Yahoo Finance Plug Power (PLUG) Clinches PEM Electrolyzer Deal in Europe
Plug Power, Inc. PLUG recently clinched a deal for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from a customer in Europe. PLUG will leverage its solid expertise in the green hydrogen industry to offer its advanced PEM electrolyzer technology for carbon reduction targets.
Plug Power’s electrolyzers utilize PEM stack technology in a modular design, which offers a small footprint with potential for capacity expansion. The electrolyzer’s hydrogen output is capable of adjusting instantly based on the electrical input, which makes it ideal for pairing with intermittent renewable resources.
The abovementioned deal will involve Plug Power to supply five of its 5 MW containerized PEM electrolyzers that will help lower the customer’s carbon footprint. The project, which will be developed in phases, will have the potential to expand up to two GW of electrolyzer capacity.
The company’s strong expertise in providing and installing PEM electrolyzer systems globally is underlined by its successful PEM electrolyzer deployment at the U.S. largest electrolytic liquid hydrogen production plant in Georgia. Also, it has a significant presence in Rochester, NY, with its Gigafactory being one of the biggest PEM manufacturing facilities in the country.
Zacks Rank & Price Performance
PLUG, with a $1.8 billion market capitalization, currently carries a Zacks Rank #3 (Hold).
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In the past month, the PLUG stock has fallen 5.4% compared with the industry’s 25.8% decline.
The company’s strong product portfolio, including GenFuel, GenSure and ProGen product lines, coupled with its efforts to expand and strengthen its global presence through multiple strategic partnerships are expected to drive its performance. However, it has been experiencing high operating costs and expenses over time. The impacts of high labor and raw material costs might affect PLUG’s margin and profitability.
Key Picks
Some better-ranked companies are discussed below.
Luxfer Holdings plc LXFR presently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It has a trailing four-quarter average earnings surprise of 122.5%. The consensus estimate for LXFR’s 2024 earnings has improved 13.5% in the past 60 days.
Ingersoll Rand Inc. IR presently carries a Zacks Rank #2 and has a trailing four-quarter earnings surprise of 12.9%, on average.
The Zacks Consensus Estimate for IR’s 2024 earnings has grown 1.9% in the past 60 days.
Crane Company CR carries a Zacks Rank #2 and has a trailing four-quarter earnings surprise of 15.2%, on average.
The Zacks Consensus Estimate for CR’s 2024 earnings has risen 4.2% in the past 60 days.
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Ingersoll Rand Inc. (IR) : Free Stock Analysis Report
Plug Power, Inc. (PLUG) : Free Stock Analysis Report
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Luxfer Holdings PLC (LXFR) : Free Stock Analysis Report
