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Plug Power, Inc.
8/8/2024
we think about growth in 25. Yeah. So, Bill, look, you know, I'm not going to kid you that the price increases and the activities associated with the going concern certainly represented a shot to the system. You know, I have, you know, as many of you know, I am at heart believer in you deal with the cards you have and think how you can get better. But in many ways, it actually opened up the engagement with customers. And it allowed us to start having the serious discussions about how to change the business model. And we have moved away from PPAs, which is good, which has impacted the initial growth of those customers because they As I mentioned in the previous question, we've had to move to third-party providers of leasing for the customers, almost like dealerships and cars, but we've had to work through that with third-party providers who also had tax appetites. We've made great progress there. We expect the second half of material handling to be at least in the range of 1.75 to two times higher than the first half of the year. We spent a lot of time looking at those numbers in customers. Over the past two, three weeks, Sanjay, I think we've had two to three new customers, some of them with rather large deployments. We think the growth rate for material handling in 2025 comes back to normal. So, you know, it's been a... It's been a challenging exercise, but it actually has taught us in many ways the meaning of our value proposition. I've had one of our larger customers tell us the value proposition breaks down at $11 a kilogram for hydrogen. That's a real great data point because when you think about that $11, you know, we're out there about $8.50 today. And that shows that there's value being created and customers recognize it. But, look, there's a lot of discussions when you have those two big issues you mentioned. But I feel that we've really been able to overcome those challenges.
I appreciate your call there, Andy.
Thanks, Bill.
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