Plug Power Stock Is Surging: What's Going On?

Plug Power Inc PLUG shares are charging higher Wednesday after the company released a series of updates ahead of its analyst day.

What Happened: Plug announced an agreement to supply STEF subsidiary Blue EnerFreeze with a complete green hydrogen ecosystem across two distribution centers, before potentially expanding into the company's network of over 100 sites.

Temperatures in STEF's storage warehouses can fall as low as negative 30 degrees celsius and hydrogen fuel cells have shown superior performance in cold storage environments. The storage sites are expected to be converted to fuel cells and be operational in the first quarter of 2024.

"We are seeing tremendous interest in hydrogen solutions in Europe. This partnership, and others coming later this year, validate Plug's strategy to expand in the European market," said Andy Marsh, CEO of Plug Power.

Plug also announced that it will deliver containerized proton exchange membrane electrolyzer systems to Avina Clean Hydrogen for a green hydrogen production facility that will act as the commercial mobility sector in California. 

Avina will work with fleet operators and refueling station providers to provide green hydrogen supplied by Plug's electrolyzers.

"Driven by our leading electrolyzer technology and unrivaled manufacturing capabilities, we look forward to working with such an agile partner like Avina to rapidly accelerate the clean energy transition in Southern California," said Sanjay Shrestha, CSO and general manager of energy at Plug.

Plug's analyst day is set to kick off at 11 a.m. ET. The event will be hosted at Plug's Gigafactory in New York. Management plans to present upcoming revenue growth opportunities in the company's applications and energy businesses and provide financial updates.

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PLUG Price Action: Plug Power shares were up 10.2% at $12.02 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.