Plug Power Inc (NASDAQ:PLUG) shares are trading higher Monday after the company announced it won three electrolyzer contracts.
What Happened: Plug said it landed three different five megawatt electrolyzer projects with Ardagh Glass Limmared AB, Hydro Havrand and the APEX Group. The projects will mark the first use of industrial-scale green hydrogen in glass manufacturing, aluminum recycling and steel manufacturing.
Ardagh is expected to produce 2.1 metric tons per day of green hydrogen by the end of the year. The APEX Group is set to receive two five megawatt electrolyzer modules by the end of 2023. Hydro Havrand is expected to deploy a five megawatt electrolyzer module by June 2024.
Plug said the electrolyzer system has a production capacity of more than two tons per day and reduces site construction costs, as well as implementation complexity.
Piper Sandler analyst Kashy Harrison maintained Plug Power with a Neutral rating and lowered the price target from $10 to $8.
See Also: Why Hepion Pharmaceuticals Stock Is Soaring Monday
PLUG Price Action: Plug has a 52-week high of $31.50 and a 52-week low of $7.39.
The stock was up 5.56% at $8.16 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Plug Power.
