Plug Power (NASDAQ: PLUG) stock jumped over 5% on Thursday after the hydrogen and fuel cell company achieved a significant milestone at its Georgia plant.
Plug Power (PLUG) has filled its first tanker with liquid green hydrogen at its Georgia production plant. The achievement comes just one week after the plant officially started operations.
The Plug tanker is en route to various retail locations, including Walmart (NYSE: WMT), Amazon (NASDAQ: AMZN), and Home Depot (NYSE: HD). This shipment can fuel 3,216 forklifts every day.
Andy Marsh, CEO of Plug Power, expressed excitement about the milestone, stating,
“The first delivery of our green hydrogen molecule marks a critical milestone for the green hydrogen economy. If you want to see the hydrogen ecosystem of the future, it’s at Plug Today. There’s no doubt that Plug is demonstrating the future with real products and projects at scale.”
Plug Power’s Georgia plant boasts the largest proton exchange membrane (PEM) electrolyzer deployment in the U.S., featuring eight 5-megawatt (MW) electrolyzers. This facility has a daily liquid green hydrogen production capacity of 15 tons and serves customers in the eastern U.S.
Plug Power states that the entire production-to-filling process took about four days. The company’s trailers will now efficiently distribute green hydrogen to customers via its extensive logistics network.
Plug Power (NASDAQ: PLUG) Stock Reaction
PLUG stock surged 5.62% on Thursday. The traders had exchanged hands with 109,435,441 (109.43 million) shares compared to the average daily trading volume of 45.59 million.
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Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment. Read Full Bio
