Plug Power's stock heads for three-month high as business hits a milestone

By Emily Bary

Company's delayed Georgia plant opened last week and just completed its first hydrogen fill of a tanker

Plug Power Inc. shares were continuing their charge higher Thursday after the company said it reached a milestone at its recently opened plant.

The alternative energy company, which provides hydrogen fuel-cell technology, has completed its first fill of a tanker with liquid green hydrogen produced at its newly opened facility in Georgia. That plant officially began operations a week ago after a delay.

Plug Power (PLUG) disclosed in Thursday morning's release that its trailer has been filled with hydrogen that will be used by Walmart Inc. (WMT), Amazon.com Inc. (AMZN), and Home Depot Inc. (HD) The liquid hydrogen could power more than 3,200 forklifts a day, the company said.

Shares of Plug Power were advancing more than 12% in Thursday morning trading after they rose 19% in Wednesday's regular session upon an analyst upgrade.

While the beleaguered stock has lost 75% over the past 12 months, it has seen some momentum recently and would see its best closing level since November if it maintained its current gains through Thursday's session. Plug Power's stock was trading at $5 shortly after Thursday's open; the stock hasn't closed at or above the $5 mark since a $5.93 finish on Nov. 9, 2023.

Roth MKM analyst Craig Irwin turned bullish on Plug Power shares Wednesday, writing that his recent visit to the Georgia plant "gives us confidence the facility is ramping smoothly and all major technical issues are handled, addressing our prior concerns about backlog and margin visibility."

Irwin also weighed in positively on Plug Power's financial flexibility, though some on Wall Street have been less enthused. BMO Capital Markets analyst Ameet Thakkar downgraded the stock to underperform last week, saying that Plug Power is staring down an "increasingly arduous path" between "now and when and if" the company obtains the money from a recently disclosed Department of Energy loan facility.

-Emily Bary

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02-01-24 0954ET

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