PLUG Stock: 5 Things to Know About Plug Power’s Big Hydrogen Bus News

Zero-emission energy company Plug Power (NASDAQ:PLUG) should be in good spirits today after the announcement of a headline-grabbing bus deal. Unfortunately, it seems PLUG stock hasn’t heard the news. Indeed, PLUG is down on the day as investors lag behind the promising development.

Man hold a fuel dispenser with hydrogen on gas station. h2 combustion engine for emission free eco friendly transport.
Source: Alexander Kirch /

So, what’s going on with Plug Power today?

Well, Edison Motors, a top Korean electric vehicle (EV) maker, announced a partnership with the company to develop and launch a hydrogen-powered city bus in Seoul, South Korea. The CEO of Plug Power, Andy Marsh commented on the deal:

“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.”

Preliminary estimates have the electric bus arriving at market by the first half of 2023. Additionally, this could be just the beginning of an EV transit phenomenon taking root in the country. Edison has been the largest seller of electric buses in Seoul for the past two years. Therefore, combining Edison’s manufacturing capacity with Plug’s hydrogen turnkey ingenuity could be a match made in heaven.

What are the big takeaways from today’s EV deal?

What to Know About the Future of PLUG Stock Amid Hydrogen Bus Deal

  1. According to Edison Chairman Young-kwon Kang, this deal is just the start. In reference to today’s partnership, he hinted at a future ripe with EV trucks, vessels, drones and PAVs (personal air vehicles).
  2. The electric buses in question, are tentatively called “SMART 110F.”
  3. Furthermore, Edison is actively expanding its electric bus program in South Korea, recently releasing a new intercity long-range bus system.
  4. This isn’t Plug’s only recent news. Earlier this month, Plug acquired Frames Group, a turnkey systems integration company. This will likely bolster Plug’s engineering and integration capabilities of its hydrogen-based products.
  5. Despite the promising news, PLUG is down 3.79% so far today.

On the date of publication, Shrey Dua 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 Publishing Guidelines.

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