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Plug Energy (NASDAQ:PLUG) inventory is rising greater in the present day after the corporate introduced that it has obtained an order for 100 megawatts (MW) of proton alternate membrane (PEM) electrolyzers. The electrolyzers run on 100% renewable vitality and can create roughly 43 tons of inexperienced hydrogen per day. This can substitute grey hydrogen within the oil refining course of. As well as, the order is the “largest introduced undertaking within the oil and gasoline sector in Europe.”
“Plug is enjoying a number one position in advancing inexperienced hydrogen initiatives in Europe by the deployment of our industry-leading PEM expertise,” stated CEO Andy Marsh. “We’re demonstrating how inexperienced hydrogen may be generated at scale to decarbonize hard-to-abate industries whereas additionally serving to corporations to attain aggressive carbon discount objectives.”
PLUG Inventory: Plug Energy Receives Order for 100 MW of PEM Electrolyzers
Upon set up, which is forecast for 2024, the electrolyzers will cut back carbon dioxide by about 516 tons per day. Plug will manufacture the PEM stacks at its 155,000 sq. foot facility in New York, which has a “capability of 100 MWs per 30 days of electrolyzer stacks.”
Earlier this week, Plug Energy additionally disclosed that it had been chosen to produce two 5 MW PEM electrolyzer methods for Countrywide Hydrogen’s inexperienced hydrogen initiatives in Tasmania, Australia. As soon as put in, the electrolyzer methods will present 4,200 kilograms per day of hydrogen that can be “used to decarbonize street transport and pure gasoline sectors in Tasmania.” As well as, every web site will embrace a second electrolyzer to accommodate elevated hydrogen demand for storage, if crucial. Surprising outages can set off using these storage methods. The websites can even help connections to the TasGas community, which may present additional hydrogen injections into the community.
Again in late June, Plug Energy introduced that it was one in every of 9 corporations included in a $21.8 million grant from the European Fee as properly. As a part of the consortium known as Hydrogen Offshore Manufacturing Europe (HOPE), Plug will provide a ten MW PEM electrolyzer system to a web site within the North Sea. Plug hopes that the completion of this undertaking will show the sustainability and reliability of its renewable offshore hydrogen manufacturing — and in the end help its aim of additional scaling operations.
On the date of publication, Eddie Pan didn’t maintain (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Tips.
