know, margin has really been a kind of a key, you know, focus area. A lot of questions we get on, on, on how the margin profile could look. How does it look currently per segment, you know, between materials handling, stationary power, some of the newer programs and, and fuel? Can you share your expectations around margin improvements across the main buckets, the main segments over the course of 2024?
Yeah, I apologize, Bill. One thing you asked me on the last question I didn't get out there. I think you said first quarter.
Yeah.
We do have two or three weeks, you know, to go. A lot of our programs do wind up transpiring in the last few weeks of the quarter. But I would say on average, if you look historically, it's in that kind of 15% range of the total sales for the year. It is probably a decent proxy, when you do all that math, you know, plus or minus, in terms of how that might play. On the margin front, you know, simplistically, across all those things, I really sell three things: I sell equipment, I sell fuel, and I sell service. If you look historically, we've figured out the equation with equipment in the material handling business.
We've had years, you know, up to a couple of years ago, where we were routinely hitting 30% gross margin. The new platforms are fairly vast. You know, there's a wide range of things that we're doing that are all equipment sales, and they're early on in their new ramp and their curve. We've built a new facility up in Rochester, which if some of you haven't been there, I think Bill's been there, it's really impressive. We'll be using that facility to build electrolyzers and stack systems. We've built a new operations facility in Albany to really manage, to build all of our application business.
And as we've now worked through the curve and the development and kind of commissioning activities of those new products, you know, the last couple of years have been filled with a lot of startup costs. You know, just trying to figure out the economics of the right development and the right product costs and the right performance attributes. But we're really kinda making our way through that. So you saw some dilution in the margins, the last couple of years on equipment rates, given all that startup activity, coupled with the fact that, you know, from a capacity standpoint, it's not always kind of linear, right? You have to make these step function investments to kind of prepare for the next wave of growth. We sit in a great position.
We've got these two new facilities that are largely already built and spent, and we don't have to spend a lot more on operations. So now it's about volume, driving leverage on that. And that's how... You know, if you look at material handling in the past, it was three kind of key equations that drove margin on equipment. One was volume leverage, you know, one was supply chain leverage. When you're buying, you know, thousands of something, you can get better deals than when you're buying tens of things. And the third one is really kind of optimization of the manufacturing processes/design of the product, you know. So those are the trends that you're gonna see on these electrolyzer platforms, liquefaction platforms, cryogenic platforms, and that's what we're really focused on this year.
So equipment margins, we absolutely, you know, we are extremely confident, you know, we'll get those, and I'm gonna say midterm for simplicity, but you know, to that upper 30% range, so that, but you'll see progression this year in equipment. On the fuel side, historically, we've largely bought almost all the fuel that we've been selling to our customers. And 10 years ago, when we got into that business, we got into it begrudgingly because, you know, to make it easy to adopt, we needed to solve customers' problems, make it easy for them just to deliver that. So, you know, the last eight, nine, 10 years, mostly we've been buying it and reselling it.
If you've watched the hydrogen market, you've seen a lot of struggles the last couple of years with availability of hydrogen. So, you know, we've in some ways, been our worst enemy because we've created a lot of growth. We've created 50 tons per day of new capacity needs in the market for these applications we've deployed. And that's really put a strain on a network that was really a lot of facilities that are very old and from these industrial gas players that, you know, have experienced an unprecedented number of shutdowns last year on these old facilities. We've launched our own first new green hydrogen plant in Georgia. Super excited about that.
We've bought a company that was generating about 10 tons per day of blue hydrogen, and we had to do some CapEx investment last year to get that up and running scale back online. And we're now launching the third facility for us, which is another blue hydrogen facility that we're looking to turn on in the third quarter. Collectively, that'll create about somewhere in the 40 tons per day of capacity by the end of this year. And so that's gonna be a major driver in enhancing that fuel margin, because as we take control of that network, we can, without tax incentives, we can make fuel at about 30-40% of what the market cost is. The market cost has just accelerated the last couple of years, and to a point where it's really painful.
And it's not. We haven't, we've been subsidizing that because we thought the curve would go faster in terms of turning that on. But two things that are happening this year: one, we're continuing the track of investing in this new capacity to vertically integrate, drive the cost down, but we're also starting to push a lot of those cost increases out to customers. And so, that will drive margin enhancement on the fuel side, and, and we'll definitely make that go, go, go in the right direction. And then on the service, you know, we continue with labor leverage, with parts and design enhancements, and now, more recently, pushing price increases on service as well, and we're pushing prices on, on equipment, too.
So the collective of those will definitely drive margin enhancement in all three buckets of what we do this year. You know, it's Rome wasn't built in a day, so I think, you know, a lot of those actions are being put in place, price enhancements, turning on the plants, those activities during the first quarter, so you'll see more of it. You're gonna see a definite progression from Q4 to Q1 because, you know, again, we've got a lot of the effort of the scale-up of those products kind of largely behind us last year and before. But, you know, in terms of some of the enhancements on fuel and equipment, and service, for that matter, you know, particularly when price increases and leverage, it'll really kind of happen in Q2 onward.
And one of the things I would just add, and I don't want to take up all the time on this question, but when you're launching such a broad range of things, you know, we've had to invest in a lot of inventory to help accommodate that initial growth and launch of those product platforms. So we, we built up a lot of inventory last year, which is really good for two reasons. One, it means I don't have to invest as much in inventory this year, which is really gonna help the cash. In fact, I can actually bring that down. But it does create a little bit of headwind on leveraging production in the volume in the plant, because if you're consuming inventory, you're not producing.
So, you know, we have done, as we announced publicly, part of this optimization effort, we've been able to actually scale down some of the people, and kind of right-size some of that activity, as well as look to optimize and consolidate in facilities, and reducing some of the non-personnel costs. So that's gonna generate somewhere in the range of $75 million in savings this year. A lot of that is gonna be probably half and half in terms of operations versus OpEx. So those will help as well. A lot of that kicks in in Q2 onwards, because those are activities that were, you know, initiated in Q1.
So, you'll see progression from Q4 to Q1, and then as we move through the year, you're gonna see, you know, continued move in the right direction to... You know, we think by Q4, there's a good chance, you know, depending on circumstances, it could be break even to positive, those margins by the, by Q4. You know, we'll see how the, the timing of that plays.
Yeah, thanks for the answer. So just drilling down further on the hydrogen production, you know, now that Georgia and Tennessee are online, I guess, how do you - how is the cost structure of those? How, how is Georgia running? I mean, by the way, I mean, and, and when do we think that these two sites could be at nameplate? And 40 tons per day, I'm not sure if that's an end-of-year timeframe. That, I think, would be around two-thirds of your needs, but-
Yeah.
Correct me if I'm wrong, but just how's the cost structure look and how could it look? And I guess what can inform the cost structure for, say, Texas next year or the years beyond that?
Yeah. I'd say, so out of the gate, you know, we're realizing what we thought we would realize, which is the variable cost is significantly lower than what the market rate is to buy hydrogen. So, that's very positive. That's before tax incentives, by the way. And for those of you who may know or that you don't know, the government's put out a Investment Tax Credit and a PTC, Production Tax Credit , associated with green hydrogen. You know, last year, we paid somewhere in the range of $12-$14 per kilogram for fuel in the market. And historically, we've only been able to sell it to our customers for about $6-$7.
So that's not an equation that works very long, right? And as I said, we were kind of investing through that because we knew we could produce it for, call it, you know, $4-$5 a kilogram, and even work towards driving that cost down. In fact, in Texas, we're pretty confident we'll be kind of in the $3 a kilogram range. So that's a substantial cost reduction. And in addition to that, you can get up to as much as $3 a kilogram credit with the production tax credit. So, you know, we've so far out of the gate, you know, the biggest factor of cost is your electricity.
So, you know, when you can get $0.03-$0.04 per kWh excess, you know, then you're in a good position in terms of being able to hit your cost target. So, you know, but having said that, Tennessee is a little bit easier because we've, you know, had that for a couple of years, and we had to invest to kind of get that back up online. But, it's an equation we've proven out. Georgia, you know, when you do something for the first time ever, it's just hard, and no one's in the world done this. I mean, we're pretty proud and excited about doing this.
You know, we had one of the industrial gas guys, a big player in the market, come visit it, and they were amazed what we've done, and we're pretty excited. So as you, we've turned it on, we've been generating gas at that facility. We've been selling product off that facility. We're now, now that we're using it and up and running, you can optimize, and you can figure out what works, what doesn't. So it'll probably be second quarter before it's up to nameplate capacity of 15 tons per day. So that's, you know, but we're on the right track, and we expect that to. It'll, that's when that timing will kick in.
On policy support, you know, I think we're still in the comment period, should know more later this month, but, I mean, there's some views that we may not really have true resolution till summer or even the back half of the year. How is this impacting your decisions for your own plants? You know, and maybe also equally important, how do you think that impacts the rollout or even potentially your opportunities, especially in the U.S., if the final rules end up being the way that they came out, you know, in December?
That's a good question, Bill. I think, there's Plug, and then there's the industry. So, for us, you know, we felt—we, we actually started our agenda of building out this green hydrogen platform before the law got approved. And, and, and the reason that we did that, was because really, you know, one, one key of, of driving, adoption and applications is making hydrogen ubiquitous, making it accessible. So, given the constraints in the system, that's not an equation. You know, when we, when we talk to customers, their, their first question is: Am I gonna be able to get it routinely? You know, can, can you provide it routinely? The second is, what's the predictability of the cost?
So the fact that we bought the 110-ton-per-day platform, and we could see that we could make it routinely for $4-$4.50 a kilogram, you know, despite the market hikes that were going on with the industry, you know, we thought, boy, this makes sense to A, drive ubiquitous access to hydrogen, and B, do it in a way that drives the cost down, and C, does it in a clean way, you know, with the green hydrogen. Because that, you know, all of what's being produced today is predominantly gray hydrogen that's being sold into the market. So, you know, we know we can make the cost equation work for us, and that we can grow profitably with that structure, as need be. So it doesn't, you know...
For us, the biggest constraint is really capital, and I'm sure that'll be one of your questions, how we're doing on that. But, you know, as we look at Georgia and New York as an example, so we'll be at 40 tons per day by the end of this year. Texas is a plant we've started. It's gonna be close to 45 tons. It will be 45 tons per day. New York, we're targeting 74 tons per day. And as we turn those facilities on, we'll be one of the biggest players, if not the biggest player, in hydrogen, for liquid hydrogen in the U.S., and certainly in the world, the largest single leader in green hydrogen. So, it doesn't really necessarily slow us down in that equation.
But for us, the PTC becomes an accelerator, right? And becomes an enabler to accelerate that development drive, because, you know, scale and growth and margin really help you grow adoption and grow, and grow the growth of the company. From an industry's perspective, I would tell you, and you know, a lot of people follow the hubs as an example that's going on. Without exception, all of them have said that they really pushed for more leniency in the interpretation of the rules because they've all, their commonality of their statement has been the way it came out initially was, you know, more strict than what they'd hoped and definitely gated the pace of growth of what can happen in the market.
So that seems to be the most common feedback in the comment period. And there's, I think, someone quoted 30,000 comments that they've received on this bill as they look to refine the interpretations. And so our belief, we're fairly confident that there will be, you know, more leniency in interpretation of the rules that come out over the, you know, next 30, 60, 90 days as that unfolds. You know, but we feel pretty good with Georgia. We feel pretty good about Texas. We feel pretty good about New York, even with the rules that are there. Having more leniency in those rules will help not only Plug-...
Accelerate, you know, investment into new platforms, because we actually have a lot of customers, of potential customers, that are waiting for those rules. Now, we're getting the growth that we're getting without it, but there's a lot of customers that are looking at developing their own electrolyzer platforms or programs and saying, "Hey, I really just need more clarity on the interpretation before I can accelerate that." So it will be helpful to us, but it'll certainly be even more helpful to the industry. And all boats rise in the tide. You know, as you see more growth and development in the market, that just helps Plug overall as well.
I do want to move, switch to, uses and sources of cash. Maybe just starting with yesterday's announcement, maybe you could talk about that a little bit, that this, the significance of these funding wins for clean hydrogen that Plug received from the federal government, including manufacturing grants for Rochester. Maybe we'll start there and maybe then move on to the DOE loan and other things.
Yeah. So, you know, in the last few years, we've certainly seen an accelerated focus within the government around supporting hydrogen. And, you know, from programs like we announced with the cost share, where they're going to invest in helping us develop advanced technology and processes in our Rochester facility, and that's a pretty sizable win. I mean, that's a pretty big program, you know, and that's part of even a bigger program that's being announced in the industry that will be helping to accelerate it. But, you know, from the IRA rule itself to the DOE's focus is really accelerated and been focused on helping us from a looking at putting in this loan program.
And so, you know, we're getting, you know, we've always had great support from the government, but, from an industry perspective, the focus and the support holistically has never been greater. So we're excited about that. We think it's good for the industry. We think it's certainly going to continue and can be good overall to facilitate, you know, the advancement of the industry. And on the DOE loan, for those of you who may not be familiar, we have established a framework with them. Most times, what they get is loans for very specific, discrete projects, and they kind of do it on a project-by-project basis. What we've worked out with them has been more of a platform structure.
This is as much driven from them, both in terms of scale and breadth, as it was from us. And so, today, what's been structured and put together is a $1.6 billion platform, where this would help advance, you know, targeting as many as five different green hydrogen facilities, where they could advance as much as $0.80 on the dollar to help fund these programs. And really, they, in their own words, hope that this is phase one. The other really encouraging thing is that statutorily, the rate on the facility can't be greater than 6.5. And for a company like Plug, that's kind of...
Even though we're a big company, you know, with almost $1 billion in sales last year, you know, we're still kind of in that late-stage startup phase until we get to the positive EBITDA and growth and scale. So it's getting access to that kind of capital at that scale, at that rate is a huge win. So that application has been filed on by the DOE, and they're working through that statutory process to get it approved. After two years of collaboration to get to that point, to that milestone for that application to be submitted, you know, we're pretty confident that the 200-page package that they developed has been kind of balanced out with all the agencies that have to be approving it. So we think it's just a process of time now.
Sequence-wise, that would get, you know, the way it works is you get what they call a conditional approval, and that's, in their words, when the federal government is committing the money to the program officially. And then you have to take that and put it into an actual loan document, and then you, for us, because it's a platform structure, we apply the first project to that, to that application. Now, we're not waiting and doing all this sequentially. We're actually working on the structure of it all and the permitting and all the things in kind of parallel, so we can go fast on the heels of approval. But timing-wise, we think, you know, we expect the conditional approval.
We believe it and hope it will be by the end of March, and then we think it'll take, you know, kind of 60-90 days to get to the papering of the loan and then, in parallel, applying the first project, which will be Texas. Everything we've done was modeled off of Texas with them, and that would be, you know, a Q3 event that would unlock that capital and enable us to start accelerating that development.
So potentially in a few weeks, we can hear something, I guess, huh?
Yep.
For, I guess, near-term funding needs, I guess, where are we at current cash position, if you could speak to it? And how should we think about the use of your ATM for the remainder of the year? And what options do you have for further funding between strategics, equity, debt, anything else? You know, especially, like, I mean, look, it's obviously, you have a lot of margin improvement programs happening, but, you know, if the economy turns south or whatever, like, what options do you have if you need them?
Yeah, that's a good question. So, for those of you who do pay attention to our financials, last year, we burned $1.8 billion in cash. Big number, right? And, of that, a substantial portion of that was in capital CapEx and investment in inventory. We spent over $400 million building up inventory last year. Those are two things that are gonna substantially, just, and on their own accord, without improvement in performance, those two things alone will have substantial improvement this year. Last year, we spent close to $700 million in CapEx. This year, we're targeting probably just north of $200 million. And the $200 million is kind of finished in Georgia and turning on the facility in Louisiana, the new hydrogen facility.
And then, you know, from there forward, Texas and other facilities, we believe, and we won't, you know, we're gonna temper the investment and the growth there until we get to a point where we find the right capital solution, the DOE combination of the partners. So from a CapEx standpoint, that comes down dramatically. On the inventory front, not only are we not investing $400 million this year, we ended last year with close to $1 billion in inventory, so we can actually leverage that this year, and therefore, you know, you could get $200-$300 million-dollar reduction in inventories. You could have a $700 million-dollar swing in working capital just from inventory alone. So we think the combination of those things alone will have a major impact in our burn rate.
Then you add to that, the fact that we're putting in price increases, driving margin on equipment and all the fuel and other aspects that we talked about, you know, we're targeting to reduce that burn by 70%. We've already raised $300 million of that number this year. We've got a $5 billion balance sheet that's unlevered. You know, one of the steps we took was also an announcement yesterday, pushing out some of our convertible bonds by a year at very low interest rates for an unsecured facility. So that puts us in a good position in terms of debt opportunities and solution. We have, you know, a huge number of parties that express a lot of interest in Plug.
We just continue to nurture to find the right solution. And so we've got, you know, $1 billion of capacity ATM. It's not our desire and hope that we dilute, but it certainly puts a lever in on us that we can actually be more competitive with the banks and others that in terms of driving solutions on capital. So, you know, we feel pretty good about the short term and the midterm availability of capital to us, and the fact that we're driving the burn down, showing the progress that we're showing in growth and margin enhancement. Success begets success, and so that'll continue to make options better for us.
We're gonna open up to see if anyone has any questions from the audience. And if you do, we have got a microphone over there. Anyone? All right. I wanna come back actually to electrolyzers and maybe even tie this into... You know, we've talked, a lot of this has been U.S.-focused, but you, you've talked in the past about pretty large funnels. What does the overseas opportunities look like at this stage? How much of your electrolyzer business, first of all, as we think about the growth, and how much of that is gonna be overseas, particularly areas like Europe?
Yeah. So let me start with, and I've kind of made reference to this, but the fact that we're building our own green hydrogen plants creates an internal need for electrolyzers that creates a base load in our facilities. And so that's not just in the U.S. We've announced big hydrogen projects in Antwerp, Belgium, and other parts of Europe that we're investing in that helps a lot. In addition to that, most of the inbound in the pipeline has been overseas. So you know, Europe, in particular, is, has been a big market for us and a big win.
You know, I'm really excited because we win something like 80%-85% of the programs we bid on, and we really win them for two primary reasons. One, when, you know, if they. These are—there's only a handful of players in the PEM electrolyzer market. But when customers come and visit our facility in Rochester and see the state-of-the-art facility we have and the capacity that we have there, nobody in the world has a gigafactory like that. So we're uniquely positioned to service customers' needs. And second, they can go and see our Georgia plant and see the product working and see the experience that we've had and how successful that's been.
And that really is the key and the differentiator that often gets us the wins in that product platform. So, you know, we've got multi-gigawatt worth of pipeline of opportunities. We're gonna sell a lot more this year, probably in the... You know, we're probably gonna deploy something like 300-400 MW of products this year out of that pipeline. Could be more, and we've got, you know, more and more layering in of interest to continue growing and scaling those programs as we nurture and move forward.
We are just about out of time. I guess, any last-minute questions we didn't ask or other sort of investment themes you wanna just make clear for, for the audience?
No, I mean, you know, as you guys probably all know, doing new things and disrupting, you know, an industry is hard work and difficult, and sometimes it's two steps forward and one step back. But, you know, when you look at, you know, 10 years of growth, we've always gone north in terms of growth, and the growth we've had in the breadth of products and platforms, you know, this is gonna be a big year for Plug, and I appreciate everyone's attention today, and look forward to sharing the story more with you as we go through the course of this year.
Paul, thanks for sharing your insights. We'll be watching keenly and, and wishing the team, the best of luck here with the execution ahead. Thank you.
Thank you, Bill.