Plug Power Inc. PLUG shares are advancing Wednesday after the provider of hydrogen fuel cell energy solutions announced a hydrogen power purchase agreement.
What Happened: Plug Power and Apex Clean Energy, an independent clean energy company, said they're teaming up for a 345-megawatt power purchase agreement and a development services agreement for a green hydrogen production facility.
The power purchased, according to the companies, will directly supply a hydrogen production plant, co-developed by both companies, with 100% renewable power.
Related Link: Plug Power Analyst Drops Bullish Stance, Says Company Needs To Show Profitability Improvements
Why It's Important: The plant will be the first and largest wind-supplied hydrogen project in the U.S. and the largest onshore wind-powered project across the globe, the companies said., Once operational, it can produce over 30 metric tons per day of clean liquid hydrogen, enough to fuel the equivalent of over 2,000 light commercial vehicles or over 1,000 heavy duty class 8 trucks.
"This wind-powered green hydrogen plant is important to Plug Power's customers and to achieving our generation targets of 500 tons per day by 2025 and 1,000 tons per day before 2028," said Andy Marsh, CEO of Plug Power.
In premarket trading, Plug Power shares were rallying 2.3% at $28.46.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
