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Why Plug Power Shares Are Surging Today

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·1 min read
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  • Plug Power Inc (NASDAQ: PLUG) has secured an order to deliver one gigawatt (GW) electrolyzer to hydrogen company H2 Energy Europe. The financial terms were not disclosed.

  • The company noted that this is the world's largest capacity electrolyzer installation, planned for green hydrogen manufacturing plant in Denmark.

  • Swiss-headquartered H2 Energy Europe is a JV between commodity trading firm Trafigura Pte Ltd. and H2 Energy Holding AG.

  • Plug's electrolyzer technology will produce up to 100,000 metric tonnes of green hydrogen per year for use in the energy and transportation sectors in Northern Europe, providing enough fuel for around 15,000 heavy-duty vehicles per day.

  • Plug plans to manufacture electrolyzer products destined for H2 Energy's Danish complex at its gigafactory in Rochester, N.Y. Deployment of the technology at H2 Energy's complex is expected in 2024, with the production of green hydrogen in 2025.

  • Price Action: PLUG shares are trading higher by 14% at $16.53 on the last check Tuesday.

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