Plug Power Down 4% Thursday - What's Going On?

Plug Power, Inc. PLUG shares are trading lower on Thursday.

In a press release, the company said it has inked two additional contracts to deliver Basic Engineering and Design Packages (BEDP) for projects in Europe and the U.S.

The orders have a combined capacity of up to 350 megawatts of electrolyzers. To date, Plug Power has already delivered 25 electrolyzer systems to third-party customers. 

“Electrolyzer sales present a substantial business opportunity for us,” said Plug Power’s General Manager of Energy Solutions and Chief Strategy Officer Sanjay Shrestha.

Throughout 2024, the company plans to deliver 40 electrolyzer systems for a cumulated total of 189 megawatts.

Plug Power is delivering and installing electrolyzers in Europe, the Middle East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa.  

The latest deals boost Plug Power’s overall BEDP portfolio, bringing the total amount of global BEDP contracts to 4.5 gigawatts.

Earlier this year, Plug finalized a 500 megawatts contract in Europe. With the addition of this 350 megawatts contract, the company has now closed 850 megawatts of BEDP contracts in just four months.

Price Action: PLUG shares are trading lower by 3.9% to $2.3150 at the last check Thursday.

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