Plug Power (NASDAQ: PLUG) stock saw a marginal decrease in early trading hours Thursday following the introduction of a hydrogen fuel cell electric truck.
Plug Power (PLUG) recently unveiled its latest innovation—a Class 6 medium-duty fuel cell electric truck integrated with its advanced ProGen fuel cell technology. This development represents a significant stride in Plug Power’s commitment to bolstering the green hydrogen economy.
The newly introduced vehicle, tailored for middle-mile deliveries, boasts an impressive range of up to 500 miles on a single hydrogen fueling, surpassing the capabilities of conventional battery electric vehicles and addressing concerns about range limitations. This extended range will enhance operational efficiency and minimize downtime for businesses engaged in transportation and logistics.
A notable feature of the new truck is its operation without requiring a commercial driver’s license (CDL), potentially broadening its accessibility and streamlining the adoption process for companies seeking to integrate hydrogen-powered vehicles into their fleets.
The truck is currently undergoing its final integration and testing phase and will begin on-road operational pilots this summer in collaboration with Plug’s key market leader logistics customers. This phase will offer valuable real-world data and feedback, allowing for further optimization of the truck’s performance in preparation for commercial deployment.
The announcement comes a day after Plug Power secured a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy (DOE). This contract, awarded by the Department of Energy’s Loan Programs Office, aims to finance the development, construction, and ownership of up to six green hydrogen production facilities.
Plug Power (NASDAQ: PLUG) Stock Reaction
As of 10:27 a.m.. (Eastern Time) Thursday, PLUG stock traded at $3.34, marking a 1.90% decrease compared to the previous trading session.
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.
