Plug Power (NASDAQ:PLUG) stock is on the move Thursday after the hydrogen and fuel cell company announced new deals in Europe and the U.S.
According to a press release from Plug Power, the company has signed agreements that cover up to 350 megawatts of electrolyzers. The company notes that with these new deals its total Basic Engineering and Design Packages (BEDP) contracts come to 4.5 gigawatts.
Plug Power’s BEDP contracts have experienced major growth since being introduced two years ago. This comes as the company sees growing interest in Europe. That includes a 500 megawatts contract in the region that was announced earlier in 2024.
Sanjay Shrestha, Chief Strategy Officer for Plug Power, said the following about the deals:
“Electrolyzer sales present a substantial business opportunity for us […] Our impressive BEDP growth in just two years underscores our strong industry positioning and market growth.”
PLUG Stock Movement Today
Unfortunately, the positive news from Plug Power still has shares down today. However, that has less to do with the company and more to do with markets falling on Thursday.
Even so, shares of PLUG stock are down 3.1% as of Thursday afternoon. That’s on top of the company’s shares being down 49.1% since the start of the year.
PLUG stock movement today has some 17 million shares changing hands. That’s still below its daily average trading volume of about 36.8 million shares.
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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.
