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PLUG Stock Alert: Plug Power Signs Deal With Allied Green Ammonia

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Plug Power (NASDAQ:PLUG) stock is taking off on Friday after the hydrogen and fuel cell company signed a memorandum of understanding (MOU) with Allied Green Ammonia.

The MOU covers 3 gigawatts of Plug Power electrolyzer capacity for Allied Green Ammonia’s planned “hydrogen to ammonia facility.” Allied Green Ammonia is a green ammonia production company planning to build this facility in the Northern Territory of Australia.

Plug Power says its Basic Engineering and Design Package for this supply will start in mid-May while the final investment decision will come in the fourth quarter of 2025. That will have it deliver the 3 gigawatts starting in Q1 2027.

Plug Power CEO Andy Marsh said this about the MOU with Allied Green Ammonia:

“We’re thrilled to sign this MOU and partner with AGA. Our expertise in constructing and operating large-scale hydrogen production facilities and our PEM electrolyzer manufacturing capability to support their 3GW project position us as the ideal partner for this endeavor.”

PLUG Stock Movement on Friday

News of the MOU brings with it strong trading of PLUG stock today. That has more than 30 million shares changing hands as of this writing. This is closing in on the company’s daily average trading volume of about 33 million shares.

PLUG stock is up 8.8% as of Friday morning but down 41.9% year-to-date (YTD).

There are plenty of other stock market stories traders will want to read about today!

Luckily we have all of them ready with our coverage of the stock market for Friday! That includes everything happening with ground beef recalls, Rivian Automotive (NASDAQ:RIVN) stock and more. You can catch up on these matters at the following links!

More Friday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/05/plug-stock-alert-plug-power-signs-deal-with-allied-green-ammonia/.

©2024 InvestorPlace Media, LLC

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