What's Going On With Plug Power Shares Wednesday?

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

The company has finalized a contract to provide hydrogen infrastructure and fuel cell solutions to a prominent U.S. automaker to support material handling operations.

The sprawling manufacturing campus spans over 6 square miles and is solely devoted to electric vehicles and batteries, making it one of the largest auto manufacturing campuses in U.S. history, Plug Power said in a press release.

In 2024, Plug will undertake the installation and commissioning of the hydrogen infrastructure, setting the stage for the facility’s debut. 

This facility is expected to become fully operational by the first quarter of 2025, with production rolling out in carefully planned phases to ensure a smooth and effective ramp-up to full operations.

All material-handling vehicles on the manufacturing campus, such as forklifts and tuggers, will be powered by Plug fuel cells. 

The agreement also entails installing an on-site hydrogen infrastructure, comprising two liquid hydrogen storage tanks and over ten hydrogen dispensers, to facilitate the growth of hydrogen applications.

“This new partnership further strengthens our track record of success in the automotive industry, marking a significant leap in promoting sustainability within the sector,” stated Andy Marsh, CEO of the company.

In a separate release, the company said it would release its fourth-quarter results on March 1, 2024, before the opening bell. 

Price Action: PLUG shares are trading lower by 0.80% to $3.70 premarket on the last check Wednesday.