- The stock price of Plug Power Inc (NASDAQ: PLUG) slightly increased during intraday trading today. This is why it happened.
The stock price of Plug Power Inc (NASDAQ: PLUG) slightly increased during intraday trading today. Investors are responding positively to Plug Power announcing its expanding operations with a European headquarters in North Rhine-Westphalia in Germany. This announcement was formally made during a meeting between Plug Power CEO Andy Marsh and German minister Andreas Pinkwart in Washington D.C. this week.
This initial 70,000-square foot facility will house an innovation center with engineering labs and technical support, a monitoring, diagnostics and technical support center, a green hydrogen generator with an electrolyzer infrastructure on-site, a shipping, inventor and logistics center, and training space. And the expansion to Europe will allow Plug to serve new and existing customers while building relevant partnerships with leaders in hydrogen application.
About 30 employees will work at the facility, which will open at the start of 2022. And by mid-2022, the workforce will increase to nearly 60 employees.
Plug Power has been present in Europe for over 10 years and has made significant progress in hydrogen mobility with key European industrials, logistics customers and vehicle manufacturers, namely its joint venture with Renault called HYVIA. And Plug Power has installed several PEM technology electrolyzers in Germany, France, The Netherlands, and Portugal. The European headquarters is a part of Plug’s overall strategy for rapidly expanding its workforce with the increase in demand for clean energy solutions. And Plug expects to produce more than 500 tons of green hydrogen per day by 2025.
“The expansion to Europe comes as Plug faces a growing customer base abroad with the burgeoning interest in green hydrogen energy. Green hydrogen serves as an instrumental part in transitioning from our reliance on fossil fuels, and Plug is well-positioned to fill the needs of customers ready to make the change.”
— Plug Power CEO Andy Marsh
“Hydrogen is a key enabler for the climate friendly transformation of our industry as well the transportation sector. That is why we feel honored by Plug Power’s decision to come to the Ruhr area, the industrial heartland of Germany. This way we can be part of your growth story and contribute with excellent Universities and the highly skilled workforce to your success,” said Pinkwart, minister of economic affairs, innovation, digitalization, and energy for the State of North Rhine-Westphalia in Germany.”
— German minister Andreas Pinkwart
“We are very pleased to have been able to win Plug Power with such pioneering technology for our location. The company enriches the energy region North Rhine-Westphalia and will benefit not only from a broad customer base but also from an innovative research environment.”
— Felix Neugart, CEO of NRW Global Business
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