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Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower on Tuesday.
In a press release, the company said it has begun installing and commissioning electrolyzer systems worldwide, with many already operational and producing hydrogen.
“This milestone represents a significant achievement for Plug, underscoring our leadership in delivering proven technology to meet the growing demand for hydrogen worldwide,” said Plug CEO Andy Marsh.
Also Read: Plug Power Pockets 25 MW Green Hydrogen Electrolyzer Order In Europe: Details Here
Plug electrolyzer systems totaling over 95 MW are currently operational or in commissioning worldwide, establishing a new milestone in PEM electrolyzer capacity within the hydrogen industry.
Plug’s electrolyzer systems, ranging from 1 MW to 40 MW, are deployed across North America, Europe, Africa, Asia, New Zealand, and India, adhering to diverse regulatory requirements.
These systems, installed at customer sites, have collectively generated over 1,500 metric tons of hydrogen since installation.
Plug’s Georgia hydrogen plant currently hosts the world’s largest operating PEM electrolyzer system.
With installations at external customer sites, Plug now boasts one of the largest PEM electrolyzer Original Equipment Manufacturer (OEM) installed bases globally.
Plug is set to ship and commission 37 additional units, increasing hydrogen capacity by 40 metric tons daily in the second half of this year. With new systems like the 25MW electrolyzer for Europe, Plug anticipates reaching 93 metric tons of daily hydrogen production as global installations ramp up to full capacity.
Price Action: PLUG shares are trading lower by 3.79% to $2.54 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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