Why Plug Power Shares Are Surging Thursday

Author: Nabaparna Bhattacharya | May 02, 2024 01:36pm

Plug Power, Inc. (NASDAQ:PLUG) shares are trading higher on Thursday.

The company said it received contracts to supply cryogenic equipment to a multinational industrial gas company and a statewide electric utility company. 

In 2021, Plug acquired Applied Cryo Technologies, Inc., adding the technology, equipment and services for the transportation, storage, and distribution of liquefied gases.

Apart from the latest development, Plug Power said it is in the advanced stages of completing an agreement to supply cryogenic equipment to another leading industrial gas company.

The company confirmed that it is gearing up to supply five cryogenic trailers for the Canadian market to facilitate the transport of essential cryogenic industrial gasses like nitrogen, argon, and oxygen.

Deliveries for this equipment are expected in early 2025, according to a press release.

In a distinct deal with a statewide electricity utility, Plug also secured a purchase order for LNG cryogenic mobile storage equipment, delivery starting in the fourth quarter.

In addition, Plug secured a deal with a major industrial gas firm for eight cryogenic trailers for U.S. and Canadian markets, with deliveries starting by the second half of 2025.

Plug CEO Andy Marsh: “With extensive expertise designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems, we are successfully building long term strategic partnership with customers and supporting their need to get their gas products to market through liquefaction and truck trailer transportation.”

Price Action: PLUG shares are trading higher by 6.09% to $2.44 at last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Posted In: PLUG