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

Plug Power Inc PLUG shares are trading higher. The company announced that it secured a new electrolyzer deal Thursday morning.

What To Know: Plug said it secured an order for 100 megawatts (MW) of proton exchange membrane (PEM) electrolyzers for a green hydrogen project in Europe. The electrolyzers will be powered by 100% renewable energy and generate approximately 43 tons of green hydrogen per day.

The Plug electrolyzers will be delivered and installed in 2024. They are expected to eliminate approximately 516 tons of carbon dioxide each day.

"We are demonstrating how green hydrogen can be generated at scale to decarbonize hard-to-abate industries while also helping companies to achieve aggressive carbon reduction goals," said Andy Marsh, CEO of Plug.

Late Tuesday, Plug announced that it was selected to supply two five-megawatt PEM electrolyzer systems for green hydrogen projects in Australia. Plug's electrolyzer systems will be installed in two planned production facilities that are expected to produce 4,200 kg of hydrogen per day.

On Wednesday, RBC Capital analyst Chris Dendrinos reiterated Plug Power with an Outperform rating and maintained a $12 price target.

See Also: What's Going On With FuelCell (FCEL) Shares

PLUG Price Action: Plug Power shares were up 10.1% at $12.66 at the time of publication, according to Benzinga Pro. 

Photo: courtesy of Plug Power.