Hydrogen fuel cell company, Plug Power (NASDAQ: PLUG) gained in morning trading on Wednesday after the company announced that it will be the supplier of two 5 MW proton exchange membrane electrolyzer systems for green hydrogen projects in Tasmania, Australia. These electrolyzer systems are under development by ReNu Energy.
Plug’s electrolyzer systems will be installed at “planned production facilities in Brighton near Hobart and Western Junction near Launceston.” These two facilities are expected to produce 4,200 kg per day of hydrogen and this hydrogen will be used to “decarbonize road transport and natural gas sectors in Tasmania.”
Analysts are cautiously optimistic about PLUG stock with a Moderate Buy consensus rating based on 11 Buys and seven Holds.