Plug power up to date
On June 3, 2022, Plug and French carmaker Renault announced the launch of their Hyvia joint venture to manufacture hydrogen-powered vans.
The partnership plans to start building three types of fuel cell vans at existing Renault plants in France by the end of this year. The three models will be based on the Renault Master van platform and will use the same electric motors that already power the all-electric version of the Master.
The project also includes the deployment of hydrogen refueling stations across Europe, the delivery of carbon-free hydrogen, and the maintenance and management of the fleets.
In April, oilfield outfitter Baker Hughes (BHI) partnered with Plug Power and Chart Industries to set up a private fund to provide capital for large-scale clean hydrogen infrastructure projects.
On February 25, 2021, South Korean conglomerate SK Group completed its $1.6 billion investment in a joint venture with Plug Power to expand hydropower in Asia.
The partnership will provide hydrogen fuel cell systems, hydrogen fueling stations and electrolyzers to South Korea and other Asian markets.
expanding presence
Back in the US, Plug Power received the green light on February 7, 2022 to build a 350,000-square-foot fuel cell factory in the cities of Bethlehem and New Scotland, outside of Albany, New York State.
Gov. Kathy Hochul announced groundbreaking for the $55 million project on March 8, 2022.
Plug Power announced on September 20, 2021 the opening of a manufacturing facility in Fresno County, California.
The plant will be the largest of its kind, producing 30 tons of liquid green hydrogen per day. The plant will serve the US West Coast and Vancouver, B.C., Canada. Plug expects groundbreaking for the project in 2023 and the facility to open in 2024.
On September 14, 2021, Plug announced that the company was expanding its operations with a European headquarters in Germany.
The 70,000 square meter facility will house, among other things, an innovation center with development laboratories and technical support. The facility is scheduled to open in early 2022.
On August 10, 2021, Plug Power announced that it had broken ground on its $84 million facility in Camden County, Georgia.
The plant will produce 15 tons per day of liquid green hydrogen, which is to be used for transport applications, including. The plant is expected to go into operation in 2022.
On March 30, 2021, Plug Power announced that it is planning a green hydrogen production facility in southern Pennsylvania with Brookfield Renewable Partners.
PLUG stock rose 11% on the news. Construction is scheduled for the first quarter of 2022. The system is scheduled to go into operation at the end of 2022. Plug Power: Fuel cells have a bright future 30789335
PLUG stock has an EPS rating of 18 as it is not yet profitable. It has a C+ accumulation/distribution rating, which means that institutional investors buy and sell shares in equal measure.
Plug Power's SMR rating of D means the company outperforms 20% to 40% of other stocks.
The A through E rating identifies companies with above average revenue growth, profit margins and return on equity metrics.
hydrogen fuel cells
inflation concerns
However, Third Bridge analyst Peter McNally warns that cost inflation is a problem for Plug Power and the industry as a whole.
"This is weighing on profitability not only at current results - costs are growing faster than revenue - but also going forward as the company builds new capacity. Plug Power's partnership model should mitigate the impact of inflation," he said.
On July 23, 2021, Citigroup initiated coverage of Plug with a buy rating and a price target of $35.
Analyst P.J. Juvekar said Plug Power is "leading the way" in the emerging hydrogen economy, which is "on the cusp of a breakthrough".
The company previously announced that it was merging with Fortescue Future Industries in a 50:50 joint venture,
to build a gigafactory in Australia.
An agreement was also reached to purchase liquid hydrogen transport company Cryo Technologies. Crpo is a leading provider of technology, equipment and services for the transportation, storage and distribution of liquid hydrogen and other cryogenic gases.
And it confirmed plans to produce 500 tons of liquid green hydrogen every day by the end of 2025, including the installation of 13 green water
News 
Market Data 
Discover 
