Shares of Plug Power Inc. (NASDAQ:PLUG) rose in Wednesday premarket trading after the company said a final investment decision had been reached for the 30-megawatt Barrow Green Hydrogen project in the U.K., where it will supply electrolyzers.
The project, part of the U.K. Government’s Hydrogen Business Model, is expected to help cut carbon emissions at Kimberly-Clark’s manufacturing facility in Barrow-in-Furness by supplying green hydrogen.
The Barrow project will use six 5 MW Plug GenEco PEM electrolyzers and is expected to produce about 100 GWh of green hydrogen annually, supporting the U.K.’s low-carbon hydrogen goals.
CEO Jose Luis Crespo expects Barrow to be the first of several Plug-supplied projects in Europe to transition into execution this year, with Plug Power technology ready to support delivery at scale.
Broader market strength also supported sentiment on Wednesday, with S&P 500 futures trading modestly higher.
Technical Analysis
Plug Power’s current price of $3.33 is positioned at 2% above its 20-day simple moving average (SMA) and 20.4% above its 50-day SMA, indicating a bullish trend. The stock has experienced a remarkable 301.21% increase over the past 12 …
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