Plug Power Inc. (NASDAQ: PLUG) stock is rising on Wednesday on the announcement of a hydrogen power purchase deal by the provider of hydrogen fuel cell energy solutions.
What happened was this: A 345-megawatt power purchase deal and a development services agreement for a green hydrogen manufacturing facility have been announced by Plug Power and Apex Clean Energy, an independent clean energy firm.
According to the companies, the power purchased will immediately supply a hydrogen manufacturing plant co-developed by both enterprises with 100% renewable energy.
Associated Link: Plug Power analyst reverses his bullish stance, stating that the company must demonstrate improved profitability.
The Reason for Its Importance: According to the firms, the facility will be the first and largest wind-supplied hydrogen project in the United States, as well as the world’s largest onshore wind-powered project. When fully operational, it will be capable of producing over 30 metric tons of pure liquid hydrogen per day, enough to power over 2,000 light commercial vehicles or 1,000 heavy duty class 8 trucks.
“This wind-powered green hydrogen facility is critical for Plug Power’s clients and our goal of 500 tons per day by 2025 and 1,000 tons per day by 2028,” said Andy Marsh, CEO of Plug Power.
Plug Power shares were up 2.3 percent at $28.46 in premarket trade.
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