Plug Power Completes Deployment of 13 Hydrogen Refueling Stations in Europe
Key Ideas
- Plug Power's shares trading lower as it completes deployment of 13 hydrogen refueling stations across Europe.
- The hydrogen refueling stations support material handling and mobility applications for customers in the UK, France, Germany, Spain, and the Netherlands.
- Plug's installations cater to its European material handling customers like Amazon and its joint venture with Renault for hydrogen fuel cell electric vehicles.
- The company offers turnkey solutions from station construction to hydrogen delivery and has taken over operations of four more stations in Europe.
Plug Power, Inc.'s shares have seen a decline of over 76% in the past year, but the company recently announced the completion of the deployment of 13 hydrogen refueling stations (HRS) across Europe. These stations are supporting various material handling and mobility applications in countries like the UK, France, Germany, Spain, and the Netherlands. The installations are currently in the commissioning phase, with plans for full operation by this summer.
The hydrogen refueling stations by Plug Power are serving customers such as Amazon, Stef, ASDA, and Lidl, as well as Plug's own facilities and its joint venture HYVIA with Renault for hydrogen fuel cell electric vehicles. These stations are expected to consume nearly half a ton of hydrogen daily. Plug also offers comprehensive solutions from station construction to hydrogen delivery, and it has taken over operations of four additional stations in Europe.
Plug Power's CEO, Andy Marsh, highlighted the importance of the company's experience in delivering hydrogen supply to customers. Despite the stock trading lower on Wednesday, this recent milestone emphasizes Plug's commitment to the hydrogen sector and its efforts to expand hydrogen infrastructure in Europe.