Investing.com -- Earlier this month, Jose Luis Crespo took over the reins of CEO at hydrogen solutions company Plug Power Inc from longtime CEO Andy Marsh. In this interview, we catch up with Crespo to learn more about his plans to take existing projects forward as the company works to turn profitable over the next few years.

Crespo enters this role at an interesting time for the company as well as the hydrogen sector at large, as renewable hydrogen is starting to be deployed at scale. Prior to his new role, Crespo was President and Chief Revenue Officer at Plug and contributed to the company’s global expansion and significant revenue growth.

You’ve just stepped into the CEO role at Plug Power during a critical period for the hydrogen sector. What are the top priorities you plan to focus on in your first year leading the company?

It’s an honor to serve as CEO of Plug at this stage in the company’s development. My immediate priority is execution: translating our technological leadership into sustainable, profitable growth, focused on three core markets: electrolyzers, hydrogen production, and fuel cells for logistics, with customers such as Iberdrola/BP, Galp, Amazon, and BMW.

Our top goal is to meet the financial targets we’ve already shared with the market. We have achieved positive margins in the fourth quarter of 2025, alongside 13% growth for the year. From there, we’re focused on reaching positive EBITDA in the last quarter of 2026, followed by positive operating income in 2027 and full profitability in 2028. As we did in 2025, we will continue to drive strong growth across the company.

The 100-MW electrolyzer installation at Galp’s refinery in Sines is one of the largest renewable hydrogen deployments in Europe. What does this project demonstrate about the commercial readiness of large-scale green hydrogen today?

Projects like the 100 MW installation with Galp demonstrate that green hydrogen has moved beyond pilot phases into real, industrial-scale deployment.

We are already delivering large-scale systems alongside major energy companies: a 25 MW electrolyzer in Spain with Iberdrola and BP, approaching commissioning, and the 100 MW project with Galp in Portugal. These are industrial-scale systems, installed and progressing toward operation.

The Iberian Peninsula has the renewable resources to become one of the lowest-cost green hydrogen production hubs in Europe. Through these deployments, we’re demonstrating our role as a leading technology partner in electrolysis, and that large-scale hydrogen is becoming a commercial reality.

How do projects like Sines fit into Plug’s broader strategy to drive revenue growth while moving the business toward sustainable profitability?

Projects like Sines are central to our strategy because they convert our technology into large-scale commercial revenue.

By delivering systems at this scale alongside major energy partners, we are building a more predictable revenue base while driving the volume needed to improve margins. That scale is critical to achieving the financial milestones we have outlined.

These projects are both proof of capability and a direct driver of our path to sustainable and profitable growth.

Beyond revenue, these projects generate operational data and engineering insights that improve our next deployment. Each project we deliver makes the following one more efficient and more profitable. That compounding effect is central to how we will achieve the margin improvement trajectory we have committed to.

Europe has been one of Plug’s most active regions for electrolyzer deployments. How do you see the opportunity there evolving compared with markets like the U.S. and Asia, particularly as hydrogen policies and subsidies evolve?

Plug has been active in Europe for 15 years, well before I joined the company, and today we have more than 200 employees across Spain, France, and the Netherlands. We already manufacture systems in the region and continue to evaluate opportunities to expand our presence.

Europe has a structural advantage that is often underestimated: strong regulatory pull in transport and industrial decarbonization, an established carbon price, and ambitious national hydrogen strategies. That combination is creating real, near-term demand, not just long-term targets. We see Europe as one of our most important growth markets, and our 200-person team, our engineering center, and our ability to manufacture electrolyzer systems in Europe reflect that commitment. That said, our approach is consistent globally: we allocate capital where the business case is strongest.

The hydrogen economy still faces challenges around cost, infrastructure, and demand. What needs to happen over the next few years for green hydrogen to scale more broadly across industries like refining and chemicals?

Achieving competitive green hydrogen prices depends on three main factors. First is the cost of electricity, which is the dominant variable. Second is electrolyzer efficiency - producing more hydrogen per megawatt-hour is a direct lever to reduce costs, and we are actively working to improve that efficiency. Third is reducing capital costs, not only for the electrolyzer itself, but also for the design and construction of hydrogen plants.

The way an electrolysis system is designed, and which elements are included within the project scope, can significantly reduce the total cost of a plant. At Plug, we are working on all three factors simultaneously. We have a unique advantage here: Plug is the only electrolyzer manufacturer that operates its own hydrogen production plants at scale – and we do that with our own technology, in Georgia. That means we are continuously applying real operational learning to improve our technology and reduce costs for our customers. It is a feedback loop that no other electrolyzer company can replicate today.

Government incentives such as those created under the Inflation Reduction Act/BIL have been seen as critical to the economics of green hydrogen. How dependent is the industry on policy support, and how resilient is Plug’s strategy if subsidies evolve or take longer to materialize?

Government incentives like the ITC and PTC are clearly helping accelerate customer adoption by improving project economics. In material handling, the 30% investment tax credit makes it easier for customers like Walmart and Amazon to deploy at scale. On the electrolyzer side, the production tax credit, up to $3 per kilo, is helping move projects forward by improving returns and financing visibility.

That said, our strategy is not dependent on incentives. Our focus is execution, cost reduction, and building a business that works on its own fundamentals. In 2025, we demonstrated that we can improve margins and reduce cash usage while continuing to grow – and we intend to build on that track record. Incentives can accelerate timing, but long term, this market will be driven by competitiveness, reliability, and scale, and that is exactly what we are building at Plug.