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Hydrogen Economy: Plug Power Secures Major Order From US Automotive Manufacturer - Share plunges

Latham, USA - Plug Power has secured a major contract to supply a major US automotive manufacturer with hydrogen infrastructure and fuel cell solutions that will support the transportation of materials.

The contract is to supply, according to Plug Power, one of the largest automotive manufacturing sites in the US to date. The unnamed US automaker's 6+ square mile manufacturing facility is dedicated to electric vehicles and batteries.

The production site's entire material handling fleet, including forklifts and tractors, will be powered by Plug Power fuel cells. In addition to the fuel cell fleet, the agreement also includes the development of on-site hydrogen infrastructure, including two liquid hydrogen tanks and over 10 hydrogen dispensers, in preparation for the expansion of hydrogen applications.

"This new partnership further strengthens our track record of success in the automotive industry, marking a significant leap in promoting sustainability within the sector. We are excited to elevate this facility with Plug's state-of-the-art green hydrogen ecosystem, offering solutions that enhance operational efficiency while contributing to a more sustainable and environmentally responsible future", said Plug Power CEO Andy Marsh, welcoming the deal.

Plug Power will install and commission the hydrogen infrastructure. The plant is expected to be fully operational in the first quarter of 2025, with production ramping up in carefully planned phases to ensure a smooth and effective ramp-up to full operation.

Plug Power's share price cannot be helped by this week's success story. In the run-up to the publication of Plug Power's financial figures for Q4 2024 and the full year 2023 announced for March 1, 2024, investors are reacting nervously in the generally weak stock market environment. By Thursday evening, the share had already lost 20.8% this week to a price of EUR 2.90 (closing price 22.02.2024, Stuttgart Stock Exchange).

Source: IWR Online, 23 Feb 2024