Hydrogen fuel cell systems developer, Plug Power, announces major delivery order to supply TC Energy with green hydrogen solutions
Plug Power (NSD:PLUG), a leading developer of hydrogen fuel cell systems, announced a major delivery order to supply TC Energy with green hydrogen solutions. This supply deal has resulted in a significant boost in stock prices for Plug Power on Tuesday.
The delivery will include two 30-tons-per-day hydrogen liquefaction systems and it will be made in the second and third calendar quarters of this year, serving TC Energy properties that have yet to come onstream.
Plug Power’s CEO, Andy Marsh, emphasized the company’s goal to build “an end-to-end green hydrogen solution” and the shared vision with TC Energy to provide sustainable and secure energy. He also adds this new partnership validates the company’s investments on hydrogen liquefaction capabilities.
The partnership with TC Energy not only highlights the effectiveness of Plug Power’s hydrogen liquefaction systems, but also the company’s ability to attract well-capitalized customers. Despite the lack of financial details provided by the company, investors responded positively to the news pushing up the stock prices by over 5%.
This new deal also suggests the rising interest in hydrogen fuel as an alternative and a major player in the energy industry. The growth in the hydrogen market is likely to be accelerated by this move and it will be interesting to see how this partnership develops further in the future.
About Plug Power
Plug Power actively develops and manufactures hydrogen fuel cell systems for various industrial applications such as material handling and transportation. Their systems are powered by hydrogen fuel, which can be utilized in a diverse array of vehicles and equipment, including forklifts, buses, ground support equipment and delivery trucks. Their primary products, ProGen hydrogen fuel cell engines and GenDrive fuel cell batteries, power electric vehicles and equipment. The company also supplies hydrogen fueling infrastructure including dispensers, storage, and production equipment. Plug Power’s (NSD:PLUG) ultimate goal is to speed up the adoption of hydrogen fuel cell technology across different industries, fostering a cleaner and sustainable future.