Plug Power (NASDAQ:PLUG) stock is up a tidy 4% today on news that the hydrogen maker delivered “first-of-its-kind” portable liquid hydrogen refuelers to several transit firms and trucking fleets. Plug’s HL-450D-P purportedly offers the benefits of a complete hydrogen fueling station on an easily transportable platform, requiring only a single electrical connection.
The product was designed to help improve time and efficiency costs for medium and large hydrogen-powered commercial vehicles. Per Andy Marsh, Plug CEO:
“Our portable refueler product is a prime example of Plug’s cutting-edge innovation driving cost-effective adoption of hydrogen in hard-to-abate sectors like transportation… With minimal upfront costs, mass transit authorities, logistics companies, and retailers can now quickly pop up low-carbon hydrogen refueling infrastructure to support their fleets.”
The implementation of portable refuelers may help speed up the use of initial hydrogen-powered fleets, as well as push back the installation of a permanent fueling station, a notable advantage of hydrogen fuel cell vehicles (FCEV) over battery electric vehicles (BEV) for commercial vehicle operations.
The refueler consists of a 1,500 kilogram (kg) hydrogen storage tank, a pumping and vaporization system, and a dispenser for fueling straight into compliant FCEVs. It also features onboard remote access for monitoring and quality maintenance.
The package is made possible by Plug’s acquisition of Applied Cryo Technologies (ACT) back in 2021. ACT specializes in the transportation, storage and distribution of liquid hydrogen.
PLUG Stock Snaps Cold Streak
While today’s news comes as a clear win for PLUG stock, the company is still in the red this year, down about 1%.
Indeed, a $1 billion stock offering early in the year continues to haunt the liquid hydrogen producer despite strong recent developments. If you recall, the company announced the restart of its Tennessee liquid hydrogen facility last week. Unfortunately, the news coincided with a downgrade from Seaport Research analyst Tom Curran, leaving PLUG stock down on the day.
PLUG has shed more than 70% of its value in the past year, currently trading at $4.50 per share from $15 last February.
On the date of publication, Shrey Dua 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.
