Plug Power (NASDAQ:PLUG) stock is in the news Thursday after the hydrogen and fuel cell company announced an expansion to its cryogenic sales.
A press release from Plug Power reveals that the company has secured a cryogenic equipment supply agreement with a multinational industrial gas company. That will see it deliver five cryogenic trailers in early 2025.
It also signed a similar agreement with a statewide electric utility company. This covers liquefied natural gas (LNG) cryogenic mobile storage equipment that will be delivered starting in Q4 2024.
In addition, Plug Power says it is closing in on a deal to supply another leading industrial gas company with its cryogenic equipment, which will include eight cryogenic trailers. These orders are expected in the latter half of 2025.
PLUG Stock: CEO Commentary
Andy Marsh, CEO of Plug Power, said the following about the orders:
“With extensive expertise designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems, we are successfully building long term strategic partnership with customers and supporting their need to get their gas products to market through liquefaction and truck trailer transportation.”
PLUG stock is up 1.2% as of Thursday morning, with more than 7 million shares traded. The company’s daily average trading volume is still above that at roughly 33 million shares.
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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.
