© Reuters. Plug Power (PLUG) shares surge as company says US liquid green hydrogen plant now online
Shares of Plug Power (NASDAQ:) surged over 19% Tuesday after the company said its liquid green hydrogen plant in Georgia, U.S., is now operational.
According to the company, it is the largest electrolytic liquid hydrogen production plant and the largest PEM electrolyzer deployment operating in the U.S.
The plant, which was finished in 18 months, is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen – enough to power approximately 15,000 forklifts per day. It will bolster Plug’s supply of liquid hydrogen currently being delivered to the company’s pedestal customers for material handling operations, fuel cell electric vehicle fleets, and stationary power applications.
“We have achieved a historic milestone for Plug and the entire hydrogen ecosystem,” said Andy Marsh, Plug Power CEO. “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.”
Despite the positives, analysts at Truist, who have a Hold rating and a $3 price target on the stock, said in a note reacting to the news that they are still cautious.
“While shares are up ~16%, as of this writing, on news of Georgia finally coming online along with commentary on a finalized term sheet with the DoE for a $1.6bn loan, we continue to maintain a cautious outlook on Plug as mgmt spoke to several delays/pauses around its electrolyzer/PPA businesses that are likely to cause 4Q revenues/margins to come in meaningfully below our/Street ests, along with an overhang from potentially unfavorable PTC guidance that has yet to be finalized,” they wrote.
Read the full article here