Plug Power CEO Says Market Opportunity Is 'Much Much Bigger' Than Previously Expected

The U.S. bipartisan infrastructure bill could prove to be a positive catalyst for the American clean hydrogen sector.

No one is in a better position than Plug Power Inc PLUG to capitalize on the infrastructure bill, Plug Power president and CEO Andy Marsh said Monday on CNBC's "Squawk On The Street."

What To Know: Plug Power expects to be a $1.7 billion business by 2024 without the infrastructure bill, Marsh told CNBC.

The infrastructure bill creates an $8 billion opportunity for building hydrogen hubs, he said, adding that the government understands that hydrogen is critical for climate change initiatives.

He expects the infrastructure bill to have a substantial impact on the hydrogen industry.

"I think the opportunity is much much bigger than we previously expected," Marsh said.

Related Link: So What's Up With Plug Power And FuelCell Today?

Plug Power just broke ground on its new plant in Georgia last week, he noted.

Hydrogen costs are in line with natural gas costs, Marsh said, adding that "people have the equation wrong" and Plug Power is well positioned to take advantage of it.

Price Action: Plug Power has traded as high as $75.49 and as low as $10.11 over a 52-week period.

At last check Monday, the stock was up 10.70% at $28.66.

See also: How to Buy Plug Power (PLUG) Stock

Photo: courtesy of Plug Power.