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How Is PLUG Faring With The Recent Changes On The Stock Market?
Located in Latham, New York, Plug Power specializes in hydrogen fuel cells for forklifts in huge warehouses. Its fuel cells are used to replace traditional batteries in both electric devices and cars.
By 2024, the corporation wants to generate more than half of its hydrogen energy from renewable sources. It also wants to expand beyond forklifts to heavy duty vehicles for ports in the United States and Europe, as well as stationary fuel cells to power both data centres and distribution hubs. Some of Plug Power's biggest clients are the likes of Amazon, The Home Depot, Walmart, Stellantis and Mercedes-Benz and have just added another client with Edison Motors of South Korea, when they signed an agreement on December 15th to develop and commercialize a hydrogen fuel cell powered electric city bus in 2022. Plug Power's ProGen fuel cell technology will be used on the buses. By the first half of 2023, the buses will be mass produced and distributed across South Korea.
Now, with growth stocks slumping, clean energy companies like PLUG have been pounded by a variety of issues recently, despite a spectacular growth in 2020-21. Investors have started to move out of growth stocks like PLUG as the Federal Reserve looks to be on the verge of raising interest rates.
Meanwhile, states like California, which have been strong proponents of clean energy subsidies until recently, appear to be considering reducing them. Finally, President Biden's shelved "Build Back Better" initiative ominously foreshadows a lack of renewable energy investment.
However, on January 26th the stock surged about 6% when Susquehanna Financial Group launched coverage of Plug Power with a bullish recommendation and a $26 price target, citing top line growth potential.
PLUG appears to be focused on forming alliances after they announced on December 14th that it will offer Certarus with up to 10 tons of green hydrogen per day. The first deliveries are expected to arrive in the first quarter of 2022.
Certarus's integrated logistics infrastructure and fleet of compressed gas delivery trailers will transport hydrogen from production sites straight to Plug Power and Certarus's end consumers. Among those end users are mining, power generating and natural gas mid-stream and industrial energy consumers.
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