Plug Power (NASDAQ: PLUG) shares rose over 3% on Tuesday following the resumption of operations at its hydrogen plant in Charleston, Tennessee.
Plug Power (PLUG), a provider of hydrogen solutions, has resumed operations at its hydrogen plant in Charleston, Tennessee. This move brings an additional ten tons per day (TPD) of liquid hydrogen supply back to the U.S. market. Plug Power has also improved the plant’s design to boost overall efficiency.
Plug Power’s total liquid hydrogen production capacity in the region reaches about 25 TPD after the Tennessee plant is back online supporting its Georgia facility. This increased capacity will allow Plug Power to meet the demand for hydrogen across North America, especially in the Midwest and East Coast.
Andy Marsh, CEO of Plug Power, underscored the significance of the Tennessee plant in expanding the company’s hydrogen network in North America. He also hinted at the upcoming launch of a joint venture plant in Louisiana, expected to add another 15 TPD of liquid hydrogen capacity by the third quarter of 2024.
Sanjay Shrestha, General Manager of Energy Solutions & Chief Strategy Officer at Plug, explained that the boost in production capacity is anticipated to reduce the average cost of delivered hydrogen. This aligns with the company’s strategy to improve fuel margins.
Plug Power recently started producing liquid green hydrogen at its Georgia plant, marking the largest facility of its kind in the U.S. and the largest deployment of PEM electrolyzers in the country. Furthermore, the company is actively working on establishing similar plants in New York, Texas, Finland, and Belgium to build a comprehensive green hydrogen ecosystem.
Having deployed more than 60,000 fuel cell systems and over 180 fueling stations worldwide, Plug Power has emerged as the largest buyer of liquid hydrogen in the hydrogen market.
Plug Power (NASDAQ: PLUG) Stock Reaction
PLUG stock jumped 3.34% to close at $4.49 on Tuesday. The traders had exchanged hands with 50,282,612 (50.28 million) shares compared to the average daily trading volume of 47.76 million.