Plug Power Down Over 3% - What's Going On?

Plug Power, Inc PLUG shares are trading lower in the premarket session on Tuesday.

The company said it re-started operation of its hydrogen plant in Charleston, Tennessee, adding about ten tons per day of liquid hydrogen supply back onto the U.S. market.

Plug now has approximately 25 tons per day of liquid hydrogen production capacity, strengthening the generation network in the U.S. between Georgia and Tennessee.

The company said it also implemented design improvements to enhance overall plant efficiency.

Plug’s cryogenic trailers will transport liquid hydrogen from the Tennessee plant to customers across North America. They’ll focus on areas with many users, like the Midwest and East Coast. 

The development expands Plug’s liquid hydrogen supply, used in various operations, including material handling, electric vehicles, and power applications.

Plug began production of liquid green hydrogen at its Georgia plant on January 23, 2024. At 15 TPD, this is the largest liquid green hydrogen plant in the U.S. market.

In Europe, Plug signed a contract to deliver a Basic Engineering and Design Package (BEDP) for a 500 megawatt (M.W.) electrolyzer project, last month.

Price Action: PLUG shares are trading lower by 4% to $4.17 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.