Plug Power Shares Race Higher on World’s Largest Electrolyzer Order
2022.05.17 20:01
Plug Power (PLUG) Shares Race Higher on World’s Largest Electrolyzer Order
Shares of Plug Power (NASDAQ:PLUG) are surging 11% in mid-day trading Tuesday after it was awarded a one gigawatt (GW) electrolyze order, the largest capacity electrolyzer installation in the world to date.
The order was placed by H2 Energy Europe for a green hydrogen production complex in Denmark.
The electrolyzer technology will enable the production of up to 100,000 metric tonnes per year of green hydrogen for use in the energy and transportation sector in northern Europe by harnessing offshore wind power.
The technology is expected to be deployed at the H2 Energy’s complex in 2024, with production of green hydrogen in 2025.
KeyBanc analyst Leo Mariani expects shares to react positively to the news.
“This is the world’s largest ever electrolyzer order and helps to cement PLUG’s role as an early market leader in this emerging product,” Mariani commented.
The analyst added that the company will manufacture these products at its gigafactory in Rochester, NY, which started up just over a month ago and is expected to hit full capacity this Fall.
