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Plug Power

Plug Power Inc. is an American company founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc., specializing in the development, manufacturing, and deployment of hydrogen fuel cell systems and green hydrogen infrastructure to enable zero-emission energy solutions. Headquartered in Latham, New York, the company went public in 1999 on the NASDAQ exchange under the ticker symbol PLUG and has grown into a global leader in the hydrogen economy, operating in North America, Europe, Asia, and other international markets. Since its inception, Plug Power has pioneered commercially viable applications for fuel cells, beginning with stationary power systems and expanding into in the early 2000s through acquisitions like Cellex and General Hydrogen in 2007. Key milestones include the introduction of its GenKey solution in 2014, the acquisition of ReliOn for backup power systems, and the launch of large-scale production facilities, such as the ' largest liquid plant in in 2024. The company has deployed over 72,000 systems worldwide as of 2025, serving major clients including , , , , and . Plug Power's core offerings include the GenDrive hydrogen fuel cell modules for electric material handling vehicles, which replace traditional batteries to improve efficiency and reduce emissions in warehouses and distribution centers; GenSure stationary fuel cells for reliable backup and primary power in telecommunications, data centers, and remote sites; and ProGen customizable fuel cell engines for various industrial applications. Complementing these, the company produces PEM electrolyzers like the GenEco series for on-site green hydrogen generation from renewable electricity, supporting decarbonization in sectors such as manufacturing, transportation, and energy storage. In 2025, Plug Power expanded its end-to-end ecosystem with initiatives like a 5 MW electrolyzer installation in the Netherlands for the largest green hydrogen project there and partnerships for up to 2 GW of electrolyzer deployments in Uzbekistan for sustainable aviation fuel production. The company's mission is to power a hydrogen revolution by making economical, accessible, and scalable to support global net-zero goals, previously backed by strategic relationships and infrastructure investments including a U.S. Department of Energy for domestic obtained in 2025, though as of November 2025 the company has suspended related activities to focus on opportunities. In November 2025, Plug Power announced a strategic shift toward power solutions, including monetization of rights expected to generate over $275 million. As of November 2025, Plug Power continues to scale its operations, with active plants in the U.S. and , positioning it as a key player in the transition to clean energy technologies.

Overview

Founding and Headquarters

Plug Power Inc. was founded on June 27, 1997, as a between Edison Development Corporation, a of Company, and Mechanical Technology Incorporated, both based in . The company was incorporated in the state of and established its initial operations in Latham to advance clean energy technologies. From its inception, Plug Power focused on the design, development, and commercialization of (PEM) fuel cells targeted at residential generation and distributed power applications. This effort was supported by programs from the U.S. Department of Energy aimed at accelerating the commercial viability of PEM fuel cells for residential , as part of broader national innovation initiatives to promote efficient, low-emission energy solutions. The company's headquarters were initially established in , where it maintains significant operations, though it relocated its primary corporate offices to Slingerlands, New York, in 2024 to consolidate facilities in the Vista Technology Campus. Additional key offices include a location in , for policy and government affairs, along with an international presence featuring a European headquarters in and operations across and to support global expansion. Plug Power became a publicly traded through its on October 29, 1999, listing on the exchange under the PLUG and raising approximately $90 million in gross proceeds. This IPO provided capital to scale development and marked the 's transition to a broader market-oriented structure.

Business Model and Mission

Plug Power's mission is to build an end-to-end ecosystem, encompassing production, storage, delivery, and energy generation, to facilitate decarbonization and support the global transition to a net-zero economy. The aims to make adoption straightforward for businesses, enabling them to displace fossil fuels and reduce carbon footprints while enhancing productivity and lowering operating costs. The revolves around providing comprehensive solutions, including the sale of systems, electrolyzers, and related services, with streams derived from product sales, fueling, and deployment. primarily comes from systems and supply contracts, supplemented by service agreements and projects. This integrated approach allows Plug Power to deliver turnkey solutions that address the full . Plug Power targets key markets such as , where its GenDrive systems power electric vehicles like forklifts; stationary power for backup and prime generation; transportation, including e-mobility applications; and industrial uses across various sectors. The company pioneered commercial adoption in and continues to expand into these areas to meet diverse clean energy needs. Committed to and , Plug Power focuses on scaling production using American-made electrolyzers to fulfill surging customer demands, which have grown nearly 200% annually. This strategy supports broader goals of building a resilient U.S.-based network, reducing reliance on imported , and driving the global forward.

History

Early Years and Initial Development

Plug Power was founded in November 1997 as a between and Mechanical Technology Inc., with the initial mission to develop and commercialize () fuel cell systems for residential stationary power generation. Early research and development efforts focused on s, supported by funding from the U.S. Department of Energy (DOE) through the Partnership for a New Generation of Vehicles (PNGV) program, which aimed to advance clean energy technologies for transportation and stationary applications. In collaboration with under this initiative, Plug Power worked on integrating s into vehicle prototypes and related infrastructure, marking its entry into fuel cell innovation amid growing interest in alternative energy during the late . The company went public on October 29, 1999, raising approximately $200 million in its (IPO) at $15 per share, capitalizing on the dot-com boom's enthusiasm for . Plug Power's stock price surged dramatically in the following months, reaching an all-time high of $1,498 per share (pre-reverse splits) by March 2000, reflecting investor optimism about s as a future energy solution. However, the burst of the in 2000 led to a sharp decline in the company's valuation, exacerbating early operational challenges as the residential market proved unready for widespread adoption of fuel cell technology due to high costs and limited hydrogen infrastructure. In the early 2000s, Plug Power faced significant financial pressures, including a NASDAQ notice of non-compliance with minimum bid price requirements issued on September 18, 2009, threatening delisting unless the stock price closed above $1.00 for 10 consecutive days within 180 days. The company regained compliance by October 2009 through improved market performance, but ongoing struggles prompted a strategic pivot in June 2008 via a corporate restructuring that shifted focus from residential applications to commercial sectors, particularly material handling equipment powered by hydrogen fuel cells like the GenDrive system. This transition addressed market unreadiness for home-based systems and targeted more viable near-term opportunities in industrial settings. A 1-for-10 reverse stock split in May 2011 further helped maintain NASDAQ listing by boosting the share price. A pivotal early milestone occurred in 2001 when Plug Power demonstrated a fully fuel cell-powered home, showcasing the potential of systems to generate , , and hot water from or reformed . This event highlighted the technology's viability for residential use and contributed to broader industry momentum for stationary fuel cells. Throughout its formative years, Plug Power's workforce, which grew from 22 employees in 1997 to over 150 by 1999, emphasized R&D on on-site generation technologies, such as integrated reformers that converted into to circumvent the era's lack of centralized supply . This approach enabled self-contained fuel cell systems, positioning the company to overcome key barriers in early commercialization efforts.

Growth, Acquisitions, and Milestones

During the 2010s, Plug Power achieved substantial growth by securing widespread adoption of its GenDrive fuel cell systems for material handling applications, particularly among major retailers. Walmart initiated deployments of GenDrive-powered forklifts in the early 2010s, reaching over 500 units across its facilities by 2014 and expanding to more than 9,500 units at 37 North American distribution centers by 2020, enhancing operational efficiency in warehouse environments. Similarly, Amazon entered a multi-site agreement in 2017 for Plug Power's GenKey solutions, including GenDrive fuel cells, to power its fulfillment network, marking a pivotal step in scaling hydrogen fuel cell use for logistics. This period also saw strategic acquisitions to bolster manufacturing, such as the 2014 purchase of ReliOn Inc. for approximately $4 million in stock, which internalized fuel cell stack technology and supported production scale-up for broader market penetration. Entering the 2020s, Plug Power accelerated its expansion into the green hydrogen economy through landmark deals and technological integrations. In 2021, the company completed the acquisition of Applied Cryo Technologies, a provider of cryogenic , to enhance capabilities in and , critical for building a vertically integrated . This was complemented by the 2022 agreement with to supply 10,950 tons of liquid annually starting in 2025, enough to fuel operations equivalent to 30,000 forklifts or 800 heavy-duty trucks, advancing decarbonization in transportation and facilities. In early 2025, Plug Power secured a $1.66 billion from the U.S. Department of Energy to finance up to six production and projects using American-made electrolyzers; however, in November 2025, the company suspended plans for these projects, placing the guarantee at risk amid financial challenges. Recent developments from 2024 to 2025 underscore Plug Power's operational momentum and ecosystem maturation, despite setbacks. The company opened its flagship plant in , in January 2024, achieving full production of 15 tons of liquid electrolytic per day by mid-2024—the largest such facility in the U.S.—and completing its first customer delivery shortly thereafter; in April 2025, the plant set a U.S. record by producing 300 metric tons of in a single month. Plug Power announced the Plug Symposium 2025, scheduled for November 18 at its Vista Headquarters in Slingerlands, , to showcase advancements in solutions and for leaders and partners. On November 10, 2025, the company reported third-quarter results, highlighting continued progress in amid efforts to address operational challenges. Amid this progress, customer adoption of Plug Power's solutions has seen more than 200% annual growth over the past five years, validating the company's strategy. To construct a comprehensive ecosystem, Plug Power pursued targeted acquisitions for electrolyzer integration, including the 2020 purchase of Giner ELX to advance technology, enabling in-house production of key components for large-scale generation. These moves, alongside earlier efforts like the 2021 acquisition of Applied Cryo, have unified production, storage, and distribution under one platform, reducing dependency on external suppliers and accelerating deployment across sectors.

Products and Technologies

Fuel Cell Solutions

Plug Power's fuel cell solutions primarily revolve around () technology, which generates electricity through an electrochemical reaction between and oxygen. In this , is fed to the where it splits into protons and electrons; the electrons travel through an external to produce , while the protons pass through a to the , combining with oxygen to form and as byproducts. These systems incorporate on-board , typically in compressed or metal form, enabling efficient and portable power generation without combustion. The GenDrive series represents Plug Power's flagship offering for material handling applications, such as forklifts and other electric class 1-3 vehicles in warehouses. These fuel cell systems serve as drop-in replacements for lead-acid batteries, providing longer runtimes—often up to eight hours or more per refuel—while eliminating the need for lengthy charging cycles that can take several hours. GenDrive units achieve zero emissions during operation, producing only and heat, which supports cleaner indoor environments compared to battery-powered alternatives that may release gases during charging. As of the third quarter of 2025, Plug Power has deployed over 72,000 systems, predominantly GenDrive units, across various facilities worldwide. For stationary applications, the GenSure platform delivers reliable backup power to critical infrastructure like telecommunications sites and data centers. These PEM-based systems operate silently and emission-free, with a modular rack-mounted that scales from low-power units (e.g., 200W to 2.5kW blocks) to higher configurations supporting up to megawatt-scale needs through stacking of 125kW ProGen modules. GenSure fuel cells boast a reliability rating of 99.6%, ensuring minimal downtime during power outages, and can run for extended periods—up to weeks—on stored without refueling. This modularity allows customization for facilities requiring continuous, refuelable power, integrating seamlessly with hydrogen supply systems for enhanced resilience.

Hydrogen Ecosystem Components

Plug Power's hydrogen ecosystem encompasses technologies for producing, storing, and delivering , enabling a vertically integrated that supports applications in industrial and mobility sectors. The company's approach focuses on creating scalable, renewable-powered systems to decarbonize use, with components designed for seamless . Central to this ecosystem are Plug Power's (PEM) electrolyzers from the GenEco series, which produce through water using clean electricity from renewable sources such as or . These modular systems, including models like the EX-425D and EX-4250D, generate high-purity onsite, with capacities ranging from approximately 425 kg per day for smaller units to over 4,250 kg per day for larger configurations, corresponding to power inputs of about 1 MW to 10 MW per module. Scalable deployments allow for aggregation up to 100 MW or more, as demonstrated in projects like the 100 MW initiative at Galp's refinery, where electrolyzers will produce up to 15,000 tons of renewable annually to replace gray . This PEM technology, benefiting from nearly 50 years of operational experience, ensures high reliability and efficiency, with instant load-following capabilities to match intermittent renewable inputs. For storage and liquefaction, Plug Power leverages cryogenic solutions acquired through its 2021 purchase of Applied Cryo Technologies, which provides specialized equipment for handling at -253°C. This acquisition enhanced the company's capabilities in designing and manufacturing cryogenic trailers, mobile storage units, and systems, such as the 15 tons-per-day (TPD) and 30 TPD hydrogen liquefiers, which offer high efficiency and flexibility for consistent supply. These technologies facilitate safe transportation and storage, minimizing boil-off losses and enabling delivery networks for bulk distribution to end-users in and stationary power applications. The integration of Applied Cryo's expertise has positioned Plug Power to build a comprehensive infrastructure, supporting the global scaling of . Complementing production and storage, Plug Power's fueling infrastructure includes the GenFuel platform, which deploys onsite refueling stations tailored for e-mobility, , and stationary power needs. These stations feature proprietary dispensers that provide fast-fill capabilities and integrate directly with electrolyzers and storage systems, creating efficient refueling setups that consume 200-300 kg of daily for typical operations. By handling design, construction, and maintenance, GenFuel ensures minimal disruption to customer sites while incorporating industrial for real-time performance monitoring. This infrastructure has been rolled out extensively, with over 275 stations deployed globally, including 13 in to support customers like and . Together, these components form Plug Power's end-to-end ecosystem, spanning renewable-powered production via electrolyzers, cryogenic and storage for efficient transport, and integrated fueling stations for delivery to and end-uses. This closed-loop model reduces dependency on external supply chains, lowers costs through onsite , and accelerates the adoption of as a clean energy carrier, with applications in powering fuel cells for forklifts, vehicles, and backup systems.

Operations

Manufacturing Facilities and Supply Chain

Plug Power's headquarters and primary fuel cell manufacturing operations are located in the Albany County area of , with the corporate headquarters in Slingerlands following a 2024 relocation from Latham to consolidate administrative and production functions. The Latham facility serves as a key site for fuel cell assembly and testing, supporting the company's core production of proton exchange membrane (PEM) fuel cell systems. In , Plug Power operates the Innovation Center, recognized as the world's first electrolyzer stack , which focuses on high-volume production of electrolyzer components such as membrane electrode assemblies and stacks. This facility enables the manufacturing of up to 500 MW of electrolyzer capacity annually, facilitating the company's shift toward large-scale production equipment. A significant production site is the , plant, which began operations in 2024 with a of 15 metric tons per day of liquid , powered by on-site electrolyzers and sources. By mid-2025, this facility achieved record outputs, including 300 metric tons in April and 324 metric tons in August, demonstrating reliable scalability in electrolytic hydrogen generation. Plug Power's for components relies on sourcing metals, including and , as critical catalysts for electrolyzer and performance, with ongoing research to reduce usage by up to 90% through advancements. The company secures inputs for via integrated sourcing strategies that align with its green mandates. , enhanced by acquisitions such as United Hydrogen and Giner ELX in 2020, has allowed Plug Power to internalize and processes, thereby lowering overall costs and improving efficiency. The company is expanding its manufacturing footprint internationally, including electrolyzer deployments and production support in —such as planned facilities in the for integration—and , where a with E&S aims to establish a in for regional electrolyzer and . These efforts address scaling challenges by transitioning from prototype-level output to gigafactory-scale operations, as exemplified by the site's multi-gigawatt demonstration capacity, ensuring reliable supply for global demands. As of the third quarter of 2025, Plug Power reported mobilizing over 230 MW of GenEco electrolyzer projects globally, including a major 10 MW delivery to Galp Energia's project in .

Key Customers and Partnerships

Plug Power has established long-standing relationships with major retailers for material handling applications, deploying hydrogen fuel cell systems to power forklifts and other equipment in distribution centers. Walmart, an early adopter since 2012, began with a pilot of 50 fuel cell-powered lift trucks and has since expanded to over 9,500 units across its facilities, supported by a 2022 agreement for up to 20 tons per day of green hydrogen to fuel its fleet. Similarly, The Home Depot has integrated Plug Power's GenDrive fuel cells into its operations, notably at its Dallas distribution center opened in 2021, where hydrogen-powered systems support zero-emission material handling to enhance sustainability in logistics. Kroger joined as a customer in 2011, adopting GenDrive units for its electric lift trucks to improve efficiency through hydrogen refueling, contributing to its sustainability goals. Amazon has been a key partner since 2016, deploying over 15,000 fuel cells across 70 distribution centers by 2022, with a subsequent agreement for Plug Power to supply 10,950 tons of green hydrogen annually starting in 2025 to decarbonize transportation and operations. In strategic partnerships, Plug Power formed a with 's in 2021, including a $1.6 billion investment to build a ecosystem in Asian markets, followed by a 2023 commitment of $746 million for a in focused on fuel cells, electrolyzers, and . With Group, Plug Power launched the Hyvia in 2021 to develop fuel cell-powered light commercial vehicles like the van, along with production and refueling stations for European markets; however, Hyvia entered in early 2025 amid challenges in scaling . This collaboration ties into broader e-mobility efforts through 's alliance with and , aiming to advance zero-emission vehicle technologies across . Plug Power has also secured collaborations with government entities. In January 2025, Plug Power received a $1.66 billion from the U.S. Department of Energy to finance up to six clean and projects; however, on November 10, 2025, the company announced it would suspend activities related to the loan program to reallocate capital to higher-return opportunities. In , Plug Power is expanding through projects like the 100 MW plant at the and the H2 Hollandia initiative, demonstrating its supply chain capabilities with deliveries to salt cavern storage in . These customer relationships and partnerships have driven significant market adoption, with Plug Power deploying over 72,000 systems globally by late 2025, primarily in and emerging stationary power applications.

Financial Performance

Revenue, Profits, and Key Metrics

Plug Power's revenue in 2024 totaled $628.8 million, representing a 29% decline from $891.3 million in 2023, primarily due to reduced fuel delivery volumes and service revenues amid market challenges in the hydrogen sector. For 2025, the company projects revenue in the range of $700 million to $800 million, fueled by expanding electrolyzer sales, which tripled year-over-year in the second quarter to around $45 million. In the third quarter of 2025, revenue was $177 million, with a gross loss of $120 million and net loss of approximately $227 million. The company reported a net loss of $2.1 billion in 2024, a 54% increase from the $1.37 billion loss in 2023, attributed to significant expansion costs including investments in manufacturing scale-up and production facilities. Gross margins showed improvement in early 2025, reaching -31% in the second quarter from -92% in the prior year's comparable period, driven by cost reductions in fueling operations and equipment efficiencies. Key operational metrics highlight Plug Power's scale in the fuel cell and markets, with an installed base exceeding 72,000 systems deployed globally as of November 2025. The electrolyzer order backlog stood at over $200 million, supported by a $2 billion global opportunity pipeline, while annual expenditures totaled $77.2 million in 2024 to advance . Funding efforts bolstered liquidity, including a $1.66 billion from the U.S. Department of Energy finalized in early 2025 to support ; however, in November 2025, the company suspended related project activities, potentially jeopardizing the guarantee. As of the third quarter of 2025 ended September 30, total cash, cash equivalents, and restricted cash reached $1.08 billion, with unrestricted cash at $166 million, providing runway for ongoing operations and growth initiatives.

Stock Performance and Market Position

Plug Power Inc. (PLUG) went public on the in October 1999 at an initial offering price of $15 per share. The company's stock has exhibited extreme volatility since its debut, driven by fluctuations in investor sentiment toward and technologies. It reached an all-time high of approximately $75 per share in November 2021, fueled by heightened enthusiasm for green energy solutions amid global pushes. As of November 14, 2025, the stock closed at $2.25 per share, reflecting ongoing share dilutions from capital raises to fund expansion and amid broader market challenges in the clean energy sector. As of November 14, 2025, Plug Power's is approximately $2.6 billion, positioning it as a mid-cap player in the space. The stock's of 1.73 over the past five years underscores its high sensitivity to market movements, with greater upside potential during bullish periods for alternative energy but also amplified downside risks. This has been exacerbated by the company's aggressive growth strategy, including significant investments in . In the competitive landscape, Plug Power maintains a leading position in the North American fuel cell market, having deployed over 72,000 fuel cell systems as of November 2025, which demonstrates its scale in material handling and stationary power applications. Key competitors include Ballard Power Systems, known for heavy-duty vehicle fuel cells; Cummins Inc., with its focus on integrated solutions; and , emphasizing solid oxide fuel cells for generation. Analyst outlooks for Plug Power emphasize its potential for long-term valuation growth, particularly supported by incentives under the U.S. (), such as investment tax credits that have already enabled the company to secure $30 million in liquidity for investments. Recent consensus price targets have risen to $4.40 per share, reflecting optimism around revenue expansion from electrolyzer projects and a healthier clean tech cycle, though near-term profitability remains a concern.

Sustainability and Challenges

Environmental Impact and Initiatives

Plug Power's fuel cell deployments contribute to significant avoidance by replacing traditional fossil fuel-based power systems in and applications. For instance, the company's fuel cell solution at Southwire's operations is projected to displace over 1 million pounds (approximately 453 metric tons) of CO2 emissions annually from direct operations. Broader deployments, such as those in and backup power, enable customers to reduce reliance on generators, producing only as a and supporting a shift toward zero-emission sources. The company is advancing production powered by sources, with facilities like the Georgia plant utilizing 100% renewable electricity to minimize emissions during . Plug Power participates in efforts aligned with the U.S. of Energy's Hydrogen Shot initiative, targeting clean costs of $1 per kilogram by 2031 through innovations like reduced iridium use in electrolyzers, which recently demonstrated a viable pathway to this goal. Additionally, the firm aims for in its production facilities by transitioning to and recycling precious metals, with long-term alignment to a net-zero economy by 2050. In its 2023 ESG report, Plug Power highlights initiatives to enhance material recyclability, including the reuse of components from fuel cells and electrolyzers to reduce and virgin demand. The company's practices align with 7 (Affordable and Clean ) and 13 () through green bond frameworks and decarbonization efforts. Community engagement includes outreach programs near its Georgia plant to promote awareness and utilization. Plug Power's technologies play a key role in enabling net-zero goals for major customers, such as supplying to for warehouse operations and transportation, helping the retailer advance toward its 2040 carbon-neutral commitment.

Regulatory and Operational Challenges

Plug Power's operations have been significantly influenced by its reliance on government subsidies, particularly the clean hydrogen production tax credit (45V) established under the U.S. () of 2022, which offers up to $3 per kilogram for produced with low emissions using clean energy sources such as or . This incentive has been pivotal for the company's green hydrogen initiatives, enabling large-scale electrolyzer deployments, but it also exposes Plug Power to policy risks, including potential changes or delays in implementation that could undermine project viability and financial projections. Additionally, the company must adhere to stringent safety standards for and handling, governed by regulations like OSHA's 29 CFR 1910.103, which mandates fenced sites, placarding, and controls to prevent unauthorized access and mitigate risks due to hydrogen's flammability. Non-compliance could result in operational halts or fines, though Plug Power has emphasized its facilities' design with automated leak detection to meet these requirements. Operationally, Plug Power faced a major setback in 2023 when the U.S. charged the company with deficiencies in financial reporting and internal controls, including improper recognition of right-of-use assets and liabilities from 2018 through the third quarter of 2020, which allowed it to raise over $5 billion from investors despite these issues. The matter was settled in August 2023 with a $1.25 million , highlighting weaknesses in revenue-related disclosures and prompting remedial actions. Supply chain vulnerabilities have also persisted, particularly with metals essential for (PEM) fuel cells; while Plug Power does not foresee immediate shortages for its needs, global disruptions from South African outages and geopolitical tensions could increase costs and delay . In response to mounting losses, the company implemented layoffs in as part of a strategic cost-reduction plan targeting over $75 million in annual savings, affecting operations amid broader financial pressures. Controversies have further compounded these challenges, notably surrounding the delayed opening of Plug Power's flagship plant in , originally targeted for production in 2022 but postponed due to permitting issues and hurdles, leading to revised output forecasts and criticism of management's execution track record. The facility eventually achieved record production of 324 metric tons in August 2025, but the multi-year delay eroded investor confidence. Investor alienation has also stemmed from repeated stock dilutions through equity offerings to fund operations, with outstanding shares increasing dramatically over the past decade—from 173 million to over 800 million—diluting and contributing to a 15% share price drop in late 2025 amid fears of further issuances. These actions have been viewed as necessary for liquidity but have intensified scrutiny on the company's path to profitability. To address these hurdles, Plug Power has enhanced its compliance programs, implementing extensive remedial measures post-SEC settlement, including improved internal controls over financial reporting and integration of legal compliance into its , and safety (EHS) to prevent future lapses. Furthermore, the company has pursued diversification strategies, such as expanding its global for critical materials like and to reduce dependency on single sources, alongside in to buffer against uncertainties and policy shifts. These efforts aim to build , though ongoing financial losses—referenced briefly in broader performance metrics—continue to test their effectiveness.

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