PLUG stock rose more than 7% on December 15, 2021, after the company announced a partnership with Edison Motors.
🚍💲💰 Edison Motors and Plug Power Inc. Sign Agreement for Mass-Production of Hydrogen-Powered City Buses
On December 15, 2021, Edison Motors, a leading Korean electric car manufacturer, announced that the company signed an agreement with NY-based Plug Power (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, to develop and bring to market a hydrogen fuel cell-powered electric city bus. Plug Power’s 125kW ProGen fuel cell engine will provide power to Edison Motors’ electric bus platform. The companies expect to have a fuel cell electric bus prototype completed by the second half of 2022 and be prepared to launch a mass-market platform by the first half of 2023.
“The fuel cell electric city bus project is just the beginning of strategic cooperation between Edison Motors, and Plug Power,” said Chairman Young-kwon Kang of Edison Motors. “In the future, we hope to partner on other mobility applications including trucks, vessels, drones, and PAVs. We believe that our combined technology and know-how in electric buses will position us to sell fuel cell-powered electric buses not only in Korea but also in other overseas markets.”
Andy Marsh, CEO of Plug Power Inc., said, “Plug Power has a goal to expand our global footprint to stimulate the Asian hydrogen and fuel cell market. We acknowledge this is one of the fast-growing markets in the world and believe that this partnership with Edison Motors, will pave the way to achieving global net zero.”
Chairman Young-kwon Kang continued, “The two companies’ technological prowess and skills are expected to create stunning synergy. This will enable us to give more choices to consumers by providing different types of hydrogen mobility platforms befitting their needs.”
Edison Motors sold the largest number of electric buses in Seoul this year, for the second consecutive year, and the company is actively expanding its electric bus platform with the launch of a new inter-city long-range electric bus platform.
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. The Company has deployed over 50,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen.
Plug Power, Certarus partner on green hydrogen supply
On December 14, 2021, Plug Power and Certarus have entered into a long-term supply and logistics agreement to further scale and expand the infrastructure needed to accelerate the adoption of green hydrogen fuel. The companies will leverage their collective expertise in hydrogen production, mobile energy distribution and related technologies to enhance the North American supply chain – helping to make hydrogen fuel an affordable and convenient option for companies looking to reduce carbon emissions and achieve ESG goals across multiple industry sectors. Plug Power will provide Certarus with up to 10 tons of green hydrogen per day from its North American hydrogen production network with initial deliveries expected in Q1 2022. Certarus’ integrated logistics platform and industry-leading fleet of compressed gas delivery trailers will safely move hydrogen directly from production locations to Plug Power’s and Certarus’ end users. These end users include leading mining, power generation, natural gas mid-stream and industrial energy users. The companies will also partner on the supply of equipment from Plug Power to cost effectively serve these customers’ needs.
“We are building out a green hydrogen ecosystem, with the goal to deliver 500 tons per day of green hydrogen by 2025 and 1,000 tons per day by 2028,” said Andy Marsh, CEO of Plug Power. “The partnership with Certarus is a meaningful step in building out the green hydrogen ecosystem to serve large energy sectors and in providing Plug Power the ability to flex and scale our overall delivery capabilities.”
“We are thrilled to be working with Plug Power to help scale the logistics supply chain needed for the broad adoption of green hydrogen. Certarus’ safety record, logistics network and expertise will help service Plug Power as it continues to grow. Certarus’ access to Plug Power’s green hydrogen production will allow us to sell cost-effective green hydrogen to our own unique customers,” said Curtis Philippon, President and CEO of Certarus.
Plug Power Completes Acquisition of Frames Group
On December 9, 2021, Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, completed the acquisition of Frames Group, a leader in turnkey systems integration for the energy sector, following the definitive agreement announced on Nov. 9, 2021. The acquisition of Frames Group adds engineering, process, and systems integration expertise to Plug Power, enabling the company to scale the delivery of green hydrogen solutions.
“We are thrilled to welcome today 300 new employees within Plug Power, and to expand our presence globally, with employees in the Netherlands, India, the United Emirates, Malaysia and Brazil. The Frames Group’s process and control systems integration expertise, combined with Plug Power’s world-class electrolyzer stack technology, will help us attain our goal of producing over 1,000 tons per day of green hydrogen by 2028,” said Andy Marsh, CEO for Plug Power. “This is further evidence of Plug Power’s commitment to invest in developing the green hydrogen economy in Europe.”
Through the acquisition of Frames, Plug Power continues to build out its capabilities to deliver a range of turnkey electrolyzer solutions from one megawatt (MW) containerized systems to 1,000 MW standalone plants.
📺 VIDEO Plug Power Stock Analysis Today! | Stocks to Buy? | PLUG Stock | Hype Stocks
Four weeks ago, Everything Money gave their opinion on PLUG stock.
📈 PLUG Stock Technical Analysis
The long-term trend is neutral, but the short-term trend is negative. PLUG is an average performer in the Electrical Equipment industry, it outperforms 68% of 69 stocks in the same industry. Considerably lower volume is observed in the last couple of days. PLUG is currently trading in the lower part of its 52-week range, which is not a good signal because the S&P 500 Index is trading near new highs. There is a support zone ranging from 25.02 to 25.24. This zone is formed by a combination of multiple trend lines in multiple time frames. There is also support at 30.55 from a horizontal line in the daily time frame. There is resistance at 42.47 from a trend line in the weekly time frame. There is also resistance at 44.20 from a trend line in the daily time frame. The technical rating of PLUG is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when PLUG stock is a good entry.