In a recent press release, Plug Power Inc. (NASDAQ: PLUG) has announced the successful completion of undertakings related to its 2023 settlement with the U.S. Securities and Exchange Commission (SEC). The company certified with the SEC staff on August 30, 2024, that it has fulfilled the undertakings set forth in the SEC settlement, which included fully remediating its material weaknesses.
Plug Power's CEO, Andy Marsh, expressed the company's satisfaction in completing the undertakings and concluding the SEC settlement, emphasizing their commitment to ongoing compliance and governance best practices as they continue to lead the development of the green hydrogen economy.
Notably, the company has deployed over 69,000 fuel cell systems and more than 250 fueling stations, making it the largest buyer of liquid hydrogen and the leader in the commercial viability of hydrogen fuel cell technology. Furthermore, Plug Power is working on operating a green hydrogen highway across North America and Europe, with plans to have a state-of-the-art gigafactory producing electrolyzers and fuel cells, as well as developing multiple green hydrogen production plants targeting commercial operation by the end of 2028.
The company's focus on creating an end-to-end green hydrogen ecosystem, from production to energy generation, is aimed at helping customers meet their business goals and contribute to the decarbonization of the economy. Plug Power delivers green hydrogen solutions directly to customers and through joint venture partners into various environments, including material handling, e-mobility, power generation, and industrial applications.
As Plug Power continues to make strides in the green hydrogen economy, its successful completion of the undertakings related to the SEC settlement marks a significant milestone in its commitment to compliance and governance. Today the company's shares have moved -1.7% to a price of $1.71. Check out the company's full 8-K submission here.
