Plug Power Inc. (NASDAQ: PLUG) experienced a significant surge in its stock value on the US stock market yesterday, registering an impressive 19.30% increase and concluding the trading session at $4.45. This upward momentum was instigated by an upgraded recommendation from the esteemed analyst firm ROTH MKM.
On Wednesday, the analyst firm ROTH MKM elevated its recommendation for Plug Power (PLUG) stock from a “Neutral” stance to a “Buy” perspective. Concurrently, the research entity increased the stock price target from $4.50 to $9. This optimistic analyst appraisal was prompted by a significant strategic move unveiled the previous week.
Plug Power has recently initiated operations at the largest liquid green hydrogen plant in the U.S. market, marking a distinctive achievement. This facility stands as the most extensive electrolytic liquid hydrogen production plant and the largest deployment of PEM electrolyzers in operation within the United States. It signifies a noteworthy milestone in Plug’s establishment of a vertically integrated hydrogen ecosystem.
Notably, the plant serves as a tangible demonstration of Plug’s proprietary electrolyzer technology, affirming its reliability in generating sustainable fuel for discerning customers. Situated in Woodbine, Georgia, this state-of-the-art plant is meticulously designed to generate 15 tons per day (TPD) of liquid electrolytic hydrogen. This quantity is sufficient to power approximately 15,000 forklifts daily.
This newly operational facility is poised to reinforce Plug’s supply of liquid hydrogen, which is currently being supplied to Plug’s prominent customers for material handling operations, fuel cell electric vehicle fleets, and stationary power applications. The addition of liquid hydrogen production, complementing the ongoing gaseous hydrogen production, is anticipated to positively impact Plug’s financial performance and usher in a significant improvement in fuel margin expansion.
The progressive expansion of Plug’s global hydrogen network is instrumental in enabling customers to seamlessly incorporate hydrogen into their operations across diverse industries. The escalating demand for green hydrogen, recognized as a low-carbon energy source, has been particularly pronounced in challenging-to-decarbonize sectors, including heavy-duty transportation, robust manufacturing, stationary power generation, and aviation.