What's Going On With Plug Power Stock?

Plug Power, Inc. PLUG shares are trading lower Thursday, though the stock remains up by more than 15% over the past five days. Here's a look at what's going on. 

What To Know:

Plug announced the signing of a Basic Engineering and Design Package (BEDP) with Allied Green Ammonia for a three-gigawatt (GW) electrolyzer plant supplying hydrogen to AGA’s planned ammonia facility proposed for the Northern Territory of Australia.

“Moving this major green hydrogen-to-ammonia project to the BEDP phase is a sign of its maturity in the development process,” noted Plug CEO Andy Marsh. “In total, we now have 7.5 GW of BEDP contracts globally to support our growth targets.”

Plug also announced the development of a Class 6, medium-duty fuel cell electric truck powered by Plug’s ProGen fuel cell technology and integrated with an industry proven electric propulsion system on Wednesday. 

“Plug continues to lead charge in developing and deploying hydrogen fuel cell solutions for electric vehicle platforms,” said Plug CEO Marsh. “Our ProGen engine, built on decades of operational experience, offers unmatched benefits for middle-mile delivery—range, rapid fueling, cargo volume optimization, and higher power densities.”

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PLUG Price Action: According to Benzinga Pro, Plug Power shares are down 1.72% at $3.35 at the time of publication Thursday.

Image: Courtesy of Plug Power, Inc.