Plug Power (NASDAQ: PLUG) stock jumped 4% in the intraday trading Tuesday after the company released an update regarding its hydrogen plants.
Plug Power, a hydrogen solutions pioneer, has declared that its hydrogen production facilities in Georgia and Tennessee have reached full nameplate capacity. The Georgia facility, home to the largest Proton Exchange Membrane electrolyzer in the U.S., now churns out 15 tons of liquid hydrogen daily. The Tennessee facility adds another 10 tons per day to this production.
The company also provided an update on its Louisiana plant, indicating it remains on schedule to achieve mechanical completion by the end of Q3 2024.
Andy Marsh, CEO of Plug Power, expressed his satisfaction with the progress in hydrogen advancements. He stated,
“As part of our initiative to strengthen financial performance, we are pleased to make headway in a two-prong strategy: lower cost sourced hydrogen through capacity expansions at our Georgia and Tennessee plants coupled with improved margins through the recalibration of pricing across our portfolio.”
Furthermore, as part of its broader business restructuring efforts, Plug Power has implemented price increases across all its offerings, including equipment, service, and fuel.
Plug Power (NASDAQ: PLUG) Stock Reaction
At the time of this report, PLUG stock stands at $2.59, indicating a 4.02% increase from the previous trading session. This week, it underwent a 4.07% drop in value. Trading activity shows 33,462,609 (33.46 million) shares changing hands, which is lower than the average daily volume of 40 million.
