Plug Power (NASDAQ: PLUG) stock rallied following reports that the hydrogen manufacturer had successfully delivered innovative portable liquid hydrogen refuelers to various transit firms and trucking fleets.
The HL-450D-P, a product of Plug, is a comprehensive hydrogen refueling station. It is designed for portability and can rapidly be deployed to facilitate hydrogen refueling of fleet vehicles at pressures of either 350 bar or 700 bar. The only requirements for its installation are minimal site preparation and a single electrical connection.
This product has been designed to improve time management and reduce costs for hydrogen-powered commercial vehicles of medium to large size.
Andy Marsh, the CEO of Plug, recently underscored the novel strategy of the company to advocate for the economical utilization of hydrogen in industries that find it difficult to reduce carbon emissions, like the transportation sector. He stated that their portable refueler product is a testament to this innovation.
Marsh stated that with a small upfront investment, organizations such as public transportation agencies, logistics companies, and retail businesses can quickly set up a low-carbon hydrogen refueling network to sustain their fleets.
“Our portable refueler product is a prime example of Plug’s cutting-edge innovation driving cost-effective adoption of hydrogen in hard-to-abate sectors like transportation.”
The introduction of portable refuelers could expedite the deployment of initial hydrogen-powered fleets. It could also delay the need for a permanent fueling station, a significant benefit of hydrogen fuel cell vehicles (FCEV) over battery electric vehicles (BEV) in commercial vehicle operations.
The refueler features a 1,500-kilogram (kg) hydrogen storage tank, a system for pumping and vaporization, and a dispenser for direct fueling into compliant FCEVs. It also includes onboard remote access for monitoring and maintaining quality.
This solution emerged from Plug’s 2021 acquisition of Applied Cryo Technologies (ACT), a company recognized for its expertise in transporting, storing, and distributing liquid hydrogen.
Plug Power (NASDAQ: PLUG) Stock Reaction
PLUG stock surged 5.54% to close at $4.57 on Monday. The traders had exchanged hands with 47,929,462 (47.92 million) shares compared to the average daily trading volume of 48.89 million.