Plug Power, Inc. (NASDAQ:PLUG) announced a "significant" achievement: it exceeded 7.5 gigawatts (GW) in global Basic Engineering and Design Package (BEDP) contracts within two years of launching the initiative.
"The introduction of our BEDP has significantly propelled the growth of our electrolyzer business," said Plug CEO Andy Marsh.
According to Benzinga Pro, PLUG stock has lost over 73% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and Direxion Hydrogen ETF (NYSE:HJEN).
"This milestone not only highlights the increasing demand for green hydrogen but also underscores Plug's industry leading position in PEM electrolyzer technology and driving the green hydrogen revolution."
Earlier this month, Plug Power secured industry certification for its one megawatt high-powered stationary system.
Plug has obtained certification for its high-powered stationary system under the American National Standards Institute/CSA Group's FC 1-2021 standard, ensuring safe operation, performance, and construction of fuel cell power systems.
Recently, Plug secured an order for 25 megawatts of proton exchange membrane electrolyzer systems for a European customer.
The project will incorporate five Plug Power 5 MW containerized PEM electrolyzers to decrease the company's carbon footprint through the utilization of green hydrogen.
"Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets," CEO Marsh stated earlier.
Price Action: PLUG shares are trading lower by 0.61% to $2.435 at last check Tuesday.
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