Plug Power stock gains on new Uzbekistan project

Investing.com -- Shares of Plug Power Inc (NASDAQ:PLUG) surged 8.3% following the announcement of a significant expansion of its partnership with Allied Green Ammonia (AGA), involving a new 2 gigawatt (GW) electrolyzer project in Uzbekistan. The deal, which was signed at the Tashkent International Investment Forum, is part of a larger $5.5 billion green chemical production facility aimed at producing sustainable aviation fuel, green urea, and green diesel.

The project, backed by the Government of Uzbekistan, reinforces Plug Power’s role as a key electrolyzer provider for large-scale decarbonization projects. CEO Andy Marsh highlighted the company’s proven technology and industrial-scale execution capabilities, emphasizing the importance of the partnership in leading the global hydrogen transition.

The Uzbekistan initiative extends the existing collaboration between Plug Power and Allied Green Ammonia, which previously committed to a 3 GW electrolyzer for a green ammonia facility in Australia. This facility is expected to reach a final investment decision by the fourth quarter of 2025.

Sanjay Shrestha, President of Plug, noted the continued partnership reflects the company’s capacity to support ambitious decarbonization objectives with scalable electrolyzer technology. The agreement is seen as a testament to Plug’s growing influence in the low-carbon hydrogen space, aligning with Allied Green’s vision for a global energy shift.

Plug Power’s technology is currently in use or under development on five continents, aiding customers in various sectors, including industrial, transportation, energy, and chemical industries. The company’s experience and scalability have positioned it as a prominent partner in the burgeoning green hydrogen infrastructure market.

Tthe market’s positive reaction to the news indicates investor confidence in Plug Power’s expanding global footprint and its strategic partnerships, which are expected to drive further growth and solidify its position in the renewable energy sector.

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