In this interview, I sat down with Plug Power CEO Andy Marsh to pressure-test the “hydrogen comeback” narrative around PLUG stock—and, more importantly, to understand what’s real on the ground versus what’s still aspirational. Andy’s core point is simple: Plug isn’t new to hydrogen. They’ve been operating for 25 years, running major U.S. facilities (including a 350,000 sq ft integration site near Albany and what he calls the largest stack manufacturing operation in Rochester), plus teams across Europe and India. On production, he frames scale in a memorable way: Plug is now a bigger liquid hydrogen user than NASA, producing roughly 40 tons/day across plants, with hydrogen fueling material-handling fleets at companies like Walmart and Amazon. We also got into what I think is the underappreciated angle: hydrogen as a grid “pressure relief valve.” Andy claims Plug’s deployments have effectively taken ~400MW of electricity load off the grid, and he argues electrolyzers can soak up excess renewables when power prices go negative—helping solar/wind economics while enabling industrial decarbonization (green ammonia, refining, SAF). On profitability, he laid out a three-part playbook: reach $200M+ quarterly revenue to absorb fixed costs, lower hydrogen costs via plants/supply chain, and keep improving service margins—targeting gross margin breakeven by year-end and EBITDA-positive by end of 2026. The “next big idea” wasn’t flashy: cutting construction costs with more modular, drop-in “Lego-style” hydrogen plants.