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Investing.com -- Plug Power Inc (NASDAQ:PLUG) stock rose 2.1% after the hydrogen fuel cell company announced a multi-year extension of its hydrogen supply agreement with an unnamed U.S.-based industrial gas company through 2030.
The extended agreement includes immediate cost reductions and improved network efficiency measures, which Plug Power said will reduce costs and improve cash flows while supporting operational flexibility. The contract secures liquid hydrogen supply for Plug’s applications business, which currently serves over 275 hydrogen-consuming customer sites.
"This expanded agreement supports our mission to build on our already robust and resilient hydrogen network in the U.S.," said Andy Marsh, CEO of Plug Power. "As we continue to scale our applications business and build long-term partnerships with customers, reliable supply and cost efficiency are critical."
The hydrogen fuel cell company currently operates production facilities in Georgia, Tennessee, and Louisiana with a combined capacity of 40 tons per day of liquid hydrogen production. Plug plans to launch over 40 new customer sites in 2025 and has additional production plants under development.
According to the company, the supply agreement will help Plug meet growing application demand while it continues scaling its own hydrogen production capacity. Plug Power reports having deployed over 72,000 fuel cell systems and 275 fueling stations to date.
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