Shares of turnkey hydrogen solutions provider Plug Power (NASDAQ:PLUG) are ticking upward today after it agreed to supply 8MW of hydrogen fuel cell stationary power to Energy Vault Holdings.
This clean energy will be delivered to Calistoga in California Wine country in times of emergencies such as wildfires. Impressively, this is pegged to be the biggest planned hydrogen-powered fuel cell setup in the U.S.
Andy Marsh, the CEO of Plug Power commented, “Our agreement with Energy Vault marks a huge step forward for hydrogen fuel cells in the microgrid market and represents the future of utility power backup.”
Plug Power plans to produce the fuel cells at its Gigafactory in Rochester, New York with assembly and testing at its Vista Technology Park in Slingerlands, New York. The energy storage system in Calistoga is expected to begin commercial operations by Q3 2024.
Overall, the Street has an $18.63 consensus price target on PLUG alongside a Moderate Buy consensus rating.
Shares of the company have gained nearly 9.6% over the past five sessions with short interest in the stock now hovering at about 21.6%.
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