Why Plug Power Stock Is Surging Tuesday

Plug Power Inc PLUG shares are trading higher Tuesday after the company announced the start of production at its liquid green hydrogen plant in Georgia.

What To Know: Plug Power said Tuesday that it started operations of the largest liquid green hydrogen plant in the U.S. market.

The plant is the largest electrolytic liquid hydrogen production facility and largest PEM electrolyzer deployment operating in the U.S. and demonstrates first-hand to customers Plug’s reliability in producing sustainable fuel.

The Georgia-based plant is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen, which is enough to power approximately 15,000 forklifts per day. The company noted that liquid hydrogen production, in addition to the ongoing gaseous hydrogen production, is expected to positively impact Plug’s bottom line and provide an additional step change in fuel margin expansion.

“We have achieved a historic milestone for Plug and the entire hydrogen ecosystem,” said Andy Marsh, CEO of Plug Power.

“Bringing this green hydrogen plant online demonstrates that we are the leading builder of global hydrogen infrastructure for supporting customer demand in decarbonizing their operations.”

Plug said it completed the plant in just 18 months, which is well ahead of the three-year industry standard. The new location is easily accessible and will allow customers to seamlessly integrate hydrogen into operations across multiple industries, the company said.

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PLUG Price Action: Plug Power shares were up 17.3% at $3.34 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Plug Power.