Plug Power, Inc. (NASDAQ: PLUG) shares were advancing Tuesday amid an announcement that signals the company’s intent to become a global player.
What Happened: New York-based Plug Power said it has established its European headquarters in North Rhine-Westphalia, Germany.
The initial 70,000-square-foot facility in Germany will house an innovation center with engineering labs and technical support, a monitoring, diagnostics and technical support center, a green hydrogen generator with an electrolyzer infrastructure on site, a shipping, inventor and logistics center, and a training space, the company said.
Plug Power expects the facility to become operational at the start of 2022 and have about 30 employees at the outset. By mid-2022, the workforce will increase to nearly 60 employees, the company said.
Plug Power has had a presence in Europe for more than 10 years, and has made significant progress in hydrogen mobility with key European industrials, logistics customers and vehicle manufacturers.
Why It’s Important: The expansion to Europe will allow Plug to serve new and existing customers while building relevant partnerships with leaders in hydrogen application.
The European headquarters is a part of the overall strategy to rapidly expand its workforce with the increase in demand for clean energy solutions.
Plug expects to produce more than 500 tons of green hydrogen per day by 2025.
PLUG Price Action: Plug Power shares were up 3.76% at $25.12 midday Tuesday.
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