🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Plug Power secures large European electrolyzer sale

EditorNatashya Angelica
Published 06/21/2024, 01:27 PM
PLUG
-

On Friday, Plug Power Inc (NASDAQ:PLUG) announced the sale of 25 megawatts of proton exchange membrane (PEM) electrolyzers to a significant customer in Europe, aimed at reducing the customer's carbon footprint. The deal underscores the growing commercial viability of large-scale green hydrogen production.

The sale is one of the largest electrolyzer projects announced to date, reinforcing the confidence in the market for green hydrogen solutions. Plug Power's track record includes a previous 100 MW electrolyzer agreement with Galp, a southern European oil and gas firm, and the execution of 7.5 gigawatts of Basic Engineering and Design Package (BEDP) contracts.

RBC Capital has reiterated a Sector Perform rating with a $3.50 price target on Plug Power's shares following this development. The company's success in securing such a sizable transaction reflects its substantial investments in manufacturing capabilities and its proven expertise in developing large-scale projects, such as the one in Georgia.

The project, which involves five of Plug Power's PEM electrolyzers, is expected to produce approximately 11 tons per day of green hydrogen. This output will contribute to the decarbonization efforts of the major European customer's operations. The company has demonstrated its ability to advance projects from initial engineering studies to the final investment decision phase effectively.

In other recent news, Plug Power Inc. has made significant progress in the green hydrogen industry with key developments. The company has secured a 25 MW electrolyzer order from a European customer, marking a step forward in the customer's efforts to reduce carbon emissions.

Moreover, Plug Power has achieved a significant industry certification for its one-megawatt high-powered stationary system, expected to support various applications such as hyperscale data centers and electric vehicle charging stations.

The company has also secured a contract with Allied Green Ammonia for a three-gigawatt electrolyzer plant in Australia, and announced the integration of a new Class 6 medium-duty fuel cell electric truck, powered by its advanced ProGen fuel cell technology. Still, the company's loan guarantee from the Department of Energy is currently under scrutiny, potentially affecting the timeline and realization of the loan.

Analyst ratings from BMO Capital and Truist Securities have maintained an Underperform and Hold rating on Plug Power respectively. These recent developments reflect the company's ongoing efforts in the hydrogen fuel market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.