The Plug Power share remains true to itself – in its volatility. On Thursday, the shares of the US fuel cell manufacturer left Xetra trading at 19.49 euros, but on Friday they improved to 21.08 euros, only to fall back to 20.23 euros by the close of trading on Monday. On Tuesday, as you might have guessed, they went up again to 20.72 euros. Plug Power, on the other hand, recently emphasised how high it wants to go as a company.
Plug Power with ambitious goals
On Thursday, Plug Power (daily rating) not only announced the signing of a Memorandum of Understanding (MOU) with Olin Corporation, a US chlor-alkali producer and marketer. The aim is to establish a joint venture to produce and market green hydrogen in order to “support the growing demand for fuel cells in the global hydrogen economy”, it said. As part of the announcement, Andy Marsh, CEO of Plug Power, also outlined his ambitious goals once again.
He said the joint venture will expand Plug Power’s existing work to build a first-of-its-kind green hydrogen generation network in North America to help customers achieve their sustainability goals of net-zero CO2 emissions. According to the report, Plug aims to produce 70 tonnes of green hydrogen by the end of this year – every day (tpd). Plug is “on track to produce 500 tpd of green hydrogen by 2025 and 1,000 tpd by 2028”.
Plug boss believes in leadership role
Green hydrogen is becoming “ubiquitous and economical” and helping to accelerate the spread of numerous fuel cell applications, Plug CEO Marsh is convinced And further: “The combination of Olin’s reliable production capacity with Plug Power’s expertise will certainly have a lasting impact on the global hydrogen economy.” Investors apparently believe this only every other day.