Plug Power Inc PLUG is trading higher Wednesday after the company announced a strategic partnership with Airbus to study the feasibility of bringing green hydrogen to future aircraft and airports worldwide.
“We’ve already revolutionized electric trucks and industrial fleets on the ground, so now we’re turning our sights to the skies,” said Andy Marsh, CEO of Plug Power.
"Not only do we envision a future where aircraft everywhere are powered by green hydrogen, but the airports that serve them as well, including ground support equipment, forklifts, and vehicles that shuttle consumers around airports, and to gates," Marsh added.
Plug Power also signed a memorandum of understanding to collaborate with Phillips 66 PSX on the development of low-carbon hydrogen business opportunities.
Per the agreement, the companies said they will explore ways to deploy Plug Power’s technology within Phillips 66’s operations, leveraging Plug Power’s experience as a full value chain provider within the hydrogen economy.
Morgan Stanley analyst Stephen Byrd upgraded Plug Power from an Equal-Weight rating to an Overweight rating and announced a $40 price target.
Plug Power is an innovator of modern hydrogen and fuel cell technology.
PLUG Price Action: Plug Power has traded as high as $75.49 and as low as $13.69 over a 52-week period.
The stock was up 5.8% at $31.52 at time of publication.
Photo: courtesy of Plug Power.
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