Plug Power (NASDAQ:PLUG) stock is on the move Wednesday after the company announced a deal with Avina Clean Hydrogen.
This deal has Plug Power agreeing to deliver containerized proton exchange membrane (PEM) electrolyzer systems to the company. These will be used in Avina’s green hydrogen production facility coming to southern California.
According to Plug, this is part of California’s effort to cut its greenhouse gas emissions by 85% by 2045. The facility Avina Clean Hydrogen is working on will act as a commercial mobility sector station for heavy-duty trucks used in the area.
Sanjay Shrestha, Plug Power Chief Sales Officer and General Manager of Energy Business, said the following about the agreement:
“Driven by our leading electrolyzer technology and unrivaled manufacturing capabilities, we look forward to working with such an agile partner like Avina to rapidly accelerate the clean energy transition in Southern California, a trend-setting market for alternative energies.”
Additional PLUG Stock News
Plug Power is busy today with other news helping out shares of the company. That includes Plug working with STEF subsidiary Blue EnerFreeze. This will see it providing the company with a “complete green hydrogen ecosystem” for two distribution centers. This ecosystem could also expand to more than 100 locations in the future.
Finally, Plug Power is holding an analyst day today to provide insight into its recent business operations. That event is set to take place from 11:00 a.m. to 12:30 p.m. Eastern. The analyst day is taking place at the company’s “state-of-the-art Gigafactory in Rochester, NY.” A webcast of the event will be available.
PLUG stock is up 9.3% as of Wednesday morning.
Investors can learn more about the latest stock market news at the following links!
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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.
