Plug Power (PLUG) is on the move.
All after being awarded a one-gigawatt electrolyze order from H2 Europe for a greenhouse complex in Denmark. According to Street Insider, “it’s the largest capacity electrolyzer installation in the world to date.”
“The electrolyzer technology will enable the production of up to 100,000 metric tonnes per year of green hydrogen for use in the energy and transportation sector in northern Europe by harnessing offshore wind power. The technology is expected to be deployed at the H2 Energy’s complex in 2024, with production of green hydrogen in 2025.”
Better, Morgan Stanley says the order could add $500 million of revenue for PLUG, when it’s delivered. They currently have an overweight rating on the stock, with a target of $60.
From a current price of $16.53, we’d like to see PLUG challenge $22.50, near-term.