Plug Power (NASDAQ:PLUG) stock is on the move Wednesday after the EV charging company announced a deal with Avina Clean Hydrogen.
This deal has Plug Power agreeing to deliver containerized proton exchange membrane (PEM) electrolyzer systems to the company. These will be used in its green hydrogen production facility coming to Southern California.
According to Plug Power, this is part of California’s effort to cut its greenhouse gas emissions by 85% by 2045. The facility Avina Clean Hydrogen is working on will act as a commercial mobility sector station for heavy-duty trucks used in the area.
Sanjay Shrestha, Chief Sales Officer and General Manager of Energy Business for Plug Power, said this about the agreement.
“Driven by our leading electrolyzer technology and unrivaled manufacturing capabilities, we look forward to working with such an agile partner like Avina to rapidly accelerate the clean energy transition in Southern California, a trend-setting market for alternative energies.”
Additional PLUG Stock News
Plug Power is busy today with other news helping out its shares. That includes working with STEF subsidiary Blue EnerFreeze. This will see it providing the company with a complete green hydrogen ecosystem for two distribution centers. This could expand to more than 100 locations.
Finally, Plug Power is holding an analyst day today to provide insight into its recent business operations. That’s set to take place at from 11:00 a.m. Eastern Time to 12:30 p.m. Eastern Time. This is taking place at its Gigafactory in Rochester, N.Y., and a webcast will be available.
PLUG stock is up 9.3% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
