Plug Power ( PLUG 11.30% ) is on a mission to deliver sustainable energy with its innovative fuel cells. The company looks to capitalize on the renewable energy market with its hydrogen technology. According to an estimate by Deloitte Consulting, the green hydrogen market could reach $1.4 trillion by 2050, giving Plug Power massive upside potential. Even so, the company has faced significant hurdles in recent years. After reaching as high as $75 per share in 2021, the stock has come crashing down to Earth, plummeting 97%, and has failed to recover since then. Here's what you should consider if you are thinking of buying Plug Power (or if you already have). Reason to buy or hold Plug Power Plug Power aims to position itself in the evolving renewable energy sector with its hydrogen fuel cells. As an alternative to conventional batteries, Plug Power provides clean and efficient energy with minimal carbon emissions. The company develops products that use electrolysis to produce hydrogen from water, creating a green fuel source. Their advanced liquefaction and cryogenic systems facilitate the efficient storage and transportation of hydrogen gas, making the fuel accessible and practical for various applications. One of its products is GenDrive, a hydrogen-powered fuel cell system engineered for material-handling vehicles, such as forklifts. And its GenSure system aims to provide a reliable backup and grid-support power solution, ensuring that crucial infrastructure remains operational during broader outages. The company counts industry giants like Amazon and Walmart among its customers and investors , which could provide it with a steady revenue stream and longer-term growth opportunities. With support from major companies, Plug Power could be in position to benefit from the projected increase in hydrogen demand, which McKinsey estimates could rise by two to four times by 2050. The long-term growth opportunity makes Plug Power stock appealing, but its financial situation is something to keep an eye on. Reason to sell Plug Power Plug Power has experienced solid top-line growth in recent years, with revenue increasing by 27% last year to $891 million. However, the current landscape paints a different picture. In the first three quarters of 2024, revenue plummeted to $437 million, reflecting a 35% decline compared to last year. This downturn is mainly attributable to the company's struggles with hydrogen infrastructure sales. In the current year, it completed only 11 hydrogen site installations, a stark contrast to the 41 installations from the previous year. This reduction illustrates the slower-than-anticipated development of the hydrogen economy. Moreover, Plug Power is grappling with rising losses. As of Sept. 30, the company reported an operating loss of $720 million, slightly worse than the $718 million loss from the prior year. Over the last 12 months, Plug Power's total losses are a staggering $1.4 billion. PLUG revenue (TTM), data by YCharts; TTM = trailing 12 months. In response to these challenges, the company has initiated cost-reduction strategies and hired Dean Fullerton as the new chief operating officer (COO). With his experience overseeing engineering services for Amazon across various regions, Fullerton is expected to enhance Plug Power's operational efficiencies and optimize its supply chain. Management has adjusted its revenue projections for the coming year, estimating between $850 million and $950 million -- well below its previous estimates of $1.5 billion. On a more promising note, the Department of Energy (DOE) awarded Plug Power a conditional loan of $1.66 billion in May to finance the construction of six clean hydrogen plants. These will produce hydrogen intended for use by clients within the material handling, transportation, and industrial sectors. However, with the political dynamics shifting, particularly with the Trump Administration's impending inauguration in January, CEO Andy Marsh looks to secure this loan before the transition. Failure to do so could significantly hinder the company, which is already facing cash flow challenges. Buy, hold, or sell Plug Power? Plug Power's technology could help further develop the renewable energy industry. However, the company faces significant challenges due to declining revenue and disappointing forward-looking projections. Most recent projections from analysts show that it may not be profitable until 2028. If you're intrigued by Plug Power's technology and prospects, it could be a stock to add to your watch list and track over time. I would like to see improved sales and more efficient operations that help bring down costs. However, given the uncertainties ahead and its lack of financial success, I'd say the stock is a sell right now.The missing teenager who vanished in waters off NSW’s Central Coast on Christmas Eve has been identified as 15-year-old Luca Bennett. The teenager was playing with two other friends on rocks at North Avoca Beach when they were swept into the water just before 3pm on Tuesday. Two of the teens managed to get to shore safely however Bennett did not, with his friends alerting nearby lifeguards. A multi-agency search for the teenager commenced with the help of the Brisbane Water Police District, Marine Area Command, NSW Ambulance, Surf Life Saving NSW, Marine Rescue NSW and the Westpac Rescue Helicopter. The search resumed on Christmas Day, with emergency services crews seen searching near rocks and in the water on jet skis. The NSW Police Airwing was also seen circling the area. Despite the continued search for the teen, tributes have already begun popping up on social media for the talented young basketball player, who travelled to the US last year for a basketball camp. “Man I just saw you last week, it breaks my heart so much, 2025 was gonna big,” one friend wrote. “Had I known last week would be the last time I see you I would’ve embraced you. “My brother, I will see you again. I love you, I’ll always be here for your family, no matter what.” Another wrote: “Miss ya legend”. On Wednesday Inspector Benjamin Campbell of Brisbane Water Police District described the incident as “tragic”. “I feel for the family at this time of year,” he said. “It’s just a timely reminder of how dangerous the rocks can be around the ocean and how everyone has to be really careful.” The president of Central Coast branch of Surf Live Saving NSW Slattery said crews were hoping for a positive outcome. “Our message has been, and always will be, that the flagged locations are the safest place to swim,” he said. “If you are in need of help, that’s the closest resource that we can get to.” Anyone with information about the boy’s whereabouts has been urged to contact Brisbane Water Police or Crime Stoppers.Protect Yourself: Essential tips to avoid crime this holiday season
D ear Heloise: I wanted to write in concerning not using rugs and towels at animal shelters. I have to wonder what sort of “shelter” is being offered to dogs and cats where it gets so cold and wet that the cloth can freeze. Not to mention the possibility of the poor animal freezing to death! Are they saying these indoor animals are being kept outside? Or are their facilities not being properly heated and dry? This is shocking to me! I hope they can explain themselves. — Frank F., Ventura, California Frank, the letter was referring to feral cats and other outdoor animals. Shelter cats and dogs usually have a better situation than those that are born wild or mistreated by their owners. In my opinion, no animal should be kept outside in the winter if they have owners with a warm house. Sadly, there are too many abandoned cats and dogs that have no one to look after them, making their existence difficult and their lives short. Straw is the best solution to helping these animals stay warm, provided that there is plenty of straw to snuggle in for warmth inside of some type of enclosure. There are a variety of such houses for animals online, and most aren’t expensive. — Heloise Dear Heloise: I often use paper-towel rolls and toilet-paper rolls to keep artificial flower stems together. I also cut them lengthwise to put on gift-wrapping paper rolls. If the paper roll is too thin to keep a cardboard roll on, then I use a rubber band to secure the roll. Your readers have given me so much I can use. I thank you and thank them, too. — Jackie, Colorado Springs, Colorado Jackie, I like your cardboard roll ideas. Lately, I’ve received several letters stating that readers use the cardboard roll in paper towels and toilet paper to start a fire in their fireplace. Some also use a toilet roll of cardboard to gather a number of loose cords together. Others use a paper-towel roll to wrap tree lights around when putting them into storage. All of these are great ideas, as well. — Heloise Dear Heloise: Our glass pie plates wouldn’t get clean, so my husband had the successful idea to use a ceramic cooktop cleaner! The pie plates are sparkling now! — Connie B., Universal City, Texas Dear Heloise: My mom was never really happy with any gift I gave her. Since she relied on Social Security, money was tight, so I started to give her a goody box. I usually used an empty paper box and filled it with toiletries and products that I knew she used. I also included postage stamps and gift cards for car washes. She would love her goody box and looked forward to it every year. One year, my aunt was visiting from the old country at Christmas, so I made up a smaller box for her. I found out that she loved a certain brand of canned corn, so I included six cans. She was over the moon! It was also easy for me, as I would add things to the box all year long, making it easier on my time and budget. — Liz N., via email Send a money-saving or time-saving hint to Heloise@Heloise.com . Get local news delivered to your inbox!
Nearly 40 per cent of Ontario food banks have reduced the amount of food they provide to clients as they struggle to keep up with escalating demand, a new report says. The report from Feed Ontario — a network of more than 1,200 food banks and hunger relief programs in the province —also says number of people who accessed a food bank in Ontario surpassed one million from 2023 to 2024, a 25 per cent increase from the year prior. The report looks at data from Ontario's food banks from April 1, 2023 to March 31, 2024. "While food banks are doing their best to keep doors open and shelves full, the unprecedented need for food bank support has outpaced their capacity and the resources available to deliver these services," the report says. Two in five respondents who visited a food bank had never accessed one before, the report says. WATCH | Report shows Ontario food banks being forced to give clients less food: Ontario food banks cutting services as demand outpaces resources: report 5 hours ago Duration 2:57 A new report from Feed Ontario shows that food banks are cutting services and reducing the amount of food they provide to clients as they run out of resources amid record-high demand. CBC’s Clara Pasieka has more details. Neil Hetherington, CEO of the Daily Bread Food Bank in Toronto, said that organization recently implemented a 10-per cent reduction in the amount of food distributed across its network of meal programs due to the unprecedented demand. The organization supports 129 agencies and 205 food programs across the city. "It means that an individual who's going in to get three days worth of food once per week is now going to be receiving 2.7 days worth of food," he said. The recent Who's Hungry report the from Daily Bread and North York Harvest food banks found the number of visits to food banks in Toronto hit a new record once again , with one million more visits from April 2023 to April 2024 than the year prior. Toronto food bank says crisis is being ignored by those in power Scarborough food bank sees success using UN sustainability goals Ontario food banks also saw an increase in the number of clients who said they were employed, according to the Feed Ontario report. While social assistance remains the primary source of income for the majority of food bank visitors, just under 24 per cent of respondents said they were employed — a 17 per cent increase from the year before. Hetherington said that figure is troubling. "They've done everything right, yet they have to rely on food charity," said Hetherington. Hetherington said the numbers how that governments can't rely on food banks "as the sole solution to systemic problems." Food bank use in Toronto breaks records — again Record food bank numbers nationally felt 'on the ground' in Toronto, expert says "There are more than one million Ontarians who are going to food banks, and every single time they're going, we know it's because of a lack of affordable housing, it's because their incomes do not match their expenses," he said. "And we know the solutions to that and we're very hopeful that they'll start to implement them."
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Upon closing, the transaction would secure global IP rights for NKGen. NKGen and its partners can begin to commercialize troculeucel in Korea, Japan and other markets where natural-killer ("NK") cell therapy is already legal. NKGen proposal included up to $18 million in committed funding. Closing expected in 1Q 2025. SANTA ANA, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. NKGN ("NKGen" or the "Company"), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer cell therapeutics, today announced it has been selected as the preferred stalking horse bidder for NKMax Co., Ltd. ("NKMax") in NKMax's court-managed rehabilitation process in South Korea. NKMax filed for rehabilitation in South Korea, roughly similar to Chapter 11 in the US, on April 18, 2024, and currently holds an approximate 25% equity interest in NKGen. NKGen's proposal included up to $18 million in committed funding from a third-party investor. As is typical in US bankruptcies, there will now be a public offering process, with NKGen having final right of first refusal on any other qualified offers, with the final decision and ultimate rehabilitation plan approved by NKMax's creditors and the court expected in February 2025 and closing thereafter (the "Acquisition"). NKGen and its financing partners expect to hold a majority of the equity of NKMax at closing. NKMax currently holds master global rights to the intellectual property ("IP") for troculeucel (formerly known as SNK01) and other proprietary IP that is licensed to NKGen for markets outside Asia. Such an acquisition is expected to put global rights under the control of NKGen. Prior to entering into the rehabilitation process, NKMax announced plans and commenced initial groundwork to commercialize the troculeucel treatment for Alzheimer's and other neurodegenerative diseases in Japan and South Korea, where such NK cell treatment is legal already. Additional production capacity at NKMax's GMP facility will be an added benefit which could help accelerate production for US trials. " As we have made tremendous progress in our clinical program especially with the launch of our phase II trial for moderate stage Alzheimer's disease, we felt that it was essential for us to preserve the very close scientific and clinical partnership with the NKMax team, rather than have NKMax acquired by someone without any cell therapy knowledge or experience", commented Paul Y. Song, MD, Chairman and CEO of NKGen Biotech. "As we continue to work towards US FDA approval, we will be able to begin to commercialize troculeucel in countries like Japan, Thailand, Malaysia, Mexico and others where an autologous non-genetically modified cell therapy is considered as a legal treatment and already readily available. We believe that we will be much stronger and will deliver more value for our patients and shareholders when operated as one global team." NKGen does not believe the NKMax rehabilitation process has had any material negative impact on NKGen's business or prospects. About Troculeucel Troculeucel is a novel cell-based, patient specific ex vivo expanded autologous natural killer ("NK") cell, immunotherapeutic drug candidate. NKGen is developing troculeucel for the treatment of neurodegenerative disorders and a broad range of cancers. Troculeucel is the International Nonproprietary Name ("INN") for SNK01 assigned by the World Health Organization ("WHO"). The WHO INN approval of troculeucel establishes a universally recognized nonproprietary drug name for SNK01 and marks a significant step on our journey toward bringing this therapy to market. About NKMax Founded in 2002 and headquartered in Seoul, South Korea, NKMax Co., Ltd. is a clinical-stage biotechnology company focused on advancing immune cell therapies. In addition to its therapeutic innovations, NKMax develops and commercializes bioreagents and immunodiagnostic kits, with revenues derived from these products as well as health supplements. In 2016, NKMax completed its GMP-certified manufacturing facility, and obtained approval from the Korean MFDS (Ministry of Food and Drug Safety) in 2018, strengthening its capabilities in high-quality cell therapy production. Listed on the KOSDAQ, a South Korean stock exchange, NKMax's trading has since been suspended during the course of ongoing rehabilitation efforts. About NKGen Biotech NKGen is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic NK cell therapeutics. NKGen is headquartered in Santa Ana, California, USA. For more information, please visit www.nkgenbiotech.com . Forward-Looking Statements Statements contained in this press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future" and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Because such statements are subject to risks and uncertainties, many of which are outside of the Company's control, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, the closing of the Acquisition, which may not close on the terms or timing anticipated, or at all, the satisfaction or waiver of any conditions to the closing of the Acquisition, the anticipated impacts or benefits of the Acquisition, the closing of the expected funding for the Acquisition, the risk of shareholder litigation in connection with the Acquisition, including resulting expense or delay; the risk that NKMax's business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, the successful and timely completion and the commercialization of troculeucel, statements regarding the Company's plans and expected timing for developing troculeucel and SNK02, including the expected timing of completing and announcing further results from its ongoing clinical studies; and the Company's expected timing for developing its product candidates and potential benefits of its product candidates. Risks that contribute to the uncertain nature of the forward-looking statements include: the Company's ability to execute its plans and strategies; risks related to performing clinical studies; the risk that initial and interim results of a clinical study do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; potential delays in the commencement, enrollment and completion of clinical studies and the reporting of data therefrom; the risk that studies will not be completed as planned; the risk that the abstract will not be published as planned including delays in timing, format, or accessibility; and NKGen's ability to raise additional funding to complete the development of its product candidates. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in the Company's filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission's website at www.sec.gov and on the Company's website under the subheading "Investors—Financial and Filings". Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Internal Contact: Denise Chua, MBA, CLS, MLS (ASCP) SVP, Corporate Affairs 949-396-6830 dchua@nkgenbiotech.com External Contacts: Chris Calabrese Managing Director LifeSci Advisors, LLC ccalabrese@lifesciadvisors.com Kevin Gardner Managing Director LifeSci Advisors, LLC kgardner@lifesciadvisors.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.LAS VEGAS (AP) — Dedan Thomas Jr. scored 15 points as UNLV beat UC Riverside 66-53 on Saturday. Thomas had five rebounds and five assists for the Rebels (6-5). Jeremiah Cherry scored 12 points and added three blocks. Jailen Bedford and Jaden Henley both added nine points. The Highlanders (8-5) were led by Barrington Hargress, who posted 17 points and two steals. Nate Pickens added 10 points and six rebounds for UC Riverside. Parker Strauss finished with six points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
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