Plug Power (NASDAQ:PLUG) stock is in the news Thursday after the company announced a contract with Allied Green Ammonia in Australia.
This is a Basic Engineering and Design Package (BEDP) contract with the green ammonia production company for a three gigawatt (GW) electrolyzer plant supplying hydrogen to the company’s facility.
Plug Power CEO Andy Marsh said the following about this and other contracts:
“Moving this major green hydrogen-to-ammonia project to the BEDP phase is a sign of its maturity in the development process […] In total, we now have 7.5 GW of BEDP contracts globally to support our growth targets.”
Plug Power notes that the final investment decision for Allied Green Ammonia’s plant is set for the fourth quarter of 2025. The company is also set to start delivering Proton Exchange Membrane electrolyzers to Allied Green Ammonia in Q1 2027.
PLUG Stock Movement on Thursday
Despite announcing this new deal, PLUG stock isn’t seeing too much activity today. As of this writing, only about 20 million shares have changed hands. To put that in perspective, this is still well below Plug Power’s daily average trading volume of about 36.4 million shares.
PLUG stock is down 1.9% as of Thursday afternoon. The company’s shares have also fallen 27.1% since the start of the year.
Investors will want to keep reading for even more of the most recent stock market stories!
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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.
