Plug Power Inc (NASDAQ:PLUG) saw its shares rise 2.1% after the company announced a long-term extension of its hydrogen supply agreement with a U.S.-based industrial gas partner. The renewed deal ensures access to liquid hydrogen through 2030, a critical component in supporting Plug’s rapidly expanding hydrogen infrastructure.
The updated agreement introduces immediate cost savings and enhanced logistical efficiencies. According to Plug Power, these adjustments are expected to improve cash flow while bolstering operational agility across its hydrogen supply chain.
“This expanded agreement supports our mission to build on our already robust and resilient hydrogen network in the U.S.,” said Andy Marsh, CEO of Plug Power. “As we continue to scale our applications business and build long-term partnerships with customers, reliable supply and cost efficiency are critical.”
Plug currently supplies over 275 hydrogen-powered sites across North America and operates liquid hydrogen production facilities in Georgia, Tennessee, and Louisiana with a combined output of 40 tons per day. The company plans to open more than 40 new customer locations in 2025, further accelerating adoption of its clean energy solutions.
The extended supply contract comes as Plug works to meet rising hydrogen demand while expanding its in-house production footprint. To date, the company reports the deployment of more than 72,000 fuel cell systems and 275 hydrogen fueling stations, cementing its position as a leader in the transition to a hydrogen-based economy.
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