Plug Power Inc. (NASDAQ: PLUG), a maker of fuel cells, saw its stock rise 14 percent to $16.53 in trade on May 17. The cause for this was an order in a crucial hydrogen energy section.
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H2 Energy Europe Holding, which provides numerous services linked to hydrogen energy, has placed an order for a gigawatt electrolytic cell from PLUG. The corporation is a significant European provider of hydrogen as well as infrastructure for hydrogen car recharging.
When the unit is transported to Denmark for installation in 2024, Morgan Stanley predicts that the H2 Energy purchase will earn Plug Power roughly $500 million. In Germany and Austria, H2 Energy and Phillips intend to establish more than 250 hydrogen filling stations.
Plug Power is looking to grow into the European market, which has fresh opportunities for hydrogen energy development in 2022. Industrial electrolyzers are large units that create clean hydrogen from water and electricity (mainly from renewable sources).
Electrolyzers outperform industrial operations that use natural gas to create hydrogen and release carbon dioxide into the atmosphere in this regard.
For H2 Energy, the massive Plug Power cell will be capable of producing up to 100,000 metric tonnes of pure hydrogen per year. Every day, this is enough to fuel 15,000 heavy vehicles.
In the United States, Plug Power already operates a large electrolytic facility. This is the world’s largest plant of its kind, with a 17 percent projected profit when it reaches full capacity in 2025.
H2 Energy has placed the largest order in the Plug Power cell segment’s history. This is a significant indication of increased interest in hydrogen energy. Clients are willing to invest in the most expensive equipment with the best long-term sales potential for hydrogen fuel.
The stock of Plug Power Inc. (PLUG) is up 5.22 percent this week and down 35.30 percent in the last month. Its price has dropped by -41.45 percent year to date and by -38.82 percent in the last year.
