By Sam Boughedda
Investing.com — Plug Power (NASDAQ:PLUG) said Tuesday it has completed the acquisition of Applied Cryo Technologies.
Shares of Plug fell 2.3% in morning trading.
The acquisition of Applied Cryo, a technology, equipment and services provider for liquefied hydrogen transportation and storage, follows the initial agreement announced on October 14.
The deal will see more than 200 new employees join Plug, the largest buyer of liquid hydrogen globally. Applied Cryo is also a natural fit for the company's ambition to create a green hydrogen business.
Andy Marsh, CEO of Plug Power, explained: “We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.”
Last week, the company's price target was raised at Morgan Stanley after analyst Stephen Byrd significantly increased revenue estimates.