Plug Power Expands Hydrogen Partnership in Uzbekistan
Key Ideas
- Plug Power seals a deal for a new 2GW electrolyzer in Uzbekistan for a $5.5 billion green chemical production facility backed by the Government.
- The project will focus on producing sustainable aviation fuel and green diesel, expanding Plug's global presence in the hydrogen market.
- Despite concerns about financial outlook, Plug Power's recent achievements, including record hydrogen production in the U.S., showcase its potential in the industry.
- Analysts on TipRanks have a Hold consensus for PLUG stock, with a price target implying a significant upside potential.
Plug Power's stock rose after announcing an expanded partnership with Allied Green Ammonia in Uzbekistan. The new deal involves a 2GW electrolyzer for a $5.5 billion green chemical production facility supported by the Uzbekistan government. The project aims to produce sustainable aviation fuel and green diesel, showcasing Plug's role in the global hydrogen transition. CEO Andy Marsh highlighted the company's ability to deliver at an industrial scale, emphasizing its position in shaping the future of energy. This development follows Plug's recent success in Georgia, where its hydrogen plant achieved record production levels. Despite concerns about financial performance, with a reported EPS loss, Plug's revenue exceeded expectations. Analysts on TipRanks have a cautious outlook on PLUG stock, with a Hold consensus and a modest price target. Despite this, the company's recent achievements and global expansion signal its potential in the hydrogen market.