Variable Interest Entities

3 Months Ended

Mar. 31, 2025

Variable Interest Entities

Variable Interest Entities

20. Variable Interest Entities

Hidrogenii

In the third quarter of 2022, our wholly-owned subsidiary, Plug Power LA JV, LLC, created a joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin, named Hidrogenii to support reliability of supply and speed to market for hydrogen throughout North America and set the foundation for broader collaboration between Plug and Olin. Hidrogenii began the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC.

The Company has determined Hidrogenii to be a VIE, and the Company is considered to be the VIE’s primary beneficiary, as we determined we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On an ongoing basis, we are contractually obligated to certain operational capital funding. We consolidate the joint venture’s results within our single consolidated reportable segment. Hidrogenii has similar risks to those described in Item 1A, “Risk Factors”, in the Company’s 2024 Form 10-K.

The VIE’s assets can be used to settle only the VIE’s obligations and the creditors related to the VIE’s liabilities have no recourse against the general credit of the Company. The table below summarizes balances associated with Hidrogenii as reflected on our unaudited interim condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in thousands):

	As of
	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	408	$	667
Prepaid expenses, tax credits and other current assets		7		242
Total current assets		415		909
Property, plant, and equipment, net		155,926		147,696
Total assets		156,341		148,605
Liabilities
Accounts payable	$	1,780	$	1,340
Accrued expenses		3,786		27
Total liabilities		5,566		1,367
Equity
Equity	$	150,775	$	147,238
Total equity		150,775		147,238
Total liabilities and equity	$	156,341	$	148,605