Core Viewpoint - Plug Power is positioning itself as a leader in the hydrogen economy, focusing on expanding its integrated ecosystem and securing significant projects to drive growth and profitability in the coming years [1][16]. Expansion of Hydrogen Economy - Plug Power has expanded its partnership with Allied Green Ammonia, securing a deal to supply 2 gigawatts (GWs) of proton exchange membrane (PEM) electrolyzers for a $5.5 billion sustainable fuels project in Uzbekistan [3][4]. - This project aims to produce sustainable aviation fuel, green urea, and green diesel, with government backing from Uzbekistan [3]. Project Developments - The collaboration with Allied Green continues from a previous commitment to supply 3 GWs of electrolyzers for a green ammonia facility in Australia [4]. - A final investment decision (FID) for the Australian project is expected in Q4 2023, later than the initial Q2 expectation, with manufacturing and delivery of PEM electrolyzers planned for 2027 [5]. Growth Targets - Plug Power is targeting a 30% compound annual growth rate in its energy business and applications business through 2030, driven by its electrolyzer and cryogenic solutions [7]. - The company anticipates 2025 to be a transformational year, aiming for a positive gross margin run rate and significant annual savings through its Project Quantum Leap [8]. Financial Challenges - The company has faced challenges in financing its operations, with net cash used in operating activities amounting to $728.6 million in 2022, $1.1 billion in 2023, and $828.6 million in the previous year [10]. - To fund operations, Plug Power has raised capital through issuing new stock, leading to a significant increase in outstanding shares and a decline in stock price by over 90% in the past three years [11][13]. Funding and Future Outlook - Plug Power has raised $280 million by selling over 185 million shares and secured a $525 million credit facility, along with a $1.66 billion loan guarantee from the U.S. Department of Energy [14]. - Despite these efforts, the company does not expect to reach profitability until 2028, raising concerns about potential future dilutive equity issuances [15].

Core Viewpoint - Calumet, Inc. is undergoing a governance transition with the nomination of Julio Quintana and Karen Narwold for election to the Board of Directors, following the retirement of Jim Carter and Dan Sheets after their terms end at the 2025 Annual Meeting [1][2][3] Group 1: Board Changes - Jim Carter and Dan Sheets will not seek re-election and will retire at the end of their terms, marking a significant transition for the Board [2] - The Board collaborated with Spencer Stuart and Wasserstein Debt Opportunities to identify qualified independent director candidates [2][3] Group 2: Contributions and Achievements - The outgoing directors contributed to key milestones, including the transition to a C-Corporation, the establishment of Montana Renewables, and securing a $1.4 billion Department of Energy loan [3] - The Board's efforts have laid the groundwork for Calumet's next phase, focusing on deleveraging, cash flow growth, and expanding Montana Renewables into a leading producer of sustainable aviation fuel [3] Group 3: New Board Nominees - Julio Quintana has extensive experience in the oil and gas sector, having served as President and CEO of Tesco Corporation and held various roles at Schlumberger and Unocal Corporation [4][5] - Karen Narwold has a strong background in corporate governance, having served as Executive Vice President and General Counsel at Albemarle Corporation, and holds leadership roles in other companies [6][8] Group 4: Company Overview - Calumet, Inc. manufactures and markets a diverse range of specialty branded products and renewable fuels, operating twelve facilities across North America [9]