Plug Power Inc. - PLUG STOCK NEWS

Plug Power Inc. (NASDAQ: PLUG) recently provided optimistic projections during its third annual Plug Symposium. The company aims for $3 billion in annual sales by 2025 and updated its 2022 guidance to $825-850 million, reflecting a remarkable growth of 65% over 2021. Key announcements include a definitive agreement to acquire Applied Cryo Technologies and a joint venture with Fortescue Future Industries to build a Gigafactory in Australia. The company also unveiled a new hydrogen fuel cell van prototype and plans for 500 tons per day of green hydrogen production by 2025.

Plug Power (NASDAQ: PLUG) revealed the hydrogen-powered Renault Master Van H2-TECH prototype at the 2021 Plug Power Symposium, showcasing a vehicle with zero emissions, over 300 miles of range, and fast refueling capabilities. The van features a 30kW fuel cell engine based on Plug Power’s ProGen technology. It aims to support industries targeting sustainability. Additional prototypes are anticipated, including larger cargo and passenger options. This initiative aligns with Plug Power's focus on expanding hydrogen mobility solutions as part of its comprehensive ecosystem.

Plug Power has announced the acquisition of Applied Cryo Technologies (ACT), a leader in cryogenic technology for liquefied gases, to enhance its green hydrogen infrastructure. This strategic move, expected to close in Q4 2021, aims to bolster Plug Power's capabilities in hydrogen delivery, storage, and mobility fueling, essential for supporting its ambitious target of producing over 1,000 tons of green hydrogen daily by 2028. The partnership is projected to create a robust ecosystem for hydrogen solutions, benefiting various industries globally.

Plug Power (NASDAQ: PLUG) and Fortescue Future Industries (FFI) have signed a letter of intent to establish a 50-50 joint venture for a Gigafactory in Queensland, Australia. The facility will produce large-scale proton exchange membrane (PEM) electrolyzers, with plans for future expansion into fuel cell systems. FFI will be the main customer and has committed to purchasing 250 megawatts of Plug Power’s electrolyzers for its operations. The venture aims to tap into the growing green hydrogen market, supporting FFI's decarbonization efforts and furthering Plug Power's international expansion.

Plug Power Inc. (NASDAQ: PLUG) has announced a strategic partnership with Airflow, an aerospace company developing electric Short Takeoff and Landing aircraft. This collaboration focuses on co-developing a hydrogen fuel cell propulsion system for sub-regional aircraft. Airflow recently secured over $600M in Letters of Intent from airlines, aiming to bring carbon-neutral aircraft to market. This partnership aligns with Plug Power's vision to expand its hydrogen technology into aerospace, enhancing its hydrogen refueling infrastructure and positioning it for growth in the aviation sector.

Plug Power (NASDAQ: PLUG) and Phillips 66 (NYSE: PSX) have entered into a memorandum of understanding to explore low-carbon hydrogen business opportunities. The collaboration aims to scale green hydrogen deployment across industrial and mobility sectors while enhancing hydrogen infrastructure. Plug Power plans to construct facilities capable of producing 500 tons of liquid green hydrogen daily by 2025. The partnership focuses on integrating low-carbon hydrogen in industrial applications, advancing hydrogen fueling for mobility, and developing necessary infrastructure.

Phillips 66 (NYSE: PSX) and Plug Power (NASDAQ: PLUG) have signed a memorandum of understanding to collaborate on developing low-carbon hydrogen business opportunities. The partnership aims to scale green hydrogen in industrial sectors and enhance hydrogen fueling for mobility. Plug Power is constructing facilities to produce 500 tons of liquid green hydrogen daily by 2025. The collaboration leverages Phillips 66's extensive energy infrastructure and market presence to accelerate growth in the hydrogen economy.

Plug Power has partnered with Airbus to explore the feasibility of using green hydrogen in future aircraft and airports. This collaboration aims to facilitate climate-neutral air travel by 2035, as the aviation industry contributes 2-3% of global CO2 emissions. Plug Power, the largest buyer of liquid hydrogen, will design deployment scenarios for hydrogen infrastructure, while Airbus will share insights into hydrogen aircraft characteristics. They plan to establish a pilot 'Hydrogen Hub' at a US airport to demonstrate the scalability of hydrogen solutions in aviation.

Plug Power (NASDAQ: PLUG) has partnered with SK E&S to create a joint venture aimed at promoting hydrogen as an energy source in Asia. This collaboration will focus on providing hydrogen fuel cell systems, fueling stations, electrolyzers, and green hydrogen. A gigafactory is planned to be built in South Korea by 2024, with a goal of mass-producing hydrogen-related technologies. The venture also aims to distribute liquefied hydrogen to numerous charging stations, aligning with South Korea's ambitious hydrogen economy roadmap. SK E&S and Plug Power will hold 51% and 49% of the venture, respectively.