By Christiana Sciaudone
Investing.com -- Plug Power (NASDAQ:PLUG) jumped 9% after re-announcing plans to build a green hydrogen production plant with Brookfield Renewable.
The same news was published on Sept. 24, but it failed to move the market at the time.
Plug Power, which supplies hydrogen fuel cells for forklifts, will use renewable energy from Brookfield Renewable’s Holtwood hydroelectric facility as part of a previously announced partnership, the company said in a statement. The plant will be located along the Susquehanna River in Pennsylvania, and is expected to be online by late 2022. Once operational, the plant is projected to produce approximately 15 metric-tons of 100% emissions-free liquid hydrogen per day. It is also expected to create more than 25 green energy jobs in Pennsylvania.
“This is another step in our quest to build the green hydrogen economy in the USA and globally thereafter,” Plug Power Chief Executive Officer Andy Marsh said in a statement Tuesday. “We are proud to be able to bring quality jobs and invest in the local economy in Lancaster County, PA through this green hydrogen production facility.”
“We are excited to be partnering with Brookfield Renewable, a global leader in renewable generation, and anticipate opportunities to build upon this relationship in the coming years,” Marsh said in a statement in September. “This marks important progress in our steady march to achieve our overall hydrogen strategy of building green liquid hydrogen generation facilities with strategic partners in the U.S. and globally thereafter.”
It has been what they like to call a rollercoaster year for Plug Power. Shares rallied through January, up about 1,000%, over the previous 12 months. They have since fallen by 50%, in part because the company said March 16 that it was restating financial statements for fiscal 2018 and 2019 after finding accounting errors mostly related to noncash items, including how it classified some costs. It did not mess with its expected gross billings of $1.7 billion in 2024.
Analysts seem to be largely buying the story. According to data compiled by Investing.com, nine say buy, three say hold and one says sell.