Shares of Plug Power (NASDAQ:PLUG) stock are in the green after the company announced that it had completed its first customer tanker fill of liquid green hydrogen from its electrolytic liquid hydrogen production plant in Woodbine, Georgia. The tanker is “heading straight off to customer sites” that will be used by Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT) and Home Depot (NYSE:HD). It carries enough hydrogen to power 3,216 forklifts a day. Additionally, each tanker can transport a maximum of 80,000 pounds per maximum gross vehicle weight.
“The first delivery of our green hydrogen molecule marks a critical milestone for the green hydrogen economy,” said CEO Andy Marsh. “If you want to see the hydrogen ecosystem of the future, it’s at Plug today. There’s no doubt that Plug is demonstrating the future with real products and projects at scale.”
Plug announced on Jan. 23 that its Georgia plant had begun operations.
PLUG Stock: Plug Power Fills Tanker for Use at Amazon, Walmart and Home Depot
The plant currently utilizes eight 5-megawatt electrolyzers, making it the largest proton exchange membrane (PEM) electrolyzer deployment in the U.S. The electrolyzers separate water into hydrogen and oxygen. The hydrogen is then converted into a liquid using a condensation process at -423 °F and is then transported to a cryogenic trailer tanker for delivery.
“It takes approximately eight gas tube trailers to deliver the same amount of gaseous hydrogen as one liquid hydrogen tanker,” said Plug.
Using this process, the plant can produce up to 15 tons of liquid hydrogen per day. The entire process, from production to filling the tanker, took Plug about four days.
Meanwhile, PLUG stock is up by about 30% during the past five trading days, likely driven by a combination of encouraging news and a short squeeze. As of Jan. 24, Plug had a high short interest as a percentage of float of 26.36%. In an interview on Tuesday, Marsh stated that PLUG short sellers could be in for a surprise, as he doesn’t plan on issuing common stock in order to raise capital.
On the date of publication, Eddie Pan held a LONG position in AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
