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Shares of Plug Power Inc.
PLUG,
climbed 3.1% in afternoon buying and selling Thursday, in the wake of information of an purchase from France-primarily based renewable inexperienced hydrogen provider Lhyfe S.A.
LHYFE,
of proton exchange membrane (PEM) electrolyzers with a complete capability of 50 megawatts (MW), or up to 20 tons per day. With the buy of 10, 5 MW PEM electrolyzer devices, Lhyfe is seeking to deliver renewable green hydrogen utilizing mostly wind and solar power for mobility apps, these as forklifts and mild commercial vehicles, in Europe. Financial phrases had been not disclosed. Analyst James West at Evercore ISI said the new purchase from Lhyfe is “just the start out of a further partnership,” and reiterated his outperform ranking and $45 inventory cost target. He pointed out that Plug and Lhyfe experienced initiated a partnership in Oct 2021, and have plans to build 300 MW of renewable eco-friendly hydrogen plants in Europe by 2025. “With Lhyfe targeting above 3 [gigawatts] of hydrogen capacity by 2030, we imagine this order could be the 1st of many from a essential strategic spouse,” West wrote. Plug’s inventory has soared 52.8% above the earlier 3 months, although the S&P 500
SPX,
has slipped 3.%.
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