What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are trading lower Thursday morning after the company announced a collaboration with Nikola Corp NKLA.

What Happened: Plug and Nikola entered into a Green Hydrogen Supply Agreement focused on moving the hydrogen economy forward.

Plug plans to supply green hydrogen to Nikola starting Jan. 1, 2023. Volumes are eventually expected to ramp up to 125 tons per day (TPD). The agreement anticipates 125 TPD volume by the end of 2026, with 80% under a take-or-pay contract.

"This strategic relationship will help underpin Nikola's ambitious growth plans to expand the hydrogen energy business and to support the adoption of Nikola's zero-emission Class 8 trucks," said Carey Mendes, Nikola's president of Energy. 

Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy.

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PLUG Price Action: Plug Power has a 52-week high of $32.80 and a 52-week low of $12.70.

The stock was down 1.05% at $15.05 at time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.