Plug Power (NASDAQ:PLUG) stock is climbing higher on Tuesday with investors reacting to its new plants coming to Finland.
According to a press release from Plug Power, the company is going to build three green hydrogen production plants in the country. These plants will be responsible for generating 850 tons per day of green hydrogen. That comes to 2.2 gigawatts of electrolyzer capacity.
Andy Marsh, CEO of Plug Power, said the following about the news:
“Already one of the largest players in the European hydrogen market, Plug is accelerating its commitment to Europe at an unprecedented scale with these three planned historic industrial sector projects collaborating with both financial and industrial partners.”
What to Know About the New Plug Power Plants
The first of these plants will be set up in Kokkola, Finland. The facility will handle 85 tons per day of liquid green hydrogen and as much as “700 kt of green ammonia per year.” That would result in the plant using 1 gigawatt of electrolyzers.
Next, the second Plug plant will be located in Kristinestad nearby a former coal plant. It will focus on generating green hydrogen for green steel production, which will be exported from the port city.
The final plant will be built in Porvoo and will generate up to 100 tons per day of green hydrogen by the time 2030 rolls around. The hydrogen produced here will be used for local mobility and will be piped to Western Europe.
PLUG stock is up 1.3% as of Tuesday morning.
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On the date of publication, William White did not hold (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.
